Excellon Resources Inc.

Excellon Resources Inc.

January 14, 2010 10:04 ET

Excellon Announces Additional High-Grade Assays 3,300 g/t (96 oz/T) Ag, 11.8% Pb, 0.1% Zn over 1.15 m in Hole EX09-LP708

TORONTO, ONTARIO--(Marketwire - Jan. 14, 2010) - Excellon Resources Inc. (TSX:EXN) is pleased to announce assay results for thirteen additional holes at its Platosa Property. Ten of the holes continued the delineation of the 623 Manto discovered in July of 2009 and although this delineation is largely complete, the results in hole LP708, the last hole drilled in 2009, indicate that it may extend further to the southeast. 

Hole LP708 cut 3,300 g/t (96 oz/T) Ag, 11.8% Pb, 0.13% Zn over 1.15 metres (m) and hole EX09-LP692 intersected 1,470 g/t (43 oz/T) Ag, 4.9% Pb, 7.3% Zn over 1.77 m. As reported in a press release dated December 10, 2009 the 623 Manto has an NI 43-101-compliant Indicated Mineral Resource of 62,000 tonnes grading 1,183 g/t (34 oz/T) Ag, 10.27% Pb and 8.52% Zn.

The other three holes were located on the southwest corner of the NE-1 Manto and extended the known massive sulphide mineralization in that area. Hole LP693 intersected 602 g/t (17 oz/T) Ag, 5.27% Pb and 14.10% Zn over 1.45 m. 

"The continued discovery of high-grade massive sulphides is encouraging and may add to the updated Mineral Resource estimate announced in December 2009. Our 2010 drilling program has now begun and one drill will probe the only sporadically drilled area southeast of the 623 Manto to determine if additional high-grade tonnage can be developed there. The other three drills will test other promising areas both near the Platosa Mine and to the west in the la Zorra area where we continue to see the potential for a large-tonnage proximal carbonate replacement deposit," said John Sullivan, Excellon's Vice-President Exploration.

Assays for the 13 holes reported are shown in the table below and on the accompanying map. All intervals are estimated true thicknesses. In addition to these 13 holes there were 24 holes, which did not intersect significant sulphides drilled since the last exploration drilling press release dated November 12, 2009 and mid-December when the program was halted for the holiday break. 

The Platosa exploration program is 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.

Qualified Persons

Mr. John Sullivan, BSc., PGeo., has acted as the Qualified Person, as defined in NI 43-101, for this disclosure and has supervised the preparation of the technical information on which this press release 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. Mr. Sullivan is not independent of Excellon as he is an officer and holds common share purchase options.

Table: Sulphide Intersections and Assay Results 

Location DDH No. Interval
width (metres)
623 Manto LP668 186.49 186.70 0.21 1,570 45.8 9.13 0.12
  LP673 168.55 168.73 0.18 2,450 71.4 9.61 1.40
  LP678 170.00 172.00 2.00 600 17.5 4.19 0.47
  Incl. 170.00 170.40 0.40 2,230 65.0 16.40 2.19
  LP682 156.90 157.40 0.50 1,240 36.2 11.40 5.04
  LP684 168.81 171.78 2.97 1,669 48.7 13.81 15.94
  LP686 158.31 160.79 2.48 43 1.3 0.51 2.85
  Incl. 160.34 160.79 0.45 180 5.2 1.92 6.89
   LP687 155.25 155.49 0.24 110 3.2 0.95 11.90
  LP692 155.77 157.54 1.77 1,470 42.9 4.91 7.31
  LP704 235.09 235.30 0.21 9 0.3 0.59 4.66
  LP708 175.28 176.43 1.15 3,300 96.2 11.80 0.13
NE-1 Manto SW Extension LP683 214.05 214.40 0.35 404 11.8 9.32 11.40
  1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19
  LP693 214.60 216.05 1.45 602 17.6 5.27 14.10

To view the Map 1: Location Map, please visit the following link: http://media3.marketwire.com/docs/exnlaplatosafig1.pdf

To view the Map 2: Mantos and Recent Drill Hole Locations, please visit the following link: http://media3.marketwire.com/docs/exnmantosfig2.pdf

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 a CDN$11 million 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 and was the site of considerable historic mining for silver, (gold), lead and zinc. The exploration potential of Miguel Auza remains to be evaluated and is the object of an exploration program, which began in September.


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. 

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.

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