Lexam VG Gold Inc.: Announces Results of Annual General Meeting

TORONTO, 05/10/13 - Lexam VG Gold Inc. (the "Company", "Lexam") (TSX: LEX) (OTCQX: LEXVF) (FRANKFURT: VN3A) is pleased to announce the results of its annual general meeting held on May 9, 2013 (the "AGM"). A total of 108,216,445 common shares, equal to 47.8% of the 226,570,860 issued and outstanding shares were voted at the AGM. The Company reports that Robert McEwen, Richard Brissenden, John Drake, Robin Dunbar, Hugh Squair, John Tait and Robert Van Tassell were re-elected as directors of the Company. The shareholders of Lexam also approved the re-appointment of KPMG LLP as auditors for the Company.


Detailed voting results for the election of directors are as follows:

                                                   Percentage    Percentage
Director                        For     Withheld          For      Withheld
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Mr. Richard Brissenden   83,940,019    2,864,673         96.7%          3.3%
Mr. John Drake           86,313,678      491,014         99.4%          0.6%
Mr. Robin Dunbar         84,203,963    2,600,729         97.0%          3.0%
Mr. Robert McEwen        86,623,053      181,639         99.8%          0.2%
Mr. Hugh Squair          86,352,739      451,953         99.5%          0.5%
Mr. John Tait            83,989,478    2,815,214         96.8%          3.2%
Mr. Robert Van Tassell   86,578,584      226,108         99.7%          0.3%

About Lexam VG Gold

Lexam VG Gold explores for gold in the Timmins area of northern Ontario, Canada. Lexam VG Gold was formed in 2011 by the merger of Lexam Explorations Inc. and VG Gold Corp. The Company is carrying out ongoing exploration programs, designed to build the resource base and to test the growth potential and determine the economics on its four key property assets: Buffalo Ankerite (100% interest), Fuller (100% interest), Davidson Tisdale (68.5% interest) and Paymaster (60% interest). Lexam VG Gold had $4.4 million in cash on March 31, 2013, with no bank debt. The Company has 226,570,860 issued and outstanding shares, with 27% owned by Chairman Rob McEwen.


Caution Concerning Forward-Looking Statements

This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, Lexam VG Gold's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks related to: litigation, property title, the Paymaster Option, the state of the capital markets, whether shareholder and regulatory approvals for any proposed transaction are forthcoming, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information. Lexam VG Gold undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See Lexam VG Gold's Annual Information Form dated December 31, 2012 and available on SEDAR (www.sedar.com) for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

To learn more about Lexam VG Gold (TSX: LEX), visit our website: www.lexamvggold.com

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.



Contacts:

Lexam VG Gold Inc.
Mihaela Iancu
Director, Corporate Administration
(647) 258-0395 ext. 320, or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)
www.lexamvggold.com