LEXAM EXPLORATIONS INC.
TSX VENTURE : LEX
FRANKFURT : D2Q
OTCQX : LEXEF

LEXAM EXPLORATIONS INC.

February 24, 2009 09:01 ET

Lexam & Golden Valley Extend Near Surface Mineralization at Otish Uranium Project

0.072% U3O8 over 6.33 m, incl. 0.196% U3O8 over 1.46 m

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2009) - LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX)(OTCQX:LEXEF)(FRANKFURT:D2Q) and its partner, Golden Valley Mines (TSX VENTURE:GZZ) are pleased to announce the final series of drill holes from their 2008 exploration program at the Otish Uranium Project in north-central Quebec. Drilling has continued to successfully intersect widespread, near surface uranium mineralization. Highlights include 0.072% U3O8 over 6.33 m, including 0.196% U3O8 over 1.46 m, starting just 21.5 metres below surface.

During 2008 sixty-nine (69) holes totaling 2,802 metres of diamond drill core was completed in two areas referred to as the South and North Zones (Figure 1). The objective of this work was to initially confirm historical results and then proceed to extend the mineralization. Drilling accomplished both objectives. The mineralization from these zones is flat lying, close to surface and located over a broad area.

South Zone (Riviere Cheno Ouest) Results

The remaining ten (10) holes from the 2008 program were focused on the South Zone. Mineralization from this area has now been encountered over a total strike length of approximately 80 metres. The zone remains open to further expansion in all directions. Highlights from recent drilling include (approximate true width):



Hole From To Width U3O8 Mineralized Zone
Number (m) (m) (m) (Unconformity-associated)
------------------------------------------------------------------------
GRCO-08-27 18.77 22.24 3.47 0.041 Basal sediment & basement
mineralized interval
Including 20.83 21.51 0.68 0.101 - Basement-hosted
mineralized interval
------------------------------------------------------------------------
GRCO-08-28 18.79 22.42 3.63 0.065 Basement mineralized
interval
Including 19.48 21.32 1.84 0.102
------------------------------------------------------------------------
GRCO-08-30 13.90 15.56 1.66 0.046 Basal sediment & basement
mineralized interval
Including 14.32 14.70 0.38 0.127 - Sediment-hosted
mineralized interval
------------------------------------------------------------------------
GRCO-08-31 12.66 17.54 4.88 0.032 Basal sediment & basement
mineralized interval
Including 14.29 15.94 1.65 0.070
Including 14.49 15.27 0.78 0.122 - Basement-hosted
mineralized interval
------------------------------------------------------------------------
------------------------------------------------------------------------
GRCO-08-34 18.75 24.71 5.96 0.047 Basal sediment & basement
mineralized interval
Including 21.13 22.69 1.56 0.143 - Sediment-hosted
mineralized interval
21.91 22.69 0.78 0.225
22.27 22.69 0.42 0.285
------------------------------------------------------------------------
GRCO-08-36 21.30 27.63 6.33 0.072 Basal sediment & basement
mineralized interval
Including 21.68 23.14 1.46 0.196
22.05 22.27 0.22 0.425 - Sediment-hosted
mineralized interval
And 25.60 26.68 1.08 0.085 - Basement-hosted
mineralized interval
25.60 25.81 0.21 0.114
------------------------------------------------------------------------
(i) All holes drilled vertical


U3O8 mineralization within the South Zone occurs within a basal sequence of Proterozoic-aged sedimentary rocks associated with an angular unconformity separating lower Archean-aged intrusive rocks.

2009 Exploration Program

The upcoming 2009 exploration program will focus on expanding higher-grade mineralization that has been well developed and concentrated down stratigraphy, above and within the basal section of the conglomeratic beds and altered basement rocks.

High-grades were encountered during the 2008 program with hole GRCO-08-17 returning 0.42% U3O8 over 2.37 m, including 1.63% U3O8 over 0.56 m & 2.02% U3O8 over 0.37 m. Both companies believe there is excellent potential to discover additional high-grade mineralization. Drilling is scheduled to resume during late spring.

Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) is also performed on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.

Qualified Person

Michael P. Rosatelli, M.Sc., P. Geo., Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented herein.

About Lexam

Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Oil & Gas Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips and has an option to earn 50% interest in Golden Valley Mines' Otish Basin uranium project located in Quebec, Canada.

CAUTIONARY STATEMENT

Some of the statements contained in this release are "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: ability to raise financing for further exploration and development activities; risks relating to estimates of reserves, deposits and production costs; extraction and development risks; the risk of commodity price fluctuations; political, regulatory and environmental risks; and other risks and uncertainties in the reports and disclosure documents filed by Lexam from time-to-time with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view Figure 1 - Property Location, please visit the following link: http://media3.marketwire.com/docs/lex224-f1.pdf.

To view Figure 2 - DDH Plan Map Assay Highlights, please visit the following link: http://media3.marketwire.com/docs/lex224-f2.pdf.

Contact Information

  • Lexam Explorations Inc.
    Ian J. Ball
    VP Corporate Development
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    Email: info@lexamexplorations.com
    Website: www.lexamexplorations.com
    or
    Corporate Head Office
    Lexam Explorations Inc.
    99 George Street, 3rd Floor
    Toronto, ON M5A 2N4