Excellon Resources Inc.
TSX VENTURE : EXN

Excellon Resources Inc.

April 23, 2008 09:00 ET

Excellon Reports High-Grade Assays and Additional Sulphide Intersections

TORONTO, ONTARIO--(Marketwire - April 23, 2008) - Excellon Resources Inc. (TSX:EXN) announces massive and semi-massive sulphide, and sulphide breccia assays for six holes in the Platosa Test-mine area, as well as 16 new important sulphide intercepts, ranging from 0.30 to 3.05 metres (m) estimated true thickness, made in ongoing drilling of the Rodilla, NE-1 and Guadalupe mantos. These intersections post-date the recently updated Platosa Mineral Resource estimate dated February 3, 2008 that was announced March 3, 2008, and provide additional support to the mill construction decision announced last week.

The Company first announced five of the six holes on February 21, 2008 (see table below). Holes LP442 and LP445, between the Guadalupe and Rodilla mantos, and LP447 from the NE-1 Manto are massive sulphide intercepts 4.17 and 5.23 m in estimated true thickness and carry 443 and 542 g/t (12.9 and 15.8 oz/T) silver; 6.1 and 10.9% lead; and 9.8 and 15.1% zinc. Holes LP444 from the NE-1 Manto and LP446 and LP449 between the Rodilla and NE-1 mantos intersected lower grade sulphide breccia, reflecting higher carbonate wallrock content.

Assays for the 16 new holes and several other holes reported on February 21, 2008, are pending. The independent National Instrument 43-101 technical report, prepared by Scott Wilson Roscoe Postle Associates Inc., supporting the updated Mineral Resource estimate is available on SEDAR, www.sedar.com.

The intersections at the Rodilla Manto have expanded its northwestern and northeastern margins and the manto limits now appear to be largely defined. The intersections have also expanded the bridge between the Rodilla and Guadalupe mantos. The NE-1 Manto has been expanded to an irregularly shaped body approximately 40 m north-south by 30 m east-west and remains open in several directions. The intersections on the northwest corner of the Guadalupe Manto increase the Company's confidence in the Inferred Mineral Resource estimate in this area and indicate that sulphide mineralization may continue to the northwest. A large area south of the NE-1 and east of the Rodilla mantos remains to be tested for additional manto-type sulphide mineralization. Three drills remain active in the test-mine area and a fourth continues with the regional exploration program at Saltillera, approximately five kilometres to the west.

Twenty-nine additional holes, shown but not numbered on the map, drilled in the immediate test-mine area since early 2008 have encountered the favourable fragmental limestone unit, but did not intersect significant sulphides.

"We are pleased with these assay results and the outlining of additional sulphide mineralization since completing our updated Mineral Resource estimate," said Peter A. Crossgrove, Excellon's chairman. "The new intercepts continue to validate our ongoing strategy of aggressive follow-up drilling of all sulphide intercepts near the test-mine, while continuing to test other areas of our large property where geological, geochemical and geophysical data suggest that additional sulphide mineralization, including the large-tonnage, intrusion-related proximal style found elsewhere in the Mexican CRD belt, remains to be discovered at Platosa."



Table: Assay Results, Sulphide Intersections and Assays Pending

----------------------------------------------------------------------------
Sul-
Interval Interval Interval phide
DDH from to width Silver Silver Lead Zinc Descri-
Location No. (metres) (metres) (metres) (g/t) (oz/T) (%) (%) ption
----------------------------------------------------------------------------
Rodilla/
Guadalupe LP442 128.10 132.27 4.17 443 12.9 6.1 9.8 massive
----------------------------------------------------------------------------
Rodilla semi-
Manto LP445 132.98 133.60 0.62 227 6.6 1.6 4.0 massive
----------------------------------------------------------------------------
semi-
LP449 171.23 171.90 0.67 916 26.7 6.8 3.5 massive
----------------------------------------------------------------------------
Rodilla/
NE-1 LP446 155.31 159.71 4.40 425 12.4 4.2 1.3 breccia
----------------------------------------------------------------------------
NE-1 Manto LP444 220.31 220.64 0.33 236 6.9 2.8 1.8 breccia
----------------------------------------------------------------------------
NE-1 Manto LP447 220.06 225.29 5.23 542 15.8 10.9 15.1 massive
----------------------------------------------------------------------------
Rodilla Assays
Manto LP467 134.43 134.84 0.41 Pending massive
----------------------------------------------------------------------------
semi-
Assays massive
LP469 138.39 139.34 0.95 Pending breccia
----------------------------------------------------------------------------
semi-
massive
with
short
Assays barren
LP469 144.26 149.75 5.49 Pending patches
----------------------------------------------------------------------------
Assays semi-
LP477 134.35 135.65 1.30 Pending massive
----------------------------------------------------------------------------
Assays
LP485 151.12 152.20 1.08 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP491 150.24 152.41 1.57 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP493 155.36 157.22 1.86 Pending massive
----------------------------------------------------------------------------
massive
Assays to semi-
LP496 144.33 145.16 0.83 Pending mass.
----------------------------------------------------------------------------
Assays semi-
NE-1 Manto LP463 220.80 223.05 2.25 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP466 223.40 224.40 1.00 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP468 203.30 204.65 1.35 Pending massive
----------------------------------------------------------------------------
Assays
LP468 206.35 209.40 3.05 Pending massive
----------------------------------------------------------------------------
massive
Assays sulphide
LP484 213.34 213.95 0.61 Pending sand
----------------------------------------------------------------------------
Guadalupe Assays
Manto LP486 139.71 142.62 2.91 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP487 144.18 144.73 0.55 Pending massive
----------------------------------------------------------------------------
Assays
LP492 147.35 148.16 0.81 Pending massive
----------------------------------------------------------------------------
Assays
LP494 139.96 140.26 0.30 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP497 121.92 122.87 0.95 Pending massive
----------------------------------------------------------------------------
Assays semi-
LP497 138.21 138.75 0.55 Pending massive
----------------------------------------------------------------------------


To view "Map 1: Location Map", please visit the following link: http://media3.marketwire.com/docs/exn423a.pdf

To view "Map 2: Mantos and Recent Drill Hole Locations", please visit the following link: http://media3.marketwire.com/docs/exn423b.pdf

The Platosa exploration program is supervised by John R. Sullivan, Excellon's vice-president of exploration. Drill core samples are prepared by SGS Minerals Services (SGS) in Durango, Mexico, with silver and gold and in certain cases base metals, assayed in Durango. Sample pulps are sent to SGS in Canada and further assaying is carried out at its ISO/IEC 17025 accredited laboratory in Toronto, Ontario.

Qualified Persons

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 and have supervised the preparation of the technical information on which this press release is based.

Dr. Megaw has a PhD in geology and more than 25 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. Most recently a senior geologist at a Toronto-based international geological and mining engineering consulting firm, he has evaluated properties and prepared National Instrument 43-101 reports on gold and base metal projects in Canada and internationally. Mr. Sullivan is not independent of Excellon as he is an officer and holds common share purchase options.

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 future anticipated exploration program timing, content, cost and results, the discovery and delineation of mineral deposits/resources/reserves at the Company's Platosa property, 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 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.

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 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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