High-Grade Drill Results Continue from XY Central Deposit

#700 – 509 Richards Street Vancouver, British Columbia Canada V6B 2Z6 Telephone: (604) 801-7240 Toll-free: 1-888-989-9188 Fax: (604) 689-8355 Trading Symbol: SWN.TSX-V [email protected] News Release – 2011-05 www.selwynresources.com

News Release

High-Grade Drill Results Continue from XY Central Deposit

Vancouver, January 31, 2011 – Selwyn Resources Ltd. (“Selwyn”) 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 done by Selwyn Chihong Mining Ltd., the joint venture company equally owned by Selwyn and Chihong Canada Ltd. The location of the new drill holes and lenses can be found on drill plan maps available at www.selwynresources.com. Drilling continues with five drill rigs at the Don deposit and one drill rig at the XY West deposit; all of which are confirming known mineral resources.

Highlights: 98/99-Lenses of the XY Central Deposit

• XYC-198 intersected 14.54 metres true thickness grading 6.86% zinc and 4.61% lead, including 2.36 metres grading 21.25% zinc and 5.89% lead; and
• XYC-208 intersected 17.51 metres true thickness grading 7.72% zinc and 5.89% lead, including 2.20 metres grading 21.73% zinc and 18.36% 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. Drill holes XYC-192, XYC-193, XYC-196, XYC-198, XYC-208, XYC-212, XYC-228 and XYC-232 are infill holes within the existing 98/99-lenses that comprise the majority of the high-grade, zinc-lead mineralization at the XY Central deposit.

Drill hole XYC-198 intersected high-grade mineralization within three intervals at XY Central deposit that is hosted within a much broader envelope of lower-grade mineralization. The most notable interval in XYC-198 of high-grade mineralization was intercepted from 501.70 to 517.70 metres for a true thickness of 14.54 metres grading 6.86% zinc and 2.02% lead including 2.36 metres grading 21.25% zinc and 5.89% lead.

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Drill hole XYC-208 intersected high-grade mineralization from 482.10 to 507.40 metres for a true thickness of 23.19 metres grading 6.47% zinc and 4.61% lead including 2.20 metres grading 21.73% zinc and 18.36% lead.

Other intercepts from 2010 include drill holes XYC-192, XYC-193, XYC-196, XYC-212, XYC- 228 and XYC-232; which also host high grade mineralization.

Results from the definition drilling program continue to confirm the 3D geological and structural models for XY Central deposit; noting this release is the fourth release providing results from definition drilling of the XY Central deposit. 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 mine plan for the bankable feasibility study in progress with Wardrop Engineering.

Selwyn is also pleased to announce that preparations are underway for mobilizing the equipment and supplies required to undertake the planned underground, advanced exploration program on the high-grade mineral resource at the XY Central deposit. The mobilization is expected to commence in late February and be completed by the end of March using the grandfathered, allseason access road as a winter road from just north of Tungsten, NWT to the project site in the Yukon.

The NI 43-101 compliant Indicated mineral resource for 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).

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The Selwyn Project exploration program is being reviewed by Vice President of 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; however, it should be noted that there is also a quality control and quality assurance program 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.

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.

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For more information contact:

Dr. Harlan Meade, President and CEO Catalin Chiloflischi, Manager of Investor Communications Telephone: (604) 801-7240 Toll-free: 1-888-989-9188 Facsimile: (604) 689-8355 [email protected] www.selwynresources.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)

ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.