TORONTO, ONTATIO--(Marketwire - Aug. 5, 2011) - Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX VENTURE:LRG) and Excellon Resources Inc. ("Excellon") (TSX:EXN) are pleased to announce the completion of the previously announced arrangement between Excellon and Lateegra (the "Arrangement") pursuant to which Excellon has acquired all of the common shares of Lateegra ("Lateegra Shares"). The Arrangement was approved by Lateegra's shareholders at a special meeting held on July 29, 2011, with 99.98% of Lateegra shareholders voting in favour of the Arrangement. A final order approving the Arrangement was granted by the Supreme Court of British Columbia (the "Court") on August 3, 2011.

President and CEO of Excellon, Jeremy Wyeth, comments, "The addition of the Lateegra assets in the Timmins camp provides Excellon with an exciting exploration opportunity to deploy the cash flow from the Platosa Project in one of the most prolific gold camps in the world."

Executive Chairman of Excellon, Peter Crossgrove, comments "I am truly excited to work with the new management team at Excellon, including Jeremy Wyeth in the role of President and CEO, and Steve Poad as the new CFO, in the creation of a new diversified precious metals producer and developer."

Under the Arrangement, Lateegra shareholders will receive 0.54 common shares (the "Exchange Ratio") of Excellon ("Excellon Shares") for each Lateegra Share that they own. Outstanding Lateegra warrants and options shall be exchanged for Excellon warrants and options, as applicable, with the number and exercise price of such Lateegra warrants and options adjusted in accordance with the Exchange Ratio. The other terms and conditions of such Lateegra warrants and options shall remain unchanged.

Pursuant to the terms and conditions of the Arrangement, as endorsed by the Court, and as further described in the management information circular (the "Circular") of Lateegra dated June 27, 2011, Lateegra Shares that are not tendered prior to August 5, 2017 will cease to represent any claim against or interest of any kind or nature in Lateegra, Excellon or any other party. Registered Lateegra shareholders are therefore urged to tender certificates representing Lateegra Shares at their earliest convenience using the letter of transmittal that accompanied the Circular.