Toronto Stock Exchange - EXN
TORONTO, Jan. 23, 2012 /CNW/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company") is pleased to report fourth quarter and year end production updates for
2011 and that it has exceeded both fourth quarter and annual silver
production targets for 2011 by approximately 40% and 4.5%
respectively. The Company also reports that at year-end, it held
approximately US$22 million in cash.
In the fourth quarter the Company produced 484,617 ounces in concentrate
compared to a budget target of 346,674 ounces of silver in concentrate.
Annual silver production totaled 1.38 million ounces in concentrate as
compared to a budget target of 1.32 million ounces of silver in
Guidance for 2012:
Planned production for 2012 is estimated at 1.37 million ounces of
silver in concentrate with a throughput of 72,000 tonnes at the
Company's Miguel Auza Mill.
Jeremy Wyeth, President and CEO states; "We are very pleased that we have been able to exceed our targets for the
fourth quarter 2011, enabling us to meet our annual budget for 2011.
This positions us well for 2012."
The Company has budgeted an estimated US$6.9 million for the 2012
Mexican drill program in and around the La Platosa Mine. Subject to
change, depending on results, the budget will be split roughly evenly
between the search for additional high-grade manto sulphides and the
high-tonnage source of the manto mineralization. In addition the
Company has allocated an estimated US$3.9 million for Canadian
exploration drilling progammes at the Beschefer (Quebec) and DeSantis
(Ontario) gold properties. The Company will fund all 2012 exploration
programs through operational cash flow.
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 producing 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's exploration activities are fully
funded through existing cash flow.
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 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
For further information:
Excellon Resources Inc.
Joanne C. Jobin, Investor Relations
T. (416) 364-1130