A wordnet is an important tool for developing natural language processing applications for a language. However, most wordnets are handcrafted by experts, which limits their growth. In this article, we propose an automatic approach to create wordnets by exploiting textual resources, dubbed ECO. After extracting semantic relation instances, identified by discriminating textual patterns, ECO discovers synonymy clusters, used as synsets, and attaches the remaining relations to suitable synsets. Besides introducing each step of ECO, we report on how it was implemented to create Onto.PT, a public lexical ontology for Portuguese. Onto.PT is the result of the automatic exploitation of Portuguese dictionaries and thesauri, and it aims to minimise the main limitations of existing Portuguese lexical knowledge bases.