Excel Gold Mining Inc.

Excel Gold Mining Inc.

October 22, 2009 13:02 ET

Excel Gold Mining Publishes Weekly Updates Release of the Montauban Mine Drilling Campaign Progress


Excel Gold Mining published today its weekly update releases, of the Montauban Mine Drilling campaign progress.

Drilling Report

Management will receive within a couple of days, a detailed description and sampling of the completed holes and First Assay results are expected to be delivered shortly. Excel is planning, in the next few days, a meeting with the geologists to receive the first value reports from first series of samples. At the same time, management will evaluate with regards of the results and geologists' opinion, the nest steps to be taken and details for the second phase of the Montauban exploration works.

The diamond drill rig is probing the northern portion of the gold bearing zone since October 1st. The drills will have attained close to1500 meters of completed targets by Monday. The drills will take a 5 day pause to allow the GPS repositioning of some of the planned targets as their physical access are located in abrupt and unsafe area positions for workers' security purposes.

The main goal of this first phase of Excel's exploration program named "Batiscan" is to determine the thickness, the grades and the continuity of near surface gold and silver mineralization left in the pillar in view of an eventual mining operation.

The exploration program is budgeted for 60-65 short holes totaling 2,000 meters. The compilation of this new data will be merged with the exhaustive series of historical data acquired by Excel to create reliable sets of sections that will be utilized for a resources calculation of this segment of the vast and impressive number of mining properties Excel has acquired in the Montauban Camp.

Compilation Work

Excel has delivered all documentation and copies of Muscocho's underground operations and detailed plans of the mine to our geologist firm MRB last week. The geologist will compile all of mining information data, who will help generate sections, plan views and transverse projections of the whole property and to prepare future surface and underground(i) exploration programs. The compilation and 3 dimensional mapping work is expected to begin right after the completion of the ongoing diamond drilling program.

The historical production of the mine totalized 3.6 Mt (2.7 from 1911 to 1957 and 0.9 Mt from 1982 to 1990) Furthermore historical data indicates the presence of. 450,000 tons of Zinc and Lead (4.27% Zn, 1.48% Pb, 23 g/t Ag) located in deeper grounds of lent C. Excel management will instruct MRB to proceed to a NI 43-101. However, to date, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Corporate Report

Management has initiated Phase 2 of its winter operations in the Montauban mining camp. Several meetings took place between management and both institutional and private parties for an additional funding of $1.5 million. These sums will be used in order to evaluate the potential exploitation.

In addition, management has also initiated discussions with mining companies for potential partnerships for the territory exploitation.

Martin Harvey, Company's officer commented as follows: "We want to capitalize on the current price value of gold, which in this particular type of operation have a direct impact on profitability and build more value for our shareholders. We also believe that our Company is undervalued and that the current share price represents an attractive investment opportunity for new potential investors. We accomplished a lot of work over the past year, and the phase 2 winter program is paved with promising potentials. We would like to thank our shareholders for their loyalty.

Excel Gold is proud to be part of the Montauban mining camp revival and invite you to visit its Corporate Website at www.excelgoldmining.com

Forward Looking Statement

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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