Selwyn Announces Acceptance of Prospectus by Regulatory Authorities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) announced today that on July 8, 2011 it received a receipt (the "Final Receipt") for a prospectus (the "Prospectus") which provides for the issuance of 50,338,000 common shares and 25,169,000 share purchase warrants (each a "Warrant") on exercise of 50,338,000 special warrants. The distribution of these securities will occur on or before July 13, 2011. Each Warrant will entitle the holder thereof to purchase one common share at an exercise price of $0.40 per common share at any time up to 4:00 pm. (Vancouver time) on the date that is 24 months following the issue date of the special warrants (the special warrants were issued by the Company on May 27, 2011, May 31, 2011 and June 8, 2011). The Prospectus also allows for the sale on a best efforts basis of up to 24,000,000 common shares (the "Best Efforts Offering").

The special warrants were sold through Paradigm Capital Inc. ("Paradigm") as lead agent, together with Canaccord Genuity Corp. The Best Efforts Offering will be sold through Suntura Capital of Zurich, Switzerland outside of Canada and the United States at the issue price of the greater of (i) the five day volume weighted average trading price for the common shares of the Company on the TSX Venture Exchange prior to the second trading day before the Company receives the Final Receipt and (ii) $0.25 per common share, subject to the prior consent of Paradigm, such consent not to be unreasonably withheld.

Selwyn's primary focus remains the exploration and development of the properties that make up the Selwyn Project in the Yukon, by the joint venture comprised of Selwyn and Chihong Canada Mining Ltd. The acquisition of the Scotia Mine provides Selwyn with a new opportunity for growth, while expanding its management team and providing cash flow for the advancement of the Selwyn Project.

This press release contains forward-looking statements concerning mineralization at and the development of the Selwyn Project and of the future prospects for the Scotia Mine. These forward-looking statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond Selwyn's control, including the results of exploration activities, economic evaluations and engineering studies, the availability of funds in the financial markets on terms acceptable to Selwyn and the public's view of the economic value of the Selwyn Project and the Scotia Mine. Additionally, more drilling is required to confirm the potential of the new discovery areas, expansions of the current resource areas, and the extension of the higher grade deep mineralization to depth at the Selwyn Project. There is no assurance that such additional drilling will expand mineral resources or that the resources being defined can be developed as an economically attractive mine. Uncertainties associated with permitting and other factors could delay development of the Selwyn Project and of the Scotia Mine. Although Selwyn has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated or intended. There is no assurance that such information will prove to be accurate, as future events could differ materially from those anticipated in such information and accordingly, there is no assurance that the Selwyn Project or the Scotia Mine will be developed into profitable mines. Readers should not place undue reliance on forward-looking statements.