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Skyline Gold Corporation: Skyline Gold Announces Private Placement Closing

^{Published on 2009-09-23 08:35:28 - Market Wire}
 

RICHMOND, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2009) - Skyline Gold Corporation ("the Company") (TSX VENTURE:SK), a company engaged in the exploration and development of its 2.6 million ounce Bronson Slope gold deposit in north western British Columbia's 'Golden Triangle', is pleased to announce that, further to our news release of September 21, 2009, the Company has closed a second tranche of financing in a non-brokered private placement. The second tranche totals 2,827,001 units at a price of $0.18 per unit for second tranche gross proceeds of $508,860. The amount for the second tranche previously announced in the Company's September 21, 2009 news release was $484,860.

The second tranche is in addition to the first tranche of $293,790 which was previously announced on August 24, 2009. The proceeds of the placement will be used for general corporate purposes and to advance the Bronson Slope Project.

Each unit consists of 2 flow through common shares each priced at $0.06 and 1 non flow through common share priced at $0.06 and 1/2 of a share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.08 per share for a period of one year from date of issue. The units have a hold period that expires 4 months from the date of issue. Finders' fees of $32,796 will be paid on this second tranche of the private placement.

ON BEHALF OF THE BOARD OF DIRECTORS

SKYLINE GOLD CORPORATION

David Jensen, P.Eng., President

Cautionary Statement

Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.