Excellon Resources Inc.

Excellon Resources Inc.
Silver Eagle Mines Inc.

Silver Eagle Mines Inc.

May 28, 2009 16:20 ET

Silver Eagle Shareholders Approve Arrangement With Excellon

TORONTO, ONTARIO--(Marketwire - May 28, 2009) - Silver Eagle Mines Inc. (TSX:SEG) and Excellon Resources Inc. (TSX:EXN) announced today that Silver Eagle shareholders have approved the plan of arrangement transaction with Excellon Resources Inc.

At a meeting of Silver Eagle shareholders held earlier today, the arrangement was approved by 97.4% of the votes cast at the meeting in respect of the resolution.

Under the terms of the arrangement, Silver Eagle shareholders will receive 0.2704 of an Excellon common share for each Silver Eagle share held.

Silver Eagle's application to the Ontario Superior Court of Justice to obtain a final order approving the arrangement is scheduled for Monday, June 1, 2009. If approved, and all other conditions to the arrangement are satisfied, the arrangement is expected to close on June 2, 2009.

On behalf of


Peter A. Crossgrove, Chairman


John Hick, Chairman

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Companies, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, the proposed construction of a mill, business and financing plans, business trends and future operating revenues. Although the Companies believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Companies caution investors that any forward-looking statements by the Companies are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, particularly silver, the Companies' inability to obtain any necessary permits, consents or authorizations required for their activities, to produce minerals from their properties successfully or profitably, to continue their projected growth, to raise the necessary capital or to be fully able to implement their business strategies. All of the Companies' public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Companies' mineral properties. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management.

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