August 26, 2005 12:39 ET

Lexam Explorations Inc.: Acquisition of Shares by Evanachan Limited

TORONTO, ONTARIO--(CCNMatthews - Aug. 26, 2005) - Lexam Explorations Inc. ("Lexam") (NEX:LEX.H) announces that it has been advised that Evanachan Limited, a company wholly-owned by Robert R. McEwen, will be purchasing 18,990,641 Lexam common shares, representing approximately 49.8% of the issued and outstanding Lexam common shares, and debt from Goldcorp Inc. ("Goldcorp") (TSX: G, NYSE: GG) and one of its subsidiaries for aggregate total consideration of $400,000. As part of this transaction, Goldcorp has agreed to extinguish $402,720 in debt owed by Lexam to Goldcorp. Mr. McEwen is the Chairman and Chief Executive Officer of Lexam and is the Chairman of Goldcorp. It is anticipated that this transaction will be completed on September 1, 2005.

Corporate Office:

145 King Street West
Suite 2700
Toronto, Ontario
Canada M5H 1J8
Telephone: (416) 865-0326
Facsimile: (416) 361-5741
General enquires: (800) 813-1412
(Canada and United States)

Transfer Agent and Registrar:

Computershare Trust Company of Canada
100 University Avenue, 9th Floor
Toronto, Ontario
Canada M5J 2Y1
Telephone: (800) 564-6253
Facsimile: (416) 981-9800
Shareholder Enquiries: (800) 564-6253
Email: caregistryinfo@computershare.com

Contact Information