Selwyn Intercepts Thick High-Grade Mineralization in XY Central Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2011) - Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to update investors with the release of assay results from the drilling of the 98/99-lenses of the XY Central deposit at Selwyn Project, Yukon Territory that is being conducted by Selwyn Chihong Mining Ltd., the joint venture company equally owned by Selwyn and Chihong Canada Ltd. 

Dr. Harlan Meade, Selwyn's President and CEO, said "This release concludes the results from the XY Central deposit. Management is pleased with the demonstrated continuity of high-grade mineralization that has been encountered in the in-fill drilling program and now awaits a re-estimation of the high-grade mineral resources for this deposit."

Drilling continues with five drill rigs at the Don deposit and one drill rig at the XY West deposit, all of which are targeted to confirm known mineral resources.

Highlights: 98/99-lenses of the XY Central deposit

• XYC-190 intersected 28.80 metres true thickness grading 10.22% zinc and 4.90% lead, including 9.16 metres grading 19.18% zinc and 11.52% lead; and 

• XYC-221 intersected 6.65 metres true thickness grading 19.23% zinc and 17.74% lead, including 3.97 metres grading 24.80% zinc and 23.67% lead.

The high-grade NI 43-101 compliant mineral resource of the XY Central deposit is composed of three lenses in the underground environment, each of which is structurally bounded by faults. The three main lenses are the 93-lens, 98-lens, and the 99-lens, however, there are other lenses within the XY Central deposit that form part of a larger global mineral resource. Drill holes XYC-190, XYC-196, XYC-200, XYC-204, XYC-209, XYC-221, XYC-227, XYC-229, XYC-231, and XYC-238 are the remaining infill drill holes within the high-grade, zinc-lead mineralization at the XY Central deposit.

Drill hole XYC-190 intersected a section of very wide high-grade mineralization that is hosted within a much broader envelope of zinc-lead mineralization. The high-grade mineralization was intercepted from 371.90 to 402.70 metres for a true thickness of 26.93 metres grading 10.22% zinc and 4.90% lead including 3.18 metres grading 19.02% zinc and 15.80% lead. This correlates very well with adjacent high-grade intercepts, thereby reinforcing the confidence in the detailed 3D modeling. These other nearby high-grade intercepts include XYC-150 (see November 24, 2006 news release), XYC-171 (see January 17, 2008 news release), XYC-209, and XYC-210 (see December 17, 2010 news release).

Drill Hole	From (m)	To (m)	Thickness (m)	Zn (%)	Pb (%)	Zn+Pb (%)	True Thickness (m)
XYC-190	371.90	402.70	30.80	10.22	4.90	15.13	28.80
Including	381.30	383.20	1.90	12.21	2.91	15.12	1.78
Including	388.70	391.50	2.80	15.04	4.72	19.76	2.62
Including	392.90	402.70	9.80	19.18	11.52	30.71	9.16
Including	397.70	401.10	3.40	19.02	15.80	34.82	3.18

Drill hole XYC-221 intersected very high-grade mineralization from 148.50 to 155.70 metres for a true thickness of 6.65 metres grading 19.23% zinc and 17.74% lead including 3.97 metres grading 24.80% zinc and 23.67% lead.

Drill Hole	From (m)	To (m)	Thickness (m)	Zn (%)	Pb (%)	Zn+Pb (%)	True Thickness (m)
XYC-221	148.50	155.70	7.20	19.23	17.74	36.98	6.65
Including	149.70	154.00	4.30	24.80	23.67	48.47	3.97

Other intercepts from 2010 include drill holes XYC-196 and XYC-209, which also host high grade mineralization.

