NEWS RELEASE

OTISH URANIUM DRILL RESULTS CONTINUE TO
EXTEND NEAR SURFACE MINERALIZATION

Toronto, January 26, 2009, LEXAM EXPLORATIONS INC. (TSX-V:LEX /OTC:LEXEF / Frankfurt:D2Q) and its partner, Golden Valley Mines (TSX-V:GZZ) announce that their drilling continues to intersect widespread, near surface uranium mineralization at the Otish Uranium Project in north-central Québec. Core drill results from the North Zone (Takwa) intersected 0.06% U3O8 over 5.3 metres, including 0.1% U3O8 over 1.7 metres starting just 7.8 metres below surface. The North Zone has quickly expanded from a few historical drill holes to an area now extending 885 metres along strike. The higher-grade South Zone (Rivière Cheno Ouest), where additional assays are pending, is located approximately 2.4 km to the South along the same prospective geologic trend (Figure 1 & 2). Results below are from the North Zone (Takwa):

These two drill holes are believed to be significant because:

GT-08-19: This hole intersected a fault zone within the mineralized sequence. In the Athabasca Basin, Saskatchewan, important channelways for solutions responsible for mineralization were extensive fault zones in the basement and permeable sedimentary beds. The deposits are commonly associated with the unconformity where it is intersected by faults, shear zones, or fracture zones.

GT-08-33: This hole intersected the thickest, near surface mineralized section of favourable stratigraphy presently within the North Zone.

Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICPOES) is performed as well on all samples. Where uranium values exceed the upper
limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.

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.

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 forwardlooking
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:

Ian J. Ball, VP Corporate Development or Stefan M. Spears, VP Strategic Development 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