Excellon Resources Inc.
TSX : EXN

Excellon Resources Inc.

April 07, 2010 09:39 ET

Excellon Reports Record Q1 2010 Volumes

TORONTO, ONTARIO--(Marketwire - April 7, 2010) - Excellon Resources Inc. (TSX:EXN) announces that the Company achieved record concentrate production and sales volumes for the three months ended March 31, 2010 as follows;

  For the 3 months
  ended March 31, 2010
 
Ore Milled (t) 21,057
Tonnes per operating day 234
 
Head Grades  
  Ag (g/t) 921
  Pb (%) 7.3
  Zn (%) 8.8
 
Payable Metal Sold  
  Silver (oz) 431,580
  Lead (lb) 2,051,175
  Zinc (lb) 2,200,573
 
Realized Prices  
  Silver (US$/oz) 16.31
  Lead (US$/lb) 1.01
  Zinc (US$/lb) 1.03

"Investments in operating efficiency and reliability continue to pay off for the Company as we produced and shipped record levels of concentrate in the quarter and have now operated for over a year without a significant or unplanned production interruption," stated Peter Crossgrove, Excellon's Chairman and CEO. "This operational performance and the resulting cash generation allows Excellon to aggressively pursue its near-term growth objectives through two high-quality exploration plays at Platosa and now Miguel Auza."

Bank balances at the end of the quarter totaled $8.2 million and first-quarter performance and pricing support previous full year guidance for 2010 of $45 million in gross revenue and silver production of at least 1.6 million ounces of silver and 9 million and 7.5 million pounds of lead and zinc respectively.

Excellon is providing these production numbers from its Mexican operation in order to provide stakeholders with a more timely review of recent operational performance. The numbers are preliminary and subject to adjustment.

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 continues to be evaluated and is the object of an exploration program, which began in September. Drilling has begun on the "Madera Veins," six wide northwest- trending epithermal quartz veins similar in character to those in many of the famous Bonanza-grade silver-gold vein camps of the nearby Fresnillo Silver Trend.

On behalf of

EXCELLON RESOURCES INC.

Peter Crossgrove, President and 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 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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