Excellon Resources Inc.
TSX VENTURE : EXN

Excellon Resources Inc.

August 21, 2007 08:01 ET

Excellon's Regional Exploration Program Yields Geologically Significant Results

TORONTO, ONTARIO--(Marketwire - Aug. 21, 2007) - Excellon Resources Inc. (TSX VENTURE:EXN) announces that its geophysically driven diamond drilling program designed to locate mineralization associated with intrusive bodies has succeeded in discovering geologically significant mineralization and alteration roughly 5 kilometres west of its Platosa test-mine in northeastern Durango State, Mexico. The discovery lies in a previously undrilled overburden covered area lying along the strong northwest-trending structural corridor that contains the historic Zorra and Saltillera mines. Hole EX07ST-50 cut 85 metres (estimated true thickness) of variably sulphide-mineralized proximal or near-source hornfels and skarn developed around two swarms of fine-grained felsite dykes. Galena, sphalerite and chalcopyrite are locally visible in the core with the most strongly mineralized section (1.1 metres wide) grading 129 g/t (3.8 oz/T) silver; 2.12% lead and 0.92% zinc. A 1.33 metre section carrying 2.72 g/t gold (see table) occurs about 40 metres above the silver-lead-zinc zone and reflects a separate gold-telluride veining stage.

The two most continuously mineralized portions of the 85-metre intercept in EX07ST-50 average:

19.3 g/t silver, 0.31% lead and 0.32% zinc over 8.01 metres (core width) from 397.47 to 405.48 metres; and

41.2 g/t silver, 0.64% lead and 0.44% zinc over 16.25 metres (core width) from 409.92 to 426.17 metres.

Please see table for assays of core samples taken from this portion of Hole EX07ST-50.

The intercept in EX07ST-50 is the first significant mineralization to be found in a series of holes designed to test specific zones around a large and complex magnetic anomaly revealed in an airborne electromagnetic (AEM) survey flown in early 2007. Previous drill holes in the program have progressively outlined what is emerging as an extensive multi-phase intrusive system with numerous dyke offshoots, and this progression led to the siting of Hole EX07ST-50. Overall, the intrusive system shows numerous features similar to those associated with the largest lead-zinc-silver-copper-gold Carbonate Replacement Deposits (CRDs) of Mexico. Drilling seeking larger-scale, more pervasive, mineralization in this area is underway with two rigs.

The current program in the western portion of the Company's large (over 17,000 hectares) Platosa property began in late 2006 and, to date, includes 41 holes totalling 17,007 metres in the Saltillera, Zorra, Refugio, Cerro Blanco and Dios da Bondad areas. Drilling has focussed on determining the nature of intrusive rocks underlying a barbell-shaped 5 kilometre long northwest-elongate airborne magnetic anomaly. This anomaly has a pronounced 1.5 kilometre diameter high at each end and pronounced linear offshoots extending from these highs. Drilling has shown the highs reflect underlying coarse-grained, magnetite-bearing, monzonite to quartz monzonite bodies flanked by quartz-rich granites and crowded granite porphyries. Many of these intercepts show features indicating the magmas were volatile-rich, including fluorite-rich pegmatites and intra-magmatic diapirs. These bodies are flanked by widespread marble and hornfels with more local garnet-pyroxene skarn which is, in turn, locally sulphide-bearing. Rarer quartz-eye rhyolite, fine-grained felsite (aplite) and late lamprophyre dykes have also been cut. A cross section showing holes EX07ST-49, ST-50 and ST-51 is attached as is a property location map. Hole ST-51 was drilled at -65 degrees to the northeast from the same collar as ST-50 but cut fewer felsite dykes and substantially less sulphide and skarn. Holes 52 and 53 are currently in progress to the northwest and south of ST-50 based on the ST-51 results.

"ST-50 may prove to be a breakthrough hole that begins to validate our exploration model and techniques for the extensive overburden covered areas around Platosa," said Richard W. Brissenden, Excellon's CEO and president. "The airborne survey revealed a complex anomaly that drilling is showing to be related to the right kinds of intrusions with the right kinds of alteration and we have now located a style of mineralization typical of the heart of major Mexican CRD systems. There's a lot of drilling yet to do, but the results indicate we're homing in on the right area."

Table: Assay Results for EX07ST-50(i)



-----------------------------------------------------------------
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Interval Interval Core
from to width Au Ag Pb Zn
(metres) (metres) (metres) (g/t) (g/t) (%) (%)
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-----------------------------------------------------------------
174.04 175.04 1 0.03 3 0.01 0.01
-----------------------------------------------------------------
175.04 176.04 1 0.03 3 0.01 0.01
-----------------------------------------------------------------

-----------------------------------------------------------------
351.95 352.95 1 0.03 3 0.01 0.01
-----------------------------------------------------------------
352.95 353.95 1 0.03 3 0.01 0.01
-----------------------------------------------------------------
353.95 356.45 2.5 0.03 3 0.04 0.05
-----------------------------------------------------------------
358.1 358.9 0.8 0.03 3 0.01 0.01
-----------------------------------------------------------------

