Excellon Resources Inc.
TSX : EXN

Excellon Resources Inc.

December 15, 2009 16:05 ET

Excellon Reports 1st Quarter Profit of $967,133

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - Excellon Resources Inc. (TSX:EXN) (the "Company" or "Excellon") reports first quarter earnings of $967,133 for the three months ended October 31, 2009. (For full details, please see the Company's Management Discussion & Analysis and Audited Financial Statements, which were filed on SEDAR, www.sedar.com, on December 15, 2009.)

1st Quarter Highlights:

- The Company reported its second consecutive profitable quarter.

- In Q1 shipped 1,661 dry metric tons ("DMT") of silver-lead concentrate with payable metal of 363,291 ounces silver and 2,102,749 pounds lead; shipped 1,943 DMT of silver-zinc concentrate with payable metal of 30,649 ounces silver and 1,855,730 pounds zinc (on a provisional basis)

- Expanded the exploration drilling program at the Platosa property to four drills with continuing favourable results

- Expanded Mineral Resource as follows:



Tonnes Indicated Inferred
-----------------------------------
Opening February 3, 2008 396,000 72,700
Production (79,000)
Additions 262,000 87,300
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Closing October 31, 2009 579,000 160,000
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-----------------------------------


- Subsequent to the quarter end acquired 100% of additional Platosa land from joint venture partner

"Strong operational and financial performance continued in the 1st quarter ending October 31, 2009." commented Chris Hopkins, Excellon's Chief Financial Officer. "We are very pleased to have continued with another profitable quarter. With good cash flow we ended our 1st quarter with $8.4 million in cash and we remain well positioned to continue to build on our strong foundation for growth and exploration program in the coming months."



Financial Highlights

Three months ended
31-Oct-09 31-Oct-08
----------- -----------
Sales $ 9,829,218 $ 1,020,374
Cost of production (including amortization) 3,503,065 1,772,086
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6,326,153 (751,712)
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Expenses:
Non-cash items 1,142,809 2,079,041
Exploration expenditures 1,511,072 2,158,218
Other 1,819,332 1,265,314
Provision for (recovery of) income taxes
- current 752,581 (131,094)
Provision for (recovery of) income taxes
- future 133,226 (189,493)
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5,359,020 5,181,986
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Net income (loss) for the period $ 967,133 $(5,933,698)
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Earnings (loss) per share - basic $ 0.004 $ (0.037)
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- diluted $ 0.004 $ (0.037)
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Cash provided by (used in) operating activities $ 1,888,260 $(1,183,581)
----------- -----------
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Cash, short-term investments and silver bullion $ 8,448,422 $ 2,364,719
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Working capital surplus (deficiency) $ 7,821,252 $(2,018,907)
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Mining Operations

The following are the shipping statistics for the years ended July 31, 2009
and 2008:



3 months ended
--------------

31-Oct-09 31-Jul-09 30-Apr-09 31-Jan-09 31-Oct-08
--------- --------- --------- --------- ---------

Tonnes of ore
shipped 16,521 18,493 11,376 6,250 7,803
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------

Contained metal
Silver (ozs.) 421,942 672,934 356,076 273,646 269,012
Lead (lbs.) 2,599,211 3,791,618 2,110,464 1,476,337 1,276,733
Zinc (lbs.) 2,600,238 3,220,837 2,660,965 1,269,544 847,726

Average grade:
Silver (oz/t)(1) 28.1 40.1 34.5 43.8 34.5
Silver (g/t) 875.9 1,248.0 1,073.5 1,362.6 1,072.9
Silver (oz/T) 25.5 36.4 31.3 39.7 31.3
Lead (%) 7.1 9.3 8.4 10.7 7.4
Zinc (%) 7.1 7.9 10.6 9.2 4.9

Payable metal:
Silver - (ozs.) 393,940 493,424 244,958 211,255 207,677
Lead - (lbs.) 2,102,749 2,575,693 1,192,823 1,122,017 970,317
Zinc - (lbs.) 1,855,730 2,041,744 1,244,589 857,367 571,800


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 EXCELLON RESOURCES INC.

Peter Crossgrove, Chairman and CEO

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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