Excel Gold Mining Inc.

Excel Gold Mining Inc.

August 12, 2009 08:00 ET

Excel Gold Mining Inc. Releases Additional Information Regarding Financing With the MineralFields Group


On August 6th, 2009, Excel Gold Mining Inc. ("Excel") (TSX VENTURE:EGM) disseminated a press release announcing a non-brokered private placement of $800,000.00 through the sale of 8,421,052 flow-through units ("FT Units") at $0.095 each to the MineralFields Group, each FT Unit being comprised of one (1) common share, to be issued as a "flow-through share", and one (1) non-flow-through common share purchase warrant, exercisable at a price of $0.135 per share no later than eighteen (18) months following the date of issuance (the "Offering").

In connection with the Private Placement, Excel disclosed that a commission would be payable to Limited Marked Dealer Inc. in the amount of 421,052 options to purchase FT Units, each exercisable at a price of $0.095 no later than eighteen (18) months following the date of issuance (the "Agent Options") and a cash fee equal to 7.5% of the subscription proceeds.

Excel now discloses that, in addition, Industrial Alliance Securities Inc. will also be paid a commission in the amount of 421,052 Agent Options and a cash fee equal to 2.5% of the subscription proceeds, bringing the aggregate agent commission payable pursuant to the Offering to 842,105 Agent Options and an aggregate cash fee equal to 10% of the subscription proceeds.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com.

First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

For more information about Excel, please visit the company's corporate web site 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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