Excellon Resources Inc.

Excellon Resources Inc.

February 24, 2010 16:31 ET

Excellon Announces Continued Drilling Success at Platosa

1,275 g/t (37 oz/T) Ag, 8.84% Pb, 8.31% Zn over 3.16 m in hole EX10-LP736

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2010) - Excellon Resources Inc. (TSX:EXN) is pleased to announce assay results for five additional holes at its Platosa Property. Hole LP736 was one of two holes that intersected significant massive sulphide values as the Company resumed exploration of the NE-1/623 area where Company geologists believe a feeder zone for the mantos may be present. Of the other three holes one was within the 623 Manto and two were off the southeast corner of the 623 and Guadalupe South mantos respectively.

Hole LP736 intersected 1,275 g/t (37 oz/T) Ag, 8.84% Pb, 8.31% Zn over 3.16 metres (m) within a wider sulphide zone running 808 g/t (24 oz/T) Ag, 6.00% Pb, 6.44% Zn over 5.22 m. LP732 in the same area also intersected significant values. These holes are on the downthrown side of an important NW-SW-trending fault and the intersections are almost 100 m below the high-grade massive sulphide mineralization in the northeastern portion of the 623 Manto. They provide continued evidence that we may be in the vicinity of a large-tonnage proximal carbonate replacement deposit (CRD), which fed the high-grade mantos being mined by the Company.

Hole LP727 cut 940 g/t (27 oz/T) Ag, 10.56% Pb, 17.57% Zn over 4.03 m and confirms the continuity of the 623 Manto mineralization.

"The discovery of high-grade massive sulphides and further indications of a possible feeder zone is most encouraging and validates our approach of placing heavy emphasis on geological interpretation and concentrating our exploration efforts and drilling in areas with evidence of potential economic mineralization. Our exploration team has demonstrated a consistent ability to add to Excellon's resource but these new results are particularly exciting as we pursue our long-term exploration goal of discovering the proximal source and feeder system for the manto mineralization. While continuing drilling in this area we are also testing a series of targets in the general mine area with two other rigs. A fourth drill is testing geophysical and geologic targets five kilometers to the west in the la Zorra area where we also see the potential for a large-tonnage proximal CRD deposit," said John Sullivan, Excellon's Vice-President Exploration.

Assays for the five holes reported are shown in the table below and on the accompanying map. All intervals are estimated true thicknesses. There have been 31 additional holes drilled in 2010. Twenty-six did not intersect significant sulphides, four (of which three were at la Zorra) were abandoned due to technical difficulties and one additional la Zorra hole intersected 10s of metres of hornfels containing from 2% to 7% disseminated pyrite. Assays are pending for some of these holes.

In addition to these assay results the Company announces that in late January it filed an NI 43-101-compliant technical report prepared by Scott Wilson Roscoe Postle Associates Inc. of Toronto in support of the new Mineral Resource estimate for Platosa. This estimate, prepared as of October 31, 2009 saw the Indicated Mineral Resource tonnage increase by 46% with Ag, Pb and Zn grades similar to those of the previous estimate, prepared as of February 3, 2008. Taking into account mine production between the two estimates the Indicated Resource increased by 66%. The Inferred Mineral Resource tonnage increased by 120%. The Ag grade was similar to that of 2008 while the Pb and Zn grades were somewhat lower.

Excellon will have a significant presence at the PDAC Convention in early March. You are invited to visit with Excellon representatives at Booth 2107 in the Investors Exchange from Sunday March 7th through Wednesday March 10th and for the first time the Company have a display at the popular Core Shack on the Sunday and Monday where you will be able to meet with our senior geological staff from Mexico. In addition, the company will be presenting at the Exchange Forum on Tuesday March 9th at 3:00pm in Room 802AB located on Level 800 in the Metro Convention Centre, South Building.

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 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. The Company has a comprehensive QAQC program, supervised by an independent Qualified Person, in place.

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. In addition he has held senior positions with two large Canadian mining companies where he directed major exploration programs, managed field offices, and evaluated projects in Canada, Europe, Africa and Latin America. 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
NE-1/623 Mantos LP732 326.84 331.58 4.74 489 14.3 9.35 10.79
  Incl. 328.98 331.58 2.60 851 24.8 16.24 13.37
  LP736 328.80 334.02 5.22 808 23.6 6.00 6.44
  Incl. 330.86 334.02 3.16 1,275 37.2 8.84 8.31
623 Manto LP711 183.20 183.79 0.59 775 22.6 4.68 9.83
  LP722 170.52 171.17 0.65 2,540 74.1 17.50 3.29
  LP727 214.78 218.81 4.03 940 27.4 10.56 17.57

To view Map 1: Location Map, please click on the following link: http://media3.marketwire.com/docs/0224exn1.jpg

La Platosa consists of over 24,000 hectares (59,000 Acres)

To view Map 2: Mantos and Recent Drill Hole Locations, please click on the following link: http://media3.marketwire.com/docs/0224exn2.jpg

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 fully evaluated and is the object of an ongoing exploration program, which began in the fall of 2009.

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, 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 January 15, 2010 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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