XY West High-Grade Mineral Potential Continues to Expand

#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 – 2010-02 www.selwynresources.com

News Release

XY West High-Grade Mineral Potential Continues to Expand

Vancouver, January 6, 2010 – Selwyn Resources Ltd. (SWN.TSX-V) is pleased to provide the remaining drill results from the 2009 drilling activities from Selwyn Project. Drilling in the vicinity of the XY West deposit has expanded the known mineral potential first discovered during the 2008 field season (see September 3, 2008 news release) through confirmation of the lateral continuity of high-grade mineralization down the interpreted southwesterly plunge of the sulphide mineralization. These new positive drilling results indicate that the high-grade mineralization at XY West deposit may be more laterally extensive than previously described in the 2009 NI 43-101 compliant mineral resource update (see February 26, 2009 news release). The location of the 2009 drill holes can be found on drill plan maps available at www.selwynresources.com.

Highlights

• XYC-187 intersected 6.10 metres approximate true thickness grading 6.64% zinc and 2.95% lead, including 2.90 metres approximate true thickness grading 8.91% zinc and 4.74% lead.

XY West Drilling

The mineralized Active Member in drill hole XYC-187 was intersected from 326.00 metres to 334.10 metres, whereupon it passed into footwall rocks. Drill hole XYC-188 also intersected well-mineralized Active Member at a depth of 340.90 and remained in mineralization until passing into foot wall rocks at a depth of 369.2 metres; whereupon it passed through barren, faulted mudstones until re-entering faulted Active Member at 396.60 metres. The lower intersection is interpreted as an incomplete, fault complicated section of the Active Member intersected higher in the hole that includes numerous fault repeated intervals of barren mudstones.

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The mineralization in XYC-187 is 210 metres southwest from XYC-179 (see December 9, 2008 news release) and 225 metres southeast from XYC-174 (see September 9, 2008 news release), and 145 metres southeast from XYC-172 (see September 3, 2009 news release) which was the discovery drill hole for the XY West deposit. Note that XYC-172, XYC-174 and XYC-179 are part of the 2009 NI 43-101 compliant, XY West high-grade underground deposit that is estimated to contain an Inferred mineral resource of 1,910,000 tonnes grading 7.70% zinc and 2.45% lead. The NI-43-101 compliant Inferred mineral resources are referenced in the February 26, 2009 news release and subsequent report by Non-Independent Qualified Person John J. O’Donnell, P.Geo, for the Selwyn Project.

Currently there remains a largely untested gap of 850 metres between the high-grade underground NI 43-101 compliant mineral resource of XY West and the adjacent, and much larger, XY Central deposit to the southeast. Recent geotechnical drilling in the vicinity of this gap along the margin of the XY Central deposit did intersect the zinc-lead bearing Active Member. Drill hole XYC-181 intersected a fault bounded 5.73 metres true thickness of Active Member grading 14.20% zinc and 3.74% lead, including 1.72 metres grading 28.66% zinc and 7.54% lead, approximately 70 metres southeast of the northwest edge of the 2009 mineral resource estimate block model (see February 29, 2009 news release). The February 2009 NI 43- 101 compliant underground high-grade mineral resource at XY Central Non-Independent Qualified Person, John J. O’Donnell, P.Geo. and yielded an Indicated mineral resource in the high-grade underground XY Central deposit of 10,738,000 tonnes grading 10.38% zinc and 4.41% lead and an Inferred mineral resource of 2,849,000 tonnes grading 10.86% zinc and 4.41% lead.

The XY West deposit remains open for expansion of its mineral potential. The zinc-lead mineralized Active Member has been defined over a 250 metre strike length with an approximate true thickness of 6 to 24 metres for the Active Member. Insufficient drilling has been done to adequately define the dip length for the XY West deposit. Additional drilling is required to determine continuity within this structural panel and the numerous fault offsets suggested by the current 3D interpretation. Current information suggests the XY West deposit dipping to the southwest, and bounded by a fault structures to the southeast and northwest at depth. Additional drilling is required to define the full extent of NI 43-101 compliant mineral resources within the structural panel that hosts XY West deposit, and investors are cautioned that drilling in 2009 may not prove up additional NI 43-101 mineral resources around known deposit.

The Selwyn Project exploration program is being reviewed by Vice President of Exploration, Mr. Jason Dunning, M.Sc., P.Geo. The onsite activities for the Selwyn Project are directed by Exploration Manager, John J. O’Donnell, P.Geo. Both Mr. Dunning and Mr. O’Donnell are Qualified Persons within the meaning of National Instrument 43-101. Selwyn has established a sampling and assay quality control and quality assurance program with blind insertion of assay blanks, standards and duplicates. ACME Analytical Laboratories Ltd. (“ACME”) also has a quality control and assurance program that includes blanks, duplicates and standards. At ACME, base metal analyses are conducted by a 23-element, four-acid digestion, ore-grade ICP-AES technique.

Selwyn’s focus is the exploration and development of its properties that make up the Selwyn Project in the Yukon, which hosts large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production, and the potential to provide a secure supply of zinc and lead to meet the future needs of the zinc and lead markets in Asia and beyond.

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This press release contains forward-looking statements concerning mineralization at the Selwyn Project. 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 exploration and other risk factors beyond Selwyn’s control. As a result, actual results may differ materially from the expected results. Additional drilling is required to confirm the potential of the new discovery areas and expansions of the current resource areas and the extension of the higher grade deep mineralization to depth. 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, and there are many uncertainties associated with permitting and other factors that could delay such development.

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For more information contact:

Dr. Harlan Meade, President and CEO Jasmin TamDoo, 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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