Excel Gold Mining Inc. Announces the Closing of a Private Placement With the MineralFields Group

Tuesday, August 25th 2009

Excel Gold Mining Inc. announce the closing of a non-brokered private placement of $800,000.00 through the sale of 10,000,000 flow-through units (“FT Units”) at $0.08 each to the MineralFields Group, each FT Unit being comprised of one (1) common share, to be issued as a “flow-through share”, and one (1) non-flow-through common share purchase warrant, exercisable at a price of $0.135 per share no later than eighteen (18) months following the date of issuance (the “Offering”).

In connection with the Offering, each of Limited Market Dealer Inc. and Industrial Alliance Securities Inc. has received a finder’s fee in the amount of 500,000 options to purchase units (the “Compensation Units”), each Compensation Unit exercisable at a price of $0.08 no later than eighteen (18) months following the date of issuance and each Compensation Unit comprised of one (1) non-flow-through common share and one (1) non-flow-through common share purchase warrant, exercisable at a price of $0.135 per share no later than eighteen (18) months following the date of issuance, as well as respective cash fees equal to 7.5% and 2.5% of the subscription proceeds.

All the securities issued pursuant to the Offering are subject to a four (4) month hold period from the date of issuance. The TSX Venture Exchange Inc. has conditionally accepted the Offering, subject to the filing of final closing documentation.

The proceeds of the Offering will be used to fund Excel’s exploration project in the Montauban Mining Camp, in the Province of Quebec.