Excellon Resources Inc.
TSX : EXN

Excellon Resources Inc.

May 14, 2008 16:30 ET

Excellon Closes $10 Million Equity Financing

TORONTO, ONTARIO--(Marketwire - May 14, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Excellon Resources Inc. (TSX:EXN) is pleased to announce that it has closed its previously announced private placement of 7,700,000 common shares at a price of $1.30 per share for gross proceeds of $10,010,000 (the "Offering").

Maison Placements Canada Inc. (the "Agent") led the Offering. Excellon has paid the Agent a commission of 5.0% of the gross proceeds of the Offering and has issued to the Agent compensation options (the "Compensation Options") equal to 10.0% of the number of common shares sold under the Offering. Each Compensation Option is exercisable at any time for one common share at $1.35 per share until May 14, 2010.

The proceeds of the Offering will be used to fund on-going exploration and development and for general working capital purposes.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

"With this closing, the Company's financial position is secured well into the future," said Peter A. Crossgrove, Excellon's chairman. "Our focus in the near future remains clear: building the mill and pursuing an aggressive exploration program. Realizing these goals will increase our production and expand the known limits of our mineralization, both of which will grow Excellon and add value for our shareholders."

About Excellon

Excellon, a self-sustaining mineral resource company operating in Durango State, Mexico, is committed to building value through production, expansion and discovery. The Company 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. In fiscal 2008, Excellon's focus is on increasing its Mineral Resources through an aggressive $11 million exploration program, and expanding its operating capacity with the building of a mill at site. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system, the tracking of which Excellon believes will lead to the discovery of a world class deposit.

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 September 29, 2006 and June 1, 2007 43-101 technical reports prepared by Scott Wilson Roscoe Postle & Associates 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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