Revised Terms of the Proposed Acquisition of a Mining Property in Montauban (Batiscan)

    QUEBEC CITY, July 24 /CNW Telbec/ - EXCEL GOLD MINING INC. (TSX Venture:
EGM) Excel Gold Mining Inc. (herein referred to as "Excel" or the "Company"),
announces the modification of the terms of the agreement to acquire 100%
interest in the mining property in Montauban (Batiscan), Province of Quebec
(the "Property"), from Mrs. Denyse Raynault, residing at 1420, Bernard Avenue
West, Suite 17, Outremont, Province of Quebec, H2V 1W3, as disclosed in the
Company's June 7, 2008 press release.
    Pursuant to an asset purchase agreement dated June 25, 2008, as amended
July 22, 2008 (the "Agreement"), Excel has acquired all rights, title and
interest in the Property in consideration for the allotment and issuance of
5,200,000 units (the "Units"), as opposed to the previously disclosed amount
of 8,000,000 Units, each Unit comprising one fully-paid and non-assessable
common share in the capital stock of the Company valued at $0.20 (the
"Shares") and one half (1/2) share purchase warrant, each full warrant (the
"Warrants") allowing its holder to purchase one Share at a price of $0.22 per
Share for a period of twenty-four (24) months following the date of the
execution of the Agreement (the foregoing being collectively referred to as
the "Transaction"), the whole subject to regulatory approval.
    The Shares and Warrants shall be issued in reliance of the exemption set
forth in Section 2.13 (shares issued in consideration for the acquisition of a
mining property) of Regulation 45-106 respecting prospectus and registration
exemptions (Quebec).

    This release has been prepared by management - TSX Venture Exchange has
    not reviewed and does not accept responsibility for the adequacy or
    accuracy of this news release.

For further information:

For further information: Daniel Pauzé, President, Excel Gold Mining
Inc., (514) 951-7776

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