Excellon Resources Inc.

Excellon Resources Inc.

February 28, 2011 11:59 ET

Excellon Provides ZTEM Survey Update

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2011) - Excellon Resources Inc. (TSX:EXN) reports that it has received the first interpreted results of the ZTEM survey carried out at Platosa in the fall of 2010. It is clear that the survey has outlined several previously undetected and untested structural zones or systems of interest. Once these target areas are ground truthed and drill tested they may lead to the discovery of a large-tonnage proximal carbonate replacement deposit (CRD) similar to others in the prolific CRD Belt of Mexico. The discovery of such a deposit, which the Company believes is present on the property, remains the principal goal of its exploration programs. In addition these structural systems may lead to the discovery of new high-grade Ag, Pb, Zn manto sulphides similar to those the Company has been exploiting at Platosa since mid 2005. 

Ground truthing in the form of reconnaissance soil geochemical surveys will begin as soon as a crew is assembled and the Company will mobilize a second drill when specific targets are defined and holes spotted. The remaining ZTEM results are expected the second week of March.

"We are excited and very pleased by what we see in the first portion of the interpreted ZTEM results," said John Sullivan, Excellon's Vice-President of Exploration. "Although our geologists have just begun to assimilate these results we expect to have drill targets generated within a very short period. The survey results will be particularly important in determining the direction of our exploration program on the 17,000 ha (42,000 acres), mostly alluvium-covered concession, acquired in 2010, located south of and contiguous with Platosa. Very little work has been carried out in this area by past owners." 

Qualified Person

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.

Mr. John Sullivan, BSc., PGeo., has acted as the Qualified Person, as defined in National Instrument 43-101, for this disclosure. 

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.

To view the Location Map – Platosa Property, please visit the following link: http://media3.marketwire.com/docs/PlatosaPropertyMap.pdf.

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/CRD belt. Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa where an exploration program, focused on diamond drilling and advanced geophysical techniques is ongoing. 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 an initial exploration program was completed in the fall of 2010.


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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