Excellon Resources Inc.
TSX VENTURE : EXN

Excellon Resources Inc.

March 28, 2006 18:45 ET

Excellon Announces High-Grade Assay Results from Six Sulphide Intercepts in Guadalupe Manto and Additional Intercepts in the Guadalupe South Manto

TORONTO, ONTARIO--(CCNMatthews - March 28, 2006) - Excellon Resources Inc. (TSX VENTURE:EXN) is pleased to announce assay results from the first 9 of the 17 previously reported intercepts in the recently discovered Guadalupe Manto at its 100% owned Platosa Project in Durango, Mexico. Of the nine, six intercepts were of massive and semi-massive sulfides, ranging from 2.4 to 9.4 metres in thickness and ranging from 839 to 4029 g/T (26.9 to 128.8 oz/T) silver; 3.4 to 20.1% lead, and 3.0 to 31.6% zinc (see Tables 1A and 1B). These intercepts outline a coherent sulphide body, at least 50 by 50 metres wide and averaging 5.6 metres thick, that has a thickness-weighted average grade of 1,331 g/T (42.8 oz/T) silver, 20% lead and 14% zinc. This body is flanked on the northeast, southwest and south by sulphide-bearing breccias in the other three holes of up to 10 metres thick, which are typical of the margins of Platosa-style mantos (Holes LP-135, 139, 140). All nine holes reported herein lie on, or to the southeast of the N60E line of drill holes, which includes the Guadalupe Manto discovery hole (LP-132). Results from the eight holes (LP142-LP149) drilled to the northwest of this line are pending (see press release of 03/03/06). Combined sulphide intercepts from all 17 holes indicate that the Guadalupe Manto is a shallow northeastdipping body, 1.8 to 9.4 m thick, at least 60 by 100 metres in plan and it remains open in several directions.

As well, Excellon is pleased to announce that the second surface drill rig has encountered three additional massive sulfide intercepts (Holes LP-158, 160 and 162), 3.8, 1.1 and 4.1 metres thick respectively, 15 metres on either side and to the southeast of the Guadalupe South Manto discovery hole (LP 153). This discovery hole is approximately 100 metres southeast of the Guadalupe Manto. Results for all four holes, and an adjoining breccia-bearing hole (LP-159) are pending. Excellon plans to continue step-out drilling of the Guadalupe and Guadalupe South Mantos on 15-metre centres with this drill and use its first rig for testing both for possible feeders to the Guadalupe Manto at depth, and the structural zone that adjoins the NE-1 Manto. Excellon has also contracted a third surface drill rig that will be dedicated to drilling 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. This rig has arrived and should begin drilling shortly.

"As expected, the grades coming from the Guadalupe Manto are comparable to the high-grade ores we're currently exploiting under our test-mining program and we have high hopes that the results from the eight pending holes will be similar. We have begun planning to expand the test-mining program to encompass the Guadalupe Manto, and we expect to head over to it soon, after we reach the so-far untouched 6 Mantos. The Guadalupe and Guadalupe South Mantos are shaping up so nicely in terms of solidifying our ability to keep the test-mining program going that we've decided to gear up our exploration program more aggressively than we had planned as recently as last month. This stems partly from the grades and thicknesses we're encountering and partly from increasing confidence in our geophysical and biogeochemical targeting techniques. We have a good inventory of initial targets for our third rig, but we're beginning a district-wide biogeochemical sampling program to identify additional target areas and see if we can use it to improve our overall understanding of the system," said Richard Brissenden, Excellon's chairman.

The Platosa exploration program is designed and supervised by Dr. Peter Megaw, Excellon's consulting geologist and exploration manager of its Mexican subsidiary. Assaying is being performed by SGS Laboratories of Don Mills, Ontario with check assaying by ALS Chemex of Vancouver, British Columbia and/or BSI Inspectorate of Reno, Nevada. Roscoe Postle Associates Inc. of Toronto, Ontario, independent geological and mining consultants, has executed the engineering design and supervision of the test-mining program.

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 Ph.D. 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.



TABLE 1A: ASSAY RESULTS FOR HOLES LP132-LP141

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DDH Interval Interval Interval Recovery Ag Ag Pb Zn
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No. From To mts. % g/T oz/T % %
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LP132 139.25 148.64 9.39 70 1516 48.7 16.4 15.2
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LP133 158.93 163.18 4.28 96 2557 82.2 13.9 15.3
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LP133 163.18 169.62 6.44 0 0.0 0.0 0.0
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LP133 169.62 172.06 2.44 58 1127 36.2 20.1 31.6
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LP135 150.69 152.70 2.01 61 318 10.2 1.6 2.6
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LP136 144.94 149.94 5.00 100 839 26.9 4.5 3.0
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LP137 140.45 143.84 3.39 72 2303 74.0 7.4 7.6
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including
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LP137 140.45 142.34 1.9 77 4009 128.8 12.9 13.4
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LP138 126.50 134.35 8.0 70 860 27.6 3.4 11.1
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LP139 113.20 123.20 10.0 84 111 3.6 0.8 0.4
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including
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LP139 115.20 120.20 5.0 78 175 5.6 1.1 0.5
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LP140 129.10 130.10 1.0 100 15 0.5 0.3 0.0
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LP141 130.15 134.79 4.6 89 1331 42.8 12.4 28.6
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Average of DDHs 32, 33, 35,
36, 37, 38, 41 5.6 1331 42.8 20.0 14.1
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Note: Bold indicates intercepts dominated by massive sulphides: see
Table 1B below


TABLE 1B: ORIENTATION DETAILS, DESCRIPTIONS AND ESTIMATED TRUE
INTERCEPT THICKNESSES FOR HOLE LP132-LP141

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Estimated Sulphides
Hole Azimuth Dip From To Interval Width Description
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Massive
sphalerite,
N60 galena and
EXO5LP132 degrees E -75 139.25 148.64 9.39 7.75 pyrite.
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Massive
S60 sphalerite
EXO6LP133 degrees W -60 158.93 162.28 3.35 3 and galena.
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Massive
sphalerite
EXO6LP133 169.62 172.06 2.44 1.5 and galena.
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S60 Patchy (30%)
EX06LP135 degrees W -65 148 151 3 2.6 Sulphides
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S60 Patchy (30%)
EX06LP136 degrees W -60 143.94 148 4.06 3.4 Sulphides
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N60 Patchy (30%)
EX06LP137 degrees E -75 140.45 141.45 1 0.8 Sulphides
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Massive
sphalerite
EX06LP137 141.14 142.34 1.2 0.7 and galena.
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Semi-massive
N60 sphalerite
EX06LP138 degrees E -80 126.5 134.35 8 7.5 and galena.
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Breccia with
less than 5%
EX06LP139 0 -90 113.2 123.2 10 8 sulphides
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Fine grained
galena and
EX06LP140 0 -90 129.1 129.15 0.1 0.1 pyrite.
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Massive
N60 sphalerite
EX06LP141 degrees E -82 130.15 134.79 4.6 4.5 and galena.
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On behalf of
EXCELLON RESOURCES INC.


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 contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's 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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