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.V) 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.

Contacts

Daniel Pauzé
President
Excel Gold Mining Inc.
(514) 951-7776