Excellon reports first quarter production
Monday, Apr 16, 2012
TORONTO, April 13, 2012 /PRNewswire/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company") Mexico's highest grade silver producer,is pleased to report March and the first quarter 2012 production results from its La Platosa operations in Durango State, Mexico.
Silver production in the first quarter 2012 was 480,275 ounces—more than double the first quarter 2011 production of 202,077 ounces;
Silver production in the first quarter of 2012 exceeded the year end fourth quarter production of 2011 by 6%;
Lead and zinc production in the first quarter was a combined 5.3 million pounds;
In March, 148,395 ounces of silver were produced at an average grade of 793 g/t Ag (23.1 oz/T Ag) compared to forecast production of 120,857 oz of silver at a forecast grade of 709 g/t Ag (20.7 oz/T Ag)
Planned production for the full year 2012 is now estimated at a minimum of 1.5 million ounces of silver in concentrate, 7.0 million pounds of lead and 11.6 million pounds of zinc as compared to 1.4 million ounces of silver in concentrate and 6.9 million pounds of lead and 11.0 million pounds of zinc in the original plan. Throughput of 71,133 tonnes at an average grade of 757 g/t Ag (22.1 oz/T Ag) is now estimated for 2012, from production at the Company's Miguel Auza Mill.
Jeremy Wyeth, President and CEO states; "Increased production in the first quarter reflects the significant benefits of the Company's aggressive water control program over the past year. Additional pumping capacity, installation of water-tight doors and development drilling procedures have improved the ability to manage water and reduced production interruptions."
Corpor ate Update:
The Annual and Special Meeting for Excellon Resources Inc. will be held on May 31, 2012 commencing at 10:00 am at the Bay Adelaide Centre, 333 Bay Street, Suite 2900, Toronto, and Ontario, M5H 2T4. For further information regarding the Annual and Special Meeting please contact the Investor Relations Department directly.
About E xcellon
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. The Miguel Auza Mill Operation in Zacatecas also has 41,000 hectares of underexplored land. 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 continue to use cash from operations to fund its ongoing exploration activities.
On behalf of
EXCELLON RESOURCES INC.
" Jeremy Wyeth"
President and Chief Executive Officer
The T oronto 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 review these 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.
SOURCE Excellon Resources Inc.