Silver Eagle Shareholders Approve Arrangement With Excellon

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Clavis

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Silver Eagle Shareholders Approve Arrangement With Excellon

posted on May 28, 2009 12:49PM

May 28, 2009

Silver Eagle Shareholders Approve Arrangement With Excellon

TORONTO, ONTARIO--(Marketwire - May 28, 2009) - Silver Eagle Mines Inc. (TSX:SEG) and Excellon Resources Inc. (TSX:EXN) announced today that Silver Eagle shareholders have approved the plan of arrangement transaction with Excellon Resources Inc.

At a meeting of Silver Eagle shareholders held earlier today, the arrangement was approved by 97.4% of the votes cast at the meeting in respect of the resolution.

Under the terms of the arrangement, Silver Eagle shareholders will receive 0.2704 of an Excellon common share for each Silver Eagle share held.

Silver Eagle's application to the Ontario Superior Court of Justice to obtain a final order approving the arrangement is scheduled for Monday, June 1, 2009. If approved, and all other conditions to the arrangement are satisfied, the arrangement is expected to close on June 2, 2009.

On behalf of

EXCELLON RESOURCES INC.

Peter A. Crossgrove, Chairman

SILVER EAGLE MINES INC.

John Hick, Chairman

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