Drill Hole	From (m)	To (m)	Thickness (m)	Zn (%)	Pb (%)	Zn+Pb (%)	True Thickness (m)
XYC-196	516.60	517.50	0.90	10.83	0.99	11.82	0.69
XYC-209	539.00	545.90	6.90	5.98	2.32	8.30	5.00
Including	541.60	545.90	4.30	7.44	3.20	10.64	3.11
Including	543.20	545.40	2.20	9.46	4.77	14.23	1.60

Results from the definition drilling program continue to confirm the 3D geological and structural models for XY Central deposit. This release is the fourth release and provides all remaining results from definition drilling of the XY Central deposit. The location of the new drill holes and lenses can be found on drill plan maps available at www.selwynresources.com.

Upon receipt of all assay results from the definition drilling program and passing of quality assurance and quality control, the data will form the basis for revising a mineral resource estimate for the bankable feasibility study in progress with Wardrop Engineering. Several drill holes were positioned to define limits of bounding fault structures and/or areas of lower-grade zinc-lead mineralization in order to refine limits of the high-grade mineralization for revising the mine plan that is also part of bankable feasibility study. These drill holes include XYC-200, XYC-204, XYC-227, XYC-229, XYC-231, and XYC-238.

The NI 43-101 compliant Indicated mineral resource for high-grade mineralization within the XY Central deposit is 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. This study was conducted by Independent Qualified Person, Cliff Pearson, P.Geo., and Non-Independent Qualified Person, John J. O'Donnell, P.Geo. (see January 29, 2008 news release).

Exploration of 92 Lens

Exploration drill hole XYC-241 was successfully completed in the 92-lens, within the area of the larger global mineral resource estimate. The 92-lens is in the next structural panel of zinc-lead mineralization directly to the southeast of the 98/99-lenses within the XY Central deposit. This drill hole tested the presence of high-grade mineralization that could have the potential to extend the known high-grade mineralization in the 93, 98, and 99 lenses. XYC-241 yielded an intercept of 8.67 metres true thickness from 493.50 to 503.60 metres grading 6.62% zinc and 1.87% lead including 2.40 metres grading 12.37% zinc and 3.26% lead. These results confirm the mineral potential for the 92-lens to contain high-grade mineralization, however, investors should be cautioned that additional drilling is required in this area to further validate the results from XYC-241.

Drill Hole	From (m)	To (m)	Thickness (m)	Zn (%)	Pb (%)	Zn+Pb (%)	True Thickness (m)
XYC-241	479.30	481.40	2.10	5.86	0.70	6.56	1.80
	487.50	488.20	0.70	13.84	2.06	15.90	0.60
	493.50	503.60	10.10	6.62	1.87	8.49	8.67
Including	498.80	503.60	4.80	9.90	2.66	12.56	4.12
Including	499.80	502.60	2.80	12.37	3.26	15.63	2.40
	513.00	513.30	0.30	6.53	5.66	12.19	0.26

The NI 43-101 compliant global mineral resource model for the XY Central deposit includes 44,450,000 tonnes grading 6.17% zinc and 2.64% lead in the Indicated category and 45,940,000 tonnes grading 4.20% zinc and 1.32% lead in the Inferred category. This study was conducted by Independent Qualified Person, Cliff Pearson, P.Geo., and Non-Independent Qualified Person, John J. O'Donnell, P.Geo. (see January 29, 2008 news release).

The Selwyn Project exploration program is being reviewed by Vice President Exploration, Mr. Jason Dunning, M.Sc., P.Geo, who is also responsible for the onsite activities for the Selwyn Project. Mr. Dunning is a Qualified Person within the meaning of National Instrument 43-101. All assay data has been through internal validation of quality assurance and quality control. Selwyn has established a sampling and assay control program with blind insertion of assay blanks, standards and duplicates for the Selwyn Project. A quality control and quality assurance program is in place at ACME Analytical Laboratories Ltd. ("ACME") that includes blanks, duplicates and standards. At ACME, silver and 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. The recently announced acquisition of the assets of ScoZinc Limited provide Selwyn with a second opportunity for growth and the potential for production revenues in 2012.

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 geological variability 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.