Excellon Resources Inc.

Excellon Resources Inc.

June 19, 2009 08:53 ET

Excellon Announces Completion of Fully-Subscribed Rights Offering

TORONTO, ONTARIO--(Marketwire - June 19, 2009) - Excellon Resources Inc. (TSX:EXN) is pleased to announce that it has completed its previously announced rights offering for aggregate gross proceeds of $5,694,065. The rights offering was fully subscribed with a total of 137,495,784 rights being exercised for 17,186,973 common shares and 7,569,831 common shares being issued pursuant to the additional subscription privilege. Maison Placements Canada Inc. acted as the managing dealer for the rights offering.

"We are extremely pleased by the success of this offering and the confidence our shareholders have in the long term potential of Excellon. With the strides we have made over the past few months to establish greater control over our metal sales and production and with the closing of this transaction Excellon is well positioned financially to continue to aggressively pursue the full potential of its high grade Platosa property. In particular, this will allow the Company to resume exploration drilling where one of our last drill holes in 2008 intersected 1,064 g/t silver, 14.6% lead and 6.2% zinc over an estimated true thickness of 7.6 metres." Says Peter Crossgrove, Excellon Chairman and Interim CEO.

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 Indicated Mineral Resource on its large Platosa Property, strategically located in the middle of the Mexican silver belt. In calendar 2009, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through an aggressive exploration program. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts a Probable Mineral Reserve, was the site of considerable historic mining for silver, (gold), lead and zinc and more recently was exploited by Silver Eagle during 2008. The exploration potential of Miguel Auza remains to be fully evaluated.


Peter Crossgrove, Chairman

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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