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Selwyn Resources Announces $1,500,000 Non-Brokered Flow-Through Financing

by NationTalk on April 2, 2008422 Views

VANCOUVER, BRITISH COLUMBIA–(April 1, 2008) –

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

Selwyn Resources Ltd. (TSX VENTURE:SWN) (“Selwyn”) has reached an agreement to issue 8,333,333 Flow-Through common shares (“the Offering”) at $0.18 per share in a non-brokered private placement. The Offering is scheduled to close on or before April 17, 2008. The Flow-Through common shares sold will be subject to a four months plus one day hold period from the date of closing.The proceeds of the financing will be used for general exploration activities on the Selwyn Project located in the eastern Yukon. While the Company continues its search for a strategic partner to fund continuing exploration and development work (see February 6, 2008 news release) project activities are mainly engineering, environmental assessment, economic modeling and negotiation of a socioeconomic agreement with local First Nations communities. The strategic partner investment process is advancing; however, formal proposals are yet to be received.

The Selwyn Project represents one of the largest undeveloped resources of zinc and lead in the world and is unique in its location in the politically-attractive and stable jurisdiction of the Yukon. It is therefore both a unique opportunity and a strategic asset providing a long term secure supply of zinc and lead to the Pacific Margin.

This news release contains forward-looking statements concerning the proposed financing and the development of the Selwyn Project. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed financing, failure to obtain necessary regulatory or shareholder approvals, exploration and other risk factors beyond Selwyn’s control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.

For more information, please contact

Selwyn Resources Ltd.
Dr. Harlan Meade, President and CEO
(604) 682-5474 or Toll Free: 1-877-682-5474
International Toll Free: 1-800-8682-5474

or

Selwyn Resources Ltd.
Jasmin TamDoo, Manager of Investor Communications
(604) 682-5474 or Toll Free: 1-877-682-5474
International Toll Free: 1-800-8682-5474
(604) 682-5404 (FAX)
Email: info@selwynresources.com
Website: www.selwynresources.com

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