Agoracom: Small Cap Investment - Lexam VG Gold Inc.

Expanding Gold Resources in Timmins

Developing Four Gold Projects

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Clavis

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Lexam Baca Project Update

posted on Feb 12, 2009 03:59AM

February 11, 2009

Lexam Baca Project Update

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2009) - LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX)(PINK SHEETS:LEXEF)(FRANKFURT:D2Q) wishes to update shareholders on the progress of the legal proceeding affecting its Baca Oil & Gas Project in Colorado.

Today the federal District Court in Denver, Colorado reopened the case San Luis Valley Ecosystem Council v. U.S. Fish and Wildlife Service, Civil Action No. 07-CV-00945-WDM-MEH, in which the plaintiff (SLVEC) alleges that the Environmental Assessment (EA) and Finding of No Significant Impact (FONSI) for the Baca Project are inadequate and that further compliance with the National Environmental Policy Act (NEPA) is required. Lexam strongly believes that the NEPA process undertaken by the U.S. Fish and Wildlife Service was appropriate given the scope of Lexam's proposed exploration project, and it plans to vigorously defend its right to drill on the property.

At a Status Conference held today in this case, Lexam was allowed by the Court to intervene to protect its interest in the drilling project. The Court also established a briefing schedule for a presently pending Motion for Preliminary Injunction under which a Supplemental Motion for Preliminary Injunction must be filed by February 23, 2009. The U.S. Fish and Wildlife Service and Lexam will have 30 days to file response briefs, and the plaintiff will have an additional 15 days to file a reply brief. Lexam has no control over the Court's calendar or the timing of its decision.

About Lexam

Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips and has an option to earn 50% interest in Golden Valley Mines' Otish Basin uranium project located in Quebec, Canada.

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