Excellon Resources Inc.

Excellon Resources Inc.

January 22, 2007 08:01 ET

Excellon Receives High Grade Results That Expand Guadalupe Manto and Indicate New Manto Discovery at Platosa, and Appoints John Sullivan as Vice President-Exploration

TORONTO, ONTARIO--(CCNMatthews - Jan. 22, 2007) - Excellon Resources Inc. (TSX VENTURE:EXN) is pleased to announce high grade assay results from 13 diamond drill holes containing massive sulphide and sulphide-rich breccia intersections on its 100% owned Platosa Property in Durango State, Mexico.

Eleven of the holes are from the Guadalupe Manto, the largest massive sulphide body discovered to date on the property, and the results confirm visual assessments of the intersections reported on October 16, 2006. Silver grades in the eleven holes range between 139 and 1331 g/tonne ("t") (4.5 and 43 oz/t); lead grades range between 2 and 21.4%; and zinc grades range between 0.65 and 19.4% over widths ranging from 0.50 to 7.00 metres (see table). Combining these intersections with previously reported holes extends the high-grade massive sulphide mineralization in the Guadalupe Manto at least 150 metres to the northwest past the limits defined in Excellon's National Instrument ("NI") 43-101-compliant Mineral Resource Estimate prepared by Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA") of Toronto, Ontario, independent geological and mining consultants, and reported on August 17, 2006. The Guadalupe Manto remains open in several directions.

Of the two other holes, LP-325 was drilled in previously untested ground 75 metres northeast of the Guadalupe Manto and cut 5.74 metres of massive sulphides grading 586 g/t (18.8 oz/t) silver with 6% lead and 10% zinc. This appears to be an entirely new manto, tentatively named the "Rodillo Manto." The remaining hole, LP-322, combines with earlier holes to add significant mineralization to a northerly extension of the previously mined N-1 Manto and may link it with the Guadalupe Manto (see map).

The eleven holes reported here from the northwest extension of the Guadalupe Manto, combined with holes LP-301, LP-302, and LP-304 (all reported on October 16, 2006), define consistent massive sulphide and sulphide breccia mineralization lying outside the northwestern limits of the Guadalupe Manto as outlined in the NI 43-101 Mineral Resource Estimate. The limits of this portion of the manto have not been reached, but the combined results show that it is over 150 metres long and widens irregularly from 50 to over 75 metres wide towards the northwest. Individual intersections in the central portion of the manto range up to 7 metres in thickness, but several holes have parallel stacked mantos giving aggregate massive sulphide thicknesses of over 12 metres. No drilling has been done yet to trace this body farther to the northeast, north or northwest.

"We are very pleased to have firmed up this major addition to the Guadalupe Manto and are very optimistic that exploration will continue to expand it to the north and northwest. We now have enough mineralization within reach of our test-mining infrastructure to evaluate construction of a mill. In preparation we have begun the permitting and planning process," said Richard Brissenden, Excellon's chairman and chief executive officer. "We are equally excited by the discovery of what looks like another manto to the northeast of the Guadalupe. Experience has shown us that getting the first hole into a manto is always the toughest, so we look forward to expanding the Rodillo Manto when we bring the rigs back to the mine area."

Drilling has resumed on regional targets away from the immediate vicinity of the Platosa Mine. This drilling is testing preliminary geological, geochemical, and geophysical targets developed near old mines and prospects within the Sierra Bermejillo range where the Platosa Mine is located. The range will be flown in early February with an airborne electromagnetic and magnetic survey, which is expected to aid target selection greatly. An exploration update announcement will be made in the near future.

To view the "Table: Assay Results", please click the link below:


To view the "Mantos and Drillhole Locations" map, please click the link below:


Excellon appoints John Sullivan as Vice President - Exploration

Excellon is also pleased to announce that it has appointed Mr. John Sullivan, BSc., PGeo., as Vice-President, Exploration, effective January 1, 2007.

Mr. Sullivan, a graduate of Queen's University at Kingston, is an economic geologist with over 35 years of experience in the mineral industry. Most recently a senior geologist with Watts, Griffis and McOuat Limited ("WGM"), a Toronto-based international geological and mining engineering consulting firm, he has evaluated properties and prepared National Instrument 43-101 reports on gold and base metal projects in Canada and internationally. Prior to joining WGM, Mr. Sullivan worked at Noranda Inc. (now Xstrata) for 18 years. His final posting was as the Director of the El Morro project in Chile, where he was responsible for all aspects of the exploration and mineral resource estimation on the Copper-Gold porphyry deposit that is presently the subject of a feasibility study. He held senior exploration positions in Canada, where he managed several field offices, leading teams that discovered several small base metal deposits, and spent five years offshore where he directed property evaluation activities and advanced field programs in Europe and Chile. Earlier in his career he served as senior mine geologist in northern Manitoba.

"The appointment of Mr. Sullivan marks the beginning of a new stage in the Company's growth," said Richard W. Brissenden, Excellon's chairman and chief executive officer. "His vast experience at managing exploration programs on advanced stage projects will be a tremendous asset to the development of Excellon's Platosa Property, and we believe he and Dr. Peter Megaw, Excellon consulting geologist, will make a great team. Further, his international experience and ability to evaluate properties will help Excellon as it begins to consider other exploration opportunities."

"I look forward to working with a professional of John's calibre," said Dr. Peter Megaw, who will continue to act as a consulting geologist for Excellon.

Qualified Persons, Quality Assurance and Quality Control

Dr. Peter Megaw, PhD, CPG has acted as the Qualified Person, as defined in NI 43-101, for the exploration data and supervised the preparation of the technical exploration information on which this news release is based. Dr. Megaw has a PhD in geology and more than 20 years of relevant experience focused on silver and gold mineralization, and exploration and drilling in Mexico. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent of Excellon as he and his company are shareholders.

The Platosa exploration program is designed and supervised by Dr. Peter Megaw, senior consulting geologist to Excellon and its Mexican subsidiary. Drill core samples are prepared by SGS Laboratories ("SGS") in Durango, Mexico and are assayed by SGS Canada Inc., Mineral Services at its ISO 9001:2000 accredited laboratory in Toronto, Ontario. Check assaying is carried out by ALS Chemex of Vancouver, British Columbia. ALS Chemex has attained ISO 9001:2000 and ISO/IEC Standard 17025 accreditation. Scott Wilson RPA executed the engineering design and is ongoing technical advisor of the test-mining program.

About Excellon

Excellon Resources Inc., an emerging silver producer, is test-mining and exploring its Platosa/Saltierra Properties in Durango State, Mexico. The Company continues to build a significant treasury, and will remain self-financed as it expands production and explores to extend the definition of Platosa's high grade resources. Excellon has 145,238,657 shares outstanding, and trades on the TSX Venture Exchange under the symbol EXN.

On behalf of


Richard W. Brissenden, Chairman and Chief Executive Officer

Forward-looking statements: 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 future anticipated exploration program results, the proposed construction of a mill facility, the discovery and delineation of mineral deposits/resources/reserves, 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, the Company's ability 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.

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 TSX Venture 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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