Excellon Resources Inc.
TSX : EXN

Excellon Resources Inc.

May 12, 2009 16:51 ET

Excellon Announces Start of Concentrate Shipments

TORONTO, ONTARIO--(Marketwire - May 12, 2009) - Excellon Resources Inc. (TSX:EXN) is pleased to announce that it has begun to ship Lead/Silver concentrate and Zinc/Silver concentrate to Ocean Partners (USA), Inc. (Ocean Partners). As previously announced Excellon has entered into an interim offtake agreement to sell its concentrates to Ocean Partners. Ocean Partners, headquartered in Wilton, Connecticut, is a trader of base metal concentrates and provides financial services to the mining industry. First payments to Excellon, scheduled for mid-May, will be based on provisional assays of 61.5% Pb, 8413 g/t (245 oz/T) Ag for 933 tonnes of Lead/Silver concentrate and 54.0% Zn, 699 g/t (20 oz/T) Ag for 1254 tonnes of Zinc/Silver concentrate.

Under the terms of Excellon's previously announced agreement with Silver Eagle Mines Limited (TSX:SEG) (Silver Eagle), Excellon began processing ore from its Platosa mine at Silver Eagle's Miguel Auza mill in late-March.

"We are very pleased to have started our concentrate shipments. Payable silver recoveries from the Miguel Auza mill are significantly better than those that we were being credited with under the terms of our previous ore sales agreement and we expect lead and zinc recoveries to behave in the same manner once the mill circuit is fully optimized," says Peter Crossgrove, Excellon's Chairman and acting CEO. "We are finally at the stage where we control our own production and milling and are not limited by outside factors."

About Excellon

Excellon, a mineral resource company operating in Durango State, Mexico, is committed to building value through production, expansion and discovery. Excellon is producing silver, lead and zinc from high-grade manto deposits on its Platosa Property, strategically located in the middle of the Mexican silver belt. Excellon is currently shipping its ore to Silver Eagle's Miguel Auza mill. Excellon has agreed to acquire all of the outstanding shares of Silver Eagle. The agreement is subject to approval by Silver Eagle shareholders at a shareholders' meeting scheduled for May 28, 2009. In calendar 2009, Excellon's focus is on expanding its operating capacity and increasing its mineral resources through an aggressive exploration program. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system.

On behalf of EXCELLON RESOURCES INC.

Peter A. Crossgrove, 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 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 April 14, 2008 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.

Contact Information