Excel Gold Mining Inc.
TSX VENTURE : EGM

Excel Gold Mining Inc.

April 20, 2009 09:56 ET

Excel Gold Mining Inc. Announces the Decision of Three of its Officers to Cancel Over $600, 000 in Payable Notes and Past Due Working Compensations

MONTREAL, QUEBEC--(Marketwire - April 20, 2009) - Excel Gold Mining Inc. (the "Company") (TSX VENTURE:EGM) Announces the decision of three of its officers to cancel over $600,000 in payable notes and past due working compensations.

In a earlier board of directors meeting, Mr. Patrick Lessard, Mr. Martin Harvey and Mr. Daniel Pauze together decided to remit in Company's treasury over $600,000 in payable notes and past due working compensations, including but not limited to salaries, in return of $1.00 symbolic amount.

Mr. Patrick Lessard, Interim President, expressed the following: "We initiated a series of discussions and negotiations having for objective to reduce our indebtedness while stimulating and seeking for investments that will be utilized mainly for our exploration and acquisition program. My fellow directors and I considered it was the appropriate decision to make, for our personal sacrifice to give the precedence to other coercive actions."

In the same vein, Mr. Martin Harvey stated: "In the actual economic environment, Companies that will stand out among others, are those who will demonstrate leadership, teamwork, healthy corporate governance procedures and personal commitments to their business' success. We strongly believe in our program's value, and the three of us have invested time and money so far, and will continue to do so."

Mr. Pauze followed his colleagues: "I have been in contact with shareholders for the past five years, through investor relation and like me; they have invested in our Company. I believe that our common reward relies on the value of both our share value and on sustainable and continuous individual actions and efforts for the benefit of all."

These initiatives will be reported in our Annual Report for year end April 30th, and will be added to other measures in progress having for principal objective to reduce the Company's indebtedness to positively impact our operations and financial wealth. We sincerely thank all our shareholders for their dedication and wish to emphasize theses individual efforts.

Thank you

Finally, we want to inform our shareholders that we will soon be launching a new Corporate Website in order to respond better to our shareholders needs and to establish a new interactive communication approach between shareholders and management.

On behalf of the Board of Directors of Excel Gold Mining Inc.

Patrick Lessard, Interim President.

"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."

Contact Information

  • Excel Gold Mining Inc.
    Public Relations
    514-951-7776