Excellon Resources Inc.

Excellon Resources Inc.

December 10, 2009 12:28 ET

Excellon Adds Substantially to Platosa High-Grade Mineral Resource

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2009) - Excellon Resources Inc. (TSX:EXN) is pleased to report that the Indicated Mineral Resource at its 100%-owned Platosa Mine is 579,000 tonnes as at October 31, 2009. This represents a 46% increase over the previous estimate.

The Indicated Mineral Resource has increased to a total of 579,000 tonnes grading 909 g/t (27 oz/T) Ag, 9.09% Pb, and 10.51% Zn, up from 396,000 tonnes grading 986 g/t (29 oz/T) Ag, 9.00% lead, and 10.10% zinc (at February 3, 2008). The Inferred Mineral Resource has more than doubled from 72,700 to 160,000 tonnes at a somewhat lower grade than that of 2008. Tonnages and grades are summarized in the table below. The results meet Company expectations and Platosa remains one of the highest grade producing silver, lead, and zinc deposits in Mexico.

The increase in tonnage is derived largely from the Rodilla, NE-1 and 623 Mantos. The high-grade 623 Manto, the Company's newest discovery, contributed an Indicated Resource of 62,000 tonnes grading 1,183 g/t (34 oz/T) Ag, 10.27% Pb, and 8.52% Zn. The new estimate also takes into account the approximately 79,000 tonnes mined since February 2008.

"Our new NI 43-101-compliant Mineral Resource estimate confirms that our drilling program in the immediate mine area, as well as the underground mine development, have allowed us to add to our resource on a continual basis, even as we have mined 79,000 tonnes of ore since the 2008 resource estimate. The Indicated and Inferred Mineral Resource disclosed today is sufficient to sustain our mining operation for seven to nine years depending on how quickly we are able to increase the mining rate at Platosa," said Peter Crossgrove, Excellon's Chairman and CEO. "Looking to the future, we remain committed to our aggressive exploration program and are confident that we remain on course to discover the high-tonnage proximal deposit, which is the source of the Platosa manto system."

The Platosa exploration program and initial exploration underway at Excellon's Miguel Auza property are supervised by John Sullivan, Excellon's Vice-President of exploration, in consultation with Dr. Peter Megaw of IMDEX Inc. Drill core samples are prepared and assayed by SGS Minerals Services (SGS) in Durango, Mexico. The SGS Lab in Durango Mexico is accredited to ISO/IEC 17025. When required, sample pulps are sent to SGS in Canada and further assaying is carried out at its ISO/IEC 17025 accredited laboratory in Toronto, Ontario.

Significant Estimation Parameters

Mineral resources are reported at a Net Smelter Return ("NSR") cut-off value of U.S. $86/tonne. Assumptions used for the NSR calculation include metal prices of US$16.00/oz silver, $0.80/lb lead, and $1.00/lb zinc. Block silver, lead and zinc grades were interpolated and constrained within the wireframe models using the Inverse Distance Squared method. The Platosa drill hole database includes 718 vertical and inclined diamond drill holes totalling 140,850 metres of core. Most holes within the Mineral Resource area are aligned along NE-SW oriented sections spaced 15 metres apart. Average drill hole spacing is approximately 15 to 20 metres. A total of 801 silver, lead and zinc assays were used in the Mineral Resource estimate. Block tonnage was estimated from volume using a bulk density formula derived from the interpolated lead and zinc grades and a regression formula derived from 178 bulk density measurements made on mineralized drill core. The estimate is of Mineral Resources only and, because these do not constitute Mineral Reserves, they do not have any demonstrated economic viability.

A detailed description of the estimation and other pertinent geotechnical information related to the Platosa project will be included in an NI 43-101-compliant technical report being prepared for the Company by Scott Wilson RPA and to be filed on SEDAR within the mandated 45 days of this press release.

Qualified Persons

Mr. John Sullivan, BSc., PGeo., has acted as a Qualified Person, as defined in NI 43-101, for this disclosure and has supervised the preparation of the technical information, which formed the basis for the updated Mineral Resource disclosed in this press release.

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. Mr. Sullivan is not independent of Excellon as he is an officer and holds common share purchase options.

Mr. David Ross, P.Geo., a Senior Consulting Geologist, employed by Scott Wilson RPA, acted as the Qualified Person, as defined in NI 43-101, for the Scott Wilson RPA Mineral Resource estimate. Mr. Ross and Scott Wilson RPA are independent of Excellon.

About Excellon

Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, 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 Platosa Property, strategically located in the middle of the Mexican silver belt. In fiscal 2010, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through an aggressive CDN$11,200,000 exploration program where four diamond drills are in operation. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts an Indicated and Inferred Mineral Resource, was the site of considerable historic mining for silver, (gold), lead and zinc and was exploited by Silver Eagle during 2008. The exploration potential of Miguel Auza remains to be evaluated and is the object of an exploration program, which began in September.

On behalf of


Peter Crossgrove, Chairman & Chief Executive Officer

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, the proposed construction of a mill, 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 April 14, 2008 NI 43-101-compliant technical report prepared by Scott Wilson 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.

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