Definition Drilling Confirms High-Grade Mineralization at XY Central Deposit

Vancouver, BC, December 17, 2010 � Selwyn Resources Ltd. (�Selwyn) is pleased to update investors with the first release of assay results from the drilling of the 93-lens of the XY Central deposit at Selwyn Project, Yukon Territory. Dr. Harlan Meade, President and CEO, states: �The results of infill drilling on the 93-lens of the XY Central deposit are very encouraging in confirming continuity of the high grade mineralization and providing the necessary information for completing an upgrade of the mineral resources for the feasibility study scheduled for completion in mid 2011.�

Highlights: 93-lens of the XY Central deposit

� XYC-210 intersected 21.01 metres true thickness grading 9.60% zinc and 2.91% lead, including 7.83 metres grading 17.82% zinc and 6.05% lead; and

� XYC-222 intersected 10.16 metres true thickness grading 16.05% zinc and 4.71% lead, including 5.91 metres grading 19.22% zinc and 5.94% lead, confirm widespread high grade mineralization in the 93 lens.

Selwyn Chihong Mining Ltd., the joint venture company equally owned by Selwyn and Chihong Canada Ltd., has completed 86 definition drill holes in 2010 for a total of 27,486.60 metres between XY Central, Don and XY West deposits. The location of the new drill holes can be found on drill plan maps available at www.selwynresources.com. The definition drilling includes 47 diamond drill holes totalling 13,994.80 metres in the three main lenses in XY Central deposit. 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 done 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).

The XY Central deposit is composed of three high-grade, main lenses in the underground environment that are structurally bound by faults. The three lenses are the 93-lens, 98-lens, and the 99-lens. Moving forward, Selwyn will be releasing assay results on a per lens basis. Drill holes XYC-191, XYC-197, XYC-207, XYC-210, and XYC-222 are infill holes within the 93-lens that is located in the north-western part of the XY Central deposit. The 93-lens is steeply dipping at -65� to the northeast and potentially amenable to long-hole mining methods. A map of the location of the lenses is available at www.selwynresources.com.

The continuing success in intersecting high-grade mineralization in these infill drill holes confirms the continuity of high-grade mineralization in 93-lens. Drill hole XYC-210 is an excellent example of the high-grade nature of the mineralization at XY Central deposit; noting this drill hole intersected 21.01 metres true thickness grading 9.60% zinc and 2.91% lead, including 7.83 metres grading 17.82% zinc and 6.05% lead. This compares favourably with previously released intercepts from the 93-lens in XYC-136 (see March 13, 2007 news release) and XYC-158 (see January 10, 2008 news release).

Drill hole XYC-191 intersected 14.67 metres true thickness grading 7.89% zinc and 3.37% lead within a broader intercept of mineralization; which hosts zinc-lead sulphide mineralization at Selwyn Project. These results are comparable in grade and thickness to previously released assay results in nearby drill holes such as XYC-132 (see September 21, 2006 news release), XYC-137 (see January 10, 2007 news release). Other intercepts include drill holes XYC-197, XYC-207 and XYC-222 which also host high grade mineralization.

This definition drilling program continues to confirm the 3D geological and structural models for XY Central deposit. Drilling has been temporarily halted for the Christmas break and will continue in early January 2011. The remaining definition drilling will focus on the upgrading of mineral resources at the Don deposit; which in 2010 has included 24 diamond drill holes totalling 7,034.50 metres. There will also be exploration drill holes at Don deposit designed to potentially expand known mineral resources.

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: +1 (604) 801-7240
Toll-free: +1 (888) 989-9188
Facsimile: +1 (604) 689-8355
Email: info@selwynresources.com
Website: www.selwynresources.com

Neither 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.