Excellon Resources Inc.

Excellon Resources Inc.

September 08, 2010 12:12 ET

Excellon Announces High-Grade Assays from the NE-1/623 Manto Area 1,032 g/t (30 oz/T) Ag, 7.63% Pb, 17.89% Zn Over 4.05 m in Hole EX10-LP836

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) - Excellon Resources Inc. (TSX:EXN) is pleased to announce assay results for 13 holes from recent Platosa diamond drilling. Seven are from the NE-1 and 623 Manto areas. Hole LP836 drilled between the two mantos on the downthrown side of a major northwest-southeast-trending fault intersected 4.05 metres (m) of massive sulphides grading 1,032 g/t (30 oz/T) Ag, 7.63% Pb, 17.89% Zn. Hole LP832 in the same area intersected 6.32 m grading 618 g/t (18 oz/T) Ag, 22.32% Pb, 0.67% Zn. These holes are particularly significant in that previous holes in the area intersected mainly lower-grade breccias sulphides. This area remains open to the east.

The other six holes are from drilling designed to continue tracing and infilling the extension of the 6A/6B Manto (see press release dated August 3, 2010). Hole LP830 intersected 3.70 m of high-grade massive sulphides assaying 931 g/t (27 oz/T) Ag, 9.36% Pb, 6.54% Zn. Hole LP824 in the same area intersected 1,180 g/t (34 oz/T) Ag, 18.30% Pb, 21.10% Zn over 1.37 m. The other holes cut between 0.19 and 5.43 m of high-grade massive and semi-massive sulphides. This mineralization remains open to the northwest and is readily accessible from the existing mine infrastructure. Drilling has now extended the known massive sulphides in the 6A/6B Manto area over 130 m northwest from the closest block included in the NI 43-101 Mineral Resource estimate dated October 31, 2009.

The results from these 13 holes provide continued evidence of the discovery potential for important additional high- grade distal carbonate replacement deposit (CRD) resources in the immediate Platosa Mine area.

Elsewhere at Platosa, the Company has received the initial results from the 3D Induced Polarization (3D IP) survey completed over a large grid in the mine area in June 2010. While the results have not yet been analyzed in detail, it is already clear that anomalies, which may represent sulphide occurrences, have been outlined. Company geologists and our geophysical consultant are continuing the 3D IP data analysis and are also continuing the study of the anomalous mineralization intersected in Hole LP763, drilled in the Rincon del Caido area 1.2 km NW of the NW corner of the Guadalupe Manto (press release dated August 3, 2010). Anomalous gold, silver, copper, bismuth and antimony were intersected over 3.3 m within a much wider marble unit surrounding a felsic intrusive dyke. Portions of the unit around the dyke are skarnified and also mineralized. This combination suggests proximity to a large skarn/intrusive system and is another indication that we may be near a large-tonnage proximal source of the high- grade manto sulphides. Additional drilling is planned for this area. Our airborne electromagnetic survey contractor has been delayed and we now expect to begin the survey in the early fall.

"We are very encouraged to cut such significant massive sulphide intersections in the NE-1/623 Manto area and we plan to resume drilling there after we test the new 3D IP anomalies, which look very promising," said John Sullivan, Excellon's Vice-President of Exploration. "We are also pleased to continue extending the known high-grade sulphides of the 6A/6B Manto so close to the underground infrastructure of the Guadalupe Manto. Our plan is to continue adding to near-mine mineralization while testing the various recently developed targets for both additional manto sulphides and a large-tonnage proximal deposit."

Assays for the 13 Platosa holes reported are shown in the table below and on the accompanying drill hole location map. All intervals are estimated true thicknesses. In addition to these 13 holes there have been another 18 holes drilled at Platosa since the exploration press release dated August 3, 2010. Two of the 18 were abandoned due to technical difficulties and while none of the others intersected significant sulphides, the geological information obtained from them is extremely useful in guiding our exploration program.

Excellon's drill core samples are prepared and assayed by SGS Minerals Services (SGS) in Durango, Mexico. The lab is accredited to ISO/IEC 17025. The Company has a comprehensive QAQC program, supervised by an independent Qualified Person, in place.

Qualified Persons

The Company's exploration programs are supervised by John Sullivan, Excellon's Vice-President of exploration, in consultation with Dr. Peter Megaw of IMDEX Inc.

Dr. Peter Megaw, PhD, CPG, and Mr. John Sullivan, BSc., PGeo., have acted as the Qualified Persons, as defined in National Instrument 43-101, for this disclosure.

Dr. Megaw has a PhD in geology and more than 30 years of relevant experience focused on exploring silver and gold systems 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 is a shareholder.

Mr. Sullivan is an economic geologist with over 35 years of experience in the mineral industry. Prior to joining Excellon in 2007 he was a senior geologist at a Toronto-based international geological and mining engineering consulting firm where he evaluated properties and prepared NI 43-101 reports on gold and base metal projects in Canada and internationally. In addition he has held senior positions with two large Canadian mining companies where he directed major exploration programs, managed field offices, and evaluated projects in Canada, Europe, Africa and Latin America. Mr. Sullivan is not independent of Excellon as he is an officer and holds common share purchase options.

Table: Platosa Sulphide Intersections and Assay Results

Location DDH No.   Interval from (metres)     Interval to (metres)     Interval width (metres) Estimated true thickness     Silver (g/t)     Silver (oz/T)   Lead (%)   Zinc (%)
NE-1/623 Manto (SE) LP832   328.96     335.28     6.32     618     18.0   22.32   0.67
  LP836   335.08     339.13     4.05     1,032     30.1   7.63   17.89
NE-1/623 Manto (E) LP812   297.95     303.55     5.60     168     4.9   5.70   0.51
  Incl.   298.90     301.75     2.85     269     7.8   9.78   0.67
  LP822   296.20     299.25     3.05     396     11.5   7.22   2.28
  Incl.   296.20     298.45     2.25     525     15.3   9.52   2.61
  LP833   289.00     290.40     1.40     163     4.8   10.82   3.51
  Incl.   289.65     290.40     0.75     275     8.0   19.60   3.50
NE-1/623 Manto (SW) LP826A   217.20     218.82     1.62     63     1.8   1.29   7.48
  LP834   210.01     213.31     3.30     359     10.5   3.89   15.03
  Incl.   210.01     212.49     2.48     467     13.6   4.91   17.29
6A/6B Mantos LP818   138.76     144.19     5.43     202     5.9   4.25   5.62
  LP820   144.66     145.45     0.79     156     4.5   2.00   2.18
  LP821   140.35     143.47     3.12     359     10.5   5.23   8.41
  LP824   141.74     143.11     1.37     1,180     34.4   18.30   21.10
  LP830   142.60     146.30     3.70     931     27.2   9.36   6.54
  LP837   139.60     139.79     0.19     667     19.5   15.30   2.28

To view Map 1: Location Map – Platosa and Miguel Auza Properties, please visit the following link:


To view Map 2: Platosa Mantos and Recent Drill Hole Locations, please visit the following link:


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$12 million exploration program where five diamond drills have been 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 remains to be fully evaluated and is the object of an ongoing exploration program, which began in the fall of 2009. A one-drill initial target-testing program was completed in June.

On behalf of


Peter Crossgrove, Chairman & 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, 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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