Excellon Resources Inc.

Excellon Resources Inc.

May 31, 2006 09:29 ET

Excellon Resources Inc.: Guadalupe South Manto Assays Confirm High Grade Mineralization

TORONTO, ONTARIO--(CCNMatthews - May 31, 2006) - Excellon Resources Inc. (TSX VENTURE:EXN) is pleased to announce that assays results from intersections in 18 drill holes reported May 18, 2006 confirm high grade mineralization in the Guadalupe South Manto (see Table: Assay Results for Holes LP153 to LP195). The intersections-all massive sulphide or sulphide bearing breccias with an estimated true thickness ranging from 0.4 to 9.6 metres-assayed 79 to 3,133 g/T (3 to 101 oz/T) silver, 0.5 to 18% lead, and 0.3 to 25% zinc. Five of these intersections include massive sulphide bands ranging from 0.8 to 2 metres thick with silver grades ranging from 3,409 to 6,160 g/T (110 to 198 oz/T).

These assay results apply to continuous sulphide mineralization, at least 100 by 60 metres in plan and averaging 2.8 metres thick, which has a thickness-weighted average grade of 1,204 g/T (38.7 oz/T) silver, 7.8% lead, and 10% zinc. Assay results for seven additional holes announced on May 18, 2006 are still pending. These seven holes, together with massive sulphide intervals ranging from 0.4 to 5.5 metres intersected in six holes drilled since that time, add a minimum of 75 metres to the length and 30 metres to the width of the sulphide body for an estimated total area of at least 175 by 90 metres. The Guadalupe South Manto is approximately 75 metres south of the Guadalupe Manto (see Map: Known Mantos), which has a thickness-weighted average grade of 1,066 g/T (34.3 oz/T) silver, 8.9% lead, and 10.6% zinc. Both mantos are approximately 130 metres below surface.

"We are very excited about the Guadalupe South Manto, as the assay results show that several holes have greater thicknesses of mineralization than we initially recognized. This manto is rapidly becoming larger in plan than the Guadalupe Manto, but since both mantos are at approximately the same depth and have similar grades, we suspect they may be connected. We hope further surface drilling and underground development will prove this theory," said Richard Brissenden, Excellon's chairman. "Our exploration goal during the last five months has been to add to our identified resource. We are confident the updated NI 43-101 resource report-due in late June-will live up to these expectations."

Excellon continues to drill with three surface rigs at its Platosa Property in Durango State, Mexico. Two drills are devoted to step-out holes on the Guadalupe and Guadalupe South mantos and tracing the NE-1 manto. The third drill has begun drilling holes along the projected trends of the mineralization and their intersections with the structural trends that host mantos found elsewhere on the property. The results of this drilling will be followed into district-scale targets on the Joint Venture property held with Apex Silver Mines Limited and on the Saltierra Property optioned from Exploraciones del Altiplano, S.A. de C.V. Excellon is refining several of the district scale targets using results from a combined biogeochemical and soil-sampling program.

Dr. Peter Megaw, Excellon's consulting geologist and the exploration manager of its Mexican subsidiary, designs and supervises the Platosa exploration program. SGS Laboratories of Don Mills, Ontario performs the assaying, while ALS Chemex of Vancouver, British Columbia and/or BSI Inspectorate of Reno, Nevada run the check assays. Roscoe Postle Associates Inc. ("RPA"), of Toronto, Ontario, independent geological and mining consultants, executed the engineering design, and is the ongoing technical advisor for the test-mining program. RPA is also updating Excellon's NI 43-101 report.

Qualified Person and Quality Assurance and Control

Dr. Peter Megaw, PhD, CPG, has acted as the Qualified Person, as defined in NI 43-101, for this disclosure and supervised the preparation of the technical information on which this 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.

For a table outlining the Assay Results for Holes LP153 to LP195, and for a map of the Known Mantos, please click on the link below:


On behalf of


Richard W. Brissenden, A. Douglas MacKenzie
Chairman and Chief Executive Officer Vice 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 future anticipated exploration program results, 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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