NEWS RELEASE

OTISH URANIUM EXPLORATION UPDATE

Toronto, April 7, 2008 LEXAM EXPLORATIONS INC. (TSX-V:LEX /OTC:LEXEF / Frankfurt:D2Q) and its partner, Golden Valley Mines (TSX-V:GZZ), are pleased to provide an update on the Otish Uranium Project in Quebec, Canada.

HISTORICAL DRILLHOLE COMPILATION COMPLETE
Uranium Zone Identified – Grades Up to 0.51% U3O8

A compilation of the historical holes drilled by Western Mines Ltd (Ministére de l’Énergie et des Ressources naturelles documentation technique GM 35584) in 1979 has identified a zone of uranium mineralization on the Mistassini portion of the project area that is larger and higher grade than was previously believed to exist (Figure 1). Holes within the zone were reported to reach up to 5100 ppm (0.51%) U3O8, and ten holes
returned values better than 850 ppm (0.085%) U3O8 over a strike length of approximately 80 meters (262.5 ft.).

The U3O8 mineralization is shallow, located about 20 meters (65.5 ft.) below surface. The mineralized zone is spatially related to the unconformity (up to 5 metres [16.4 ft.] above it) occurring next to the margin of the sedimentary basin along a bedding facies contact of upper coarser grained arkose-conglomerate with finer and variable graphitic wacke. The approximate thickness of the mineralized zone is 5 meters (16.4 ft.) and remains open. The inferred strike extension of the zone was intersected in drilling by SOQUEM
(Ministére de l’Énergie et des Ressources naturelles documentation technique GM 36262) in 1979 about 2.4 kilometres to the north along trend. Here a single hole intersected a best value of 1140 ppm (0.114%) U3O8.

2008 EXPLORATION PROGRAM

The 2008 exploration program will consist of two phases of drilling that will total 4,000 meters (13,125 ft.). The first phase is scheduled to begin in late April and will focus on extending the uranium mineralization that has been identified on the Mistassini project area and will also test priority targets that have been outlined using artificial intelligence and advanced mathematics as described below. The second phase will include follow-up
drilling and testing other targets in the Otish portion of the project area. The total cost of the program is estimated to be Cdn$2 million.

Michael P. Rosatelli, P. Geo. is a “Qualified Person” as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

DIAGNOS TECHNOLOGY
Outlines New Uranium Potential

In December 2007 Lexam engaged a company called Diagnos to use its artificial intelligence technology to target uranium mineralization in the Mistassini Basin. Geological, magnetic and spectrometric data was used to detect possible patterns that would help outline new areas for uranium mineralization.

The results have highlighted several areas considered by Diagnos to be highly prospective for uranium (Figure 1). Each of these areas is believed to have the potential to host unconformity-associated uranium mineralization.

About Lexam

Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Oil & Gas 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.

CAUTIONARY STATEMENT

Some of the statements contained in this release are "forward-looking statements". Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: ability to raise financing for further exploration and development activities; risks relating to estimates of reserves, deposits and production costs; extraction and development risks; the risk of commodity price fluctuations; political, regulatory and environmental risks; and other risks and uncertainties in the reports and disclosure documents
filed by Lexam from time-to-time with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

Ana E. Aguirre Manager, Investor Relations Toll Free: (866) 441-0690 Tel: (647) 258-0395 Fax: (647) 258-0408 E-mail: info@lexamexplorations.com Web: www.lexamexplorations.com

Corporate Head Office Lexam Explorations Inc. 99 George Street, 3rd Floor Toronto, Ontario M5A 2N4