LEX Longhorn Exploration Corp

(All amounts expressed in Canadian dollars)

LEXAM EXPLORATIONS INC. (TSX VENTURE: LEX) today reported financial results for the First Quarter, 2010. The Company recorded a net loss of $108,521 ($0.00 per share) versus a net loss of $130,225 ($0.00 per share) for the respective period, 2009. The market value of securities, cash and other monetary assets minus liabilities was approximately $29.6 million at the end of the First Quarter, 2010 versus $12.6 million in the respective period, 2009 and $35.5 million at the end of the Fourth Quarter, 2009.

FINANCIAL RESULTS

For the three months ended March 31, 2010, Lexam reported a net loss of $108,521 ($0.00 per share). This compares with a net loss of $130,225 ($0.00 per share) in the respective period, 2009. Net profit (or loss), due to accounting standards, will fluctuate from quarter-to-quarter. Lexam anticipates this to continue in the future.

The market value of securities, cash and other monetary assets minus liabilities was approximately $29.6 million during the First Quarter 2010 versus $12.6 million in the respective period 2009 and $35.5 million at the end of the Fourth Quarter 2009. As of May 27, 2010 this figure was approximately $26.3 million. Lexam believes this figure provides the best overview of the Company's financial health. For a quarter-over-quarter comparison, please see Table 1.

Table 1.
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Q1      Q2      Q3      Q4      Q1  May 27
2009    2009    2009    2009    2010    2010
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Total Assets minus Total
Liabilities (in millions)   $  12.6 $  16.5 $  36.0 $  35.5 $  29.6 $  26.3
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Per Share Basis              $  0.26 $  0.26 $  0.74 $  0.73 $  0.61 $  0.54
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The loss during the First Quarter was related to holding and exploration ($99,791), administrative ($97,374) and operating losses at VG Gold ($113,049). Losses were partially offset by selling certain securities above cost ($197,190).

Lexam's working capital at March 31, 2010 was approximately $9.9 million compared to $11.8 million at March 31, 2009 and $10.7 million at December 31, 2009. The Company's cash balance at March 31, 2010 was approximately $7.3 million from $1.2 million at March 31, 2009 and $7.9 million at December 31, 2010. The Company has no significant contractual obligations. At March 31, 2010 Lexam's outstanding common shares remained unchanged at 48,499,287.

The complete First Quarter, including management's discussion and analysis, financial statements, and notes can be found on the Company's website at www.lexamexplorations.com and on SEDAR at www.sedar.com.

VG GOLD CORP INVESTMENT

Timmins, Ontario, Canada

During the First Quarter Lexam's ownership in VG Gold remained unchanged from the December 31, 2009. At March 31, 2010 Lexam's investment in VG Gold had a market value of $21.8 million. As of May 27, 2010 Lexam's investment in VG Gold has a current market value of $18.0 million.

Table 2 - Change in VG Gold Investment
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VG Gold Investment VG Gold Investment VG Gold Investment
(Q4-Dec 31, 2009)  (Q1-Mar 31, 2010)     (May 27, 2010)
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Number of Shares          75.0 million       75.0 million       75.0 million
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Market Value             $27.8 million      $21.8 million      $18.0 million
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RUBICON MINERALS INVESTMENT

Red Lake, Ontario, Canada

During the First Quarter Lexam's ownership in Rubicon Minerals remained unchanged from the December 31, 2009. At March 31, 2010 and May 27, 2010 Lexam's investment in Rubicon had a market value of $2.6 million.

It is important to note that Lexam has net taxes receivable in relation to these shares based on Rubicon's share price at the time they were received (US$2.00 per share). Therefore, Lexam is only required to pay capital gains on sales that exceed US$2.00 per share (For example, if a share is sold for $4.50 capital gains would only be applied to amount that exceeded $2.00. In this example the taxable amount would be $2.50).

Table 3 - Change in Rubicon Investment

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Rubicon Investment Rubicon Investment Rubicon Investment
(Q4-Dec 31, 2009)  (Q1-Mar 31, 2010)     (May 27, 2010)
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Number of Shares           0.7 million        0.7 million        0.7 million
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Market Value              $3.2 million       $2.6 million       $2.6 million
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BACA OIL & GAS PROJECT

Colorado, USA

The Baca Oil and Gas Project is located in south-central Colorado, USA. The Company owns 75% of the oil and gas rights. The remaining 25% is owned by ConocoPhillips.

During the Fourth Quarter of 2008, the Company announced that the United States Fish and Wildlife Service (USFWS) had issued a Finding of No Significant Impact (FONSI). The USFWS' decision was reached based on the results of an Environmental Assessment (EA) conducted by the Service under the National Environmental Policy Act (NEPA). The USFWS environmental review process lasted 15 months and involved extensive public meetings, participation, and comment by all interested parties.

This decision by the USFWS was the final approval required before the Company could move forward with its planned exploration for oil and gas.

The Baca Project has been consistently challenged by opposition groups and on November 3, 2008 the San Luis Valley Ecosystem Council (SLVEC) made a motion to reopen litigation against the USFWS.

The SLVEC maintains that USFWS decision to issue a FONSI based on the EA does not comply with NEPA.

During the First Quarter of 2009, the District Court of Colorado ordered that the motion to reopen litigation against the USFWS be allowed to proceed. A Preliminary Injunction Hearing was held on May 20, 2009.

On September 4, 2009 the Company announced that the Federal District Court granted the SLVEC Motion for a Preliminary Injunction against the USFWS. This decision prohibits any exploration drilling by the Company until a final ruling is reached in the litigation.

On November 17, 2009 the parties to the litigation attended a court mandated Settlement Conference. On January 15, 2010 a second Settlement Conference was held to discuss a potential settlement terms and to set a briefing schedule should the settlement be unsuccessful.

The Company has extended an offer to sell its mineral interests underlying the Baca Wildlife Refuge and surrounding areas for cash consideration of approximately US$8,400,000. The purchase price offered by the Company represents a settlement proposal to resolve pending litigation and does not represent management's valuation of the Company's mineral interest on the Baca property. If a signed agreement of purchase and sale has not been executed by June 11, 2010, the Company has agreed to participate in a process to prepare a new document in compliance with the U.S. National Environmental Policy Act (NEPA). The new NEPA document will be prepared by the U.S. Fish and Wildlife Service and is scheduled to be completed by April 2011. The Company plans to proceed with the exploration program later that year.

OTISH URANIUM PROJECT

Quebec, Canada

The Otish Uranium Project is located in north-central Quebec, Canada. The Company owns 50% of the project with the remaining 50% owned by Golden Valley Mines Ltd. No exploration is currently planned for this project.

As at March 31, 2010, the Company has an outstanding receivable of $22,730 from the Quebec government regarding the 2009 rebate for exploration expenditures.

About Lexam

Lexam is a North American exploration company. The Company holds significant equity stakes in VG Gold Corp and Rubicon Minerals Corp. Lexam also owns 75% of the Baca Oil & Gas Project in south-central Colorado, USA and it has a 50% joint venture interest in the Otish Basin uranium project located in Quebec, Canada with Golden Valley Mines.

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. The complete First Quarter and Annual report including management's discussion and analysis, financial statements and notes can be found on our Company's website at www.lexamexplorations.com and on SEDAR at www.sedar.com.

Contacts: Lexam Explorations Inc. Daniela Ozersky Manager, Investor Relations (647) 258-0395 or Toll Free: (866) 441-0690 (647) 258-0408 (FAX) info@lexamexplorations.com www.lexamexplorations.com Lexam Explorations Inc. Corporate Head Office 99 George Street, 3rd Floor Toronto, ON M5A 2N4