SOURCE: Excellon Resources Inc.

Excellon Resources Inc.

April 21, 2015 07:00 ET

Excellon Announces First Quarter 2015 Production

TORONTO, ON--(Marketwired - April 21, 2015) - Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce first quarter 2015 production results from the La Platosa Mine in Durango, Mexico.

Q1 2015 Production Highlights (Compared to Q1 2014)

  • Silver equivalent ("AgEq") production of 408,095 oz (Q1 2014 - 589,881 AgEq oz)
  • Silver production of 217,079 oz (Q1 2014 - 365,941 ounces)
  • Lead production of 1.3 million lb (Q1 2014 - 2.3 million lb)
  • Zinc production of 2.2 million lb (Q1 2014 - 2.6 million lb)

"Production is steadily getting back on track at Platosa," stated Brendan Cahill, President and Chief Executive Officer. "We have further development work ahead of us to resume production rates of 200 tonnes-per-day, but our team continues to identify areas where costs can be further reduced or streamlined, which will serve us well going forward. The greatest opportunity at Platosa continues to be the improved water management system we have been developing, which we expect to provide an update on in the near term."

Q1 2015 Production Results

    
  Q1 2015 Q4 2014 Q1 2014
Tonnes Mined 13,920 10,794 19,202
Tonnes Milled 13,828 11,671 18,890
Grades      
Silver (g/t) 533 632 614
Lead (%) 5.37 6.00 6.67
Zinc (%) 8.83 8.28 8.12
Recoveries      
Silver (%) 91.7 93.1 92.7
Lead (%) 79.2 75.7 84.2
Zinc (%) 83.7 79.6 80.8
Metal Production*      
Silver (oz) 217,079 206,343 365,941
Lead (lb) 1,252,796 1,136,853 2,346,766
Zinc (lb) 2,239,313 1,656,332 2,629,682
AgEq (oz)** 408,095 366,272 589,881
*Subject to adjustment following settlement with concentrate purchaser.
 
**Silver equivalent ounces established using average metal prices during the period indicated applied to the recovered metal content of concentrates.
 

Ore production during the first quarter was primarily from the 6A, Guadalupe South and periphery of the 623 mantos. Grades during the quarter were generally in line with estimates for the Platosa mineral resources mined during the period. Mine operations steadily improved from the third and fourth quarters in 2014 as water management was normalized, resulting in drier mining conditions. Development continues to be a priority for the Company and will be focused on the 6A, 623 and Rodilla mantos during the second quarter of 2015.

The Company is currently accessing the periphery of the high-grade 623 Manto, hosting mineral resources of 83,000 tonnes at 1,232 g/t Ag (1,777 g/t AgEq), with this manto expected to reach full production after mid-2015 as the access ramp reaches the main body of that manto.

The Company expects to release first quarter financial results prior to market open on May 14, 2015.

About Excellon

Excellon's 100%-owned and royalty-free La Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products making it historically one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near-term mineable resources.

Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com.

Forward-Looking Statements

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. 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 March 25, 2014 NI 43-101-compliant technical report prepared by 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.

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