Excellon provides production and exploration updates
TORONTO, March 5, 2012 /CNW/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company") Mexico's highest grade silver producer, is pleased to report February 2012 production results from its La Platosa operations in Durango State, Mexico. The Company is also pleased to announce updates on Operations, Mexican and Canadian exploration.
Actual and planned production for La Platosa is as follows:
|Grade||Month||Year to Date|
|Tonnes||Ag (g/t)||Oz. Ag||Lb. Pb||Lb. Zn||Oz. Ag||Lb. Pb||Lb. Zn|
The Company's cash on hand and receivables due to March 11, 2012 are approximately US$25.9 million.
The Company is encouraged by the results to date in 2012 and plans to release revised guidance at the end of Q1. To date in 2012, grades have been higher than anticipated.
At Platosa two drills continue to operate; one on Source targets and the other testing for additional high-grade manto mineralization. Company geologists are also in the final stages of planning Natural Source Audio Magnetotelluric ("NSAMT") ground geophysical surveys over several areas believed to host structures that may be favourable locations for the discovery of large-tonnage proximal CRD deposits. This type of survey has demonstrated its effectiveness at Platosa and it was while testing NSAMT-interpreted structures that the Guadalupe and Guadalupe South mantos were discovered in 2005 and 2006 respectively. These surveys will be carried out in Q2, 2012.
Diamond drilling at the Company's Beschefer Project, located 12 km east of the past-producing Selbaie Mine and 60 km northeast of the Casa Berardi Mine, commenced in January. As of March 1 st , 5,284 m had been drilled of a planned 8,000 m program. Hole-to-Hole Induced Polarization ("IP") surveying was also performed on select deeper holes within the "B-14" Zone in late February. Initial assay results for this program have been released in a separate news release dated March 5, 2012.
Mr. John Sullivan, BSc., PGeo., Excellon's Vice President of Exploration for Mexico has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information related to Mexico contained in this news release and has supervised the preparation of the technical information on which such disclosure is based.
Mr. Sullivan is an economic geologist with over 35 years of experience in the mineral industry. Prior to joining Excellon in 2007 he was a senior geologist at a Toronto-based international geological and mining engineering consulting firm where he evaluated properties and prepared NI 43-101 reports on gold and base metal projects in Canada and internationally. In addition he has held senior positions with two large Canadian mining companies where he directed major exploration programs, managed field offices, and evaluated projects in Canada, Europe, Africa and Latin America. Mr. Sullivan is not independent of Excellon as he is an officer of the Company.
Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, and Ontario and Quebec, Canada, is committed to building value through production, expansion and discovery. Excellon is Mexico's highest-grade silver producer; it produces silver, lead and zinc from the high-grade manto Mineral Resource on its large, 100% owned Platosa Property, strategically located in the middle of the Mexican CRD/silver belt. Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa where an exploration program focused on diamond drilling and advanced geophysical techniques is ongoing. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. Excellon also has ongoing gold exploration programs on the DeSantis Project, located near Timmins, Ontario and the Beschefer Project, located in northwestern Quebec. Both these projects host gold mineralization and significant potential for the discovery of more. Excellon will use cash from operations to fund future exploration activities.
On behalf of
EXCELLON RESOURCES INC.
President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced [particularly silver], the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to reviewthese materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the November 22, 2011 NI 43-101- compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.