Selwyn Announces Termination of the Agency Agreement for a Proposed US$30 Million Bond Financing

#700 – 509 Richards Street Vancouver, British Columbia Canada V6B 2Z6 Telephone: (604) 801-7240 Toll-free: 1-888-989-9188 Fax: (604) 689-8355 Trading Symbol: SWN.TSX-V [email protected] News Release – 2011-47 www.selwynresources.com

News Release

Selwyn Announces Termination of the Agency Agreement for a Proposed US$30 Million Bond Financing

Vancouver, October 17, 2011 – Selwyn Resources Ltd. (SWN.TSX-V) (“Selwyn”) today announced that the agreement with First Securities AS of Oslo, Norway, under which First Securities was to act as Selwyn’s agent in respect of a proposed minimum US$30,000,000 offering of senior secured bonds, has been terminated. The Offering, which was to raise funds for the purpose of restarting the ScoZinc Mine, a past producing zinc-lead mine located in Nova Scotia, has not been completed according to the Agreement. Selwyn continues to pursue other

financing alternatives for the restart of the ScoZinc Mine.

Selwyn’s main focus remains the exploration and development of the Selwyn Project in the Yukon, by the joint venture comprised of Selwyn and Chihong Canada Mining Ltd. The Selwyn Project has the potential for large-scale production and to provide a secure supply of zinc and lead to meet the future needs of the markets in Asia and beyond. The revitalization of the ScoZinc Mine provides Selwyn with a near term opportunity for growth and cash flow from operations, for use in advancing the Selwyn Project.

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For more information contact:

Dr. Harlan Meade, President and CEO Catalin Chiloflischi, Manager of Investor Communications Telephone: (604) 801-7240 Toll-free: 1-888-989-9188 Facsimile: (604) 689-8355 [email protected] www.selwynresources.com

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