-----------------------------------------------------------------
385.98 387.12 1.14 0.03 3 0.01 0.01
-----------------------------------------------------------------
387.12 388.18 1.06 0.03 3 0.01 0.01
-----------------------------------------------------------------
388.18 389.51 1.33 2.72 10 0.01 0.01
-----------------------------------------------------------------
389.51 390.61 1.1 0.03 3 0.01 0.01
-----------------------------------------------------------------
390.61 391.7 1.09 0.24 3 0.01 0.01
-----------------------------------------------------------------
391.7 392.88 1.18 0.03 3 0.01 0.01
-----------------------------------------------------------------
392.88 394.06 1.18 0.03 3 0.01 0.01
-----------------------------------------------------------------
394.06 395.1 1.04 0.03 3 0.02 0.01
-----------------------------------------------------------------
395.16 396.33 1.17 0.03 16 0.17 0.25
-----------------------------------------------------------------
396.33 397.47 1.14 0.06 9 0.17 0.19
-----------------------------------------------------------------

-----------------------------------------------------------------
397.47 398.69 1.22 0.1 31 0.54 0.7
-----------------------------------------------------------------
398.69 399.7 1.01 0.03 3 0.01 0.01
-----------------------------------------------------------------
399.7 400.67 0.97 0.03 13 0.18 0.21
-----------------------------------------------------------------
400.67 402.12 1.45 0.03 16 0.26 0.41
-----------------------------------------------------------------
402.12 403.24 1.12 0.03 27 0.37 0.41
-----------------------------------------------------------------
403.24 404.32 1.08 0.03 3 0.01 0.01
-----------------------------------------------------------------
404.32 405.48 1.16 0.08 38 0.75 0.35
-----------------------------------------------------------------
397.47 405.48 8.01 0.05 19.3 0.31 0.32
-----------------------------------------------------------------

-----------------------------------------------------------------
405.48 406.64 1.16 0.03 3 0.01 0.01
-----------------------------------------------------------------
406.64 407.82 1.18 0.03 3 0.02 0.01
-----------------------------------------------------------------
407.82 408.86 1.04 0.03 3 0.01 0.01
-----------------------------------------------------------------
408.86 409.92 1.06 0.03 3 0.01 0.01
-----------------------------------------------------------------

-----------------------------------------------------------------
409.92 411.24 1.32 0.04 90 0.87 0.6
-----------------------------------------------------------------
411.24 412.23 0.99 0.04 78 0.86 0.17
-----------------------------------------------------------------
412.23 413.4 1.17 0.03 3 1.07 0.74
-----------------------------------------------------------------
413.4 414.65 1.25 0.03 79 1.35 0.83
-----------------------------------------------------------------
414.65 415.71 1.06 0.04 7 0.08 0.04
-----------------------------------------------------------------
415.71 416.98 1.27 0.03 3 0.01 0.01
-----------------------------------------------------------------
416.98 418.04 1.06 0.03 16 0.23 0.48
-----------------------------------------------------------------
418.04 419.15 1.11 0.03 33 0.57 0.8
-----------------------------------------------------------------
419.15 420.45 1.3 0.03 24 0.42 0.45
-----------------------------------------------------------------
420.45 421.58 1.13 0.03 3 0.05 0.05
-----------------------------------------------------------------
421.58 422.69 1.11 0.03 14 0.15 0.12
-----------------------------------------------------------------
422.69 423.79 1.1 0.04 129 2.12 0.92
-----------------------------------------------------------------
423.79 424.91 1.12 0.03 19 0.25 0.25
-----------------------------------------------------------------
424.91 426.17 1.26 0.03 74 0.83 0.62
-----------------------------------------------------------------
409.92 426.17 16.25 0.03 41.2 0.64 0.44
-----------------------------------------------------------------

-----------------------------------------------------------------
426.17 427.23 1.06 0.03 14 0.17 0.18
-----------------------------------------------------------------
427.23 428.32 1.09 0.03 3 0.01 0.01
-----------------------------------------------------------------

-----------------------------------------------------------------
436.82 437.9 1.08 0.03 3 0.01 0.01
-----------------------------------------------------------------
437.9 438.92 1.02 0.03 3 0.01 0.01
-----------------------------------------------------------------
438.92 439.87 0.95 0.03 3 0.01 0.01
-----------------------------------------------------------------
439.87 440.85 0.98 0.03 3 0.04 0.02
-----------------------------------------------------------------
440.85 441.92 1.07 0.03 3 0.01 0.01
-----------------------------------------------------------------
441.92 442.92 1 0.03 3 0.04 0.03
-----------------------------------------------------------------
443.05 444.13 1.08 0.03 3 0.01 0.01
-----------------------------------------------------------------
444.13 445.15 1.02 0.03 3 0.04 0.03
-----------------------------------------------------------------
445.15 446.13 0.98 0.05 3 0.04 0.03
-----------------------------------------------------------------
446.13 447.61 1.48 0.03 5 0.08 0.03
-----------------------------------------------------------------
447.61 448.79 1.18 0.11 3 0.06 0.09
-----------------------------------------------------------------
448.79 449.86 1.07 0.05 4 0.06 0.07
-----------------------------------------------------------------
449.86 450.89 1.03 0.03 3 0.02 0.02
-----------------------------------------------------------------
450.89 451.91 1.02 0.03 3 0.01 0.01
-----------------------------------------------------------------
-----------------------------------------------------------------


(i) Drilled vertically to a depth of 721.45 metres; core widths are estimated to be very near true thickness.

To view the accompanying maps, please click the link below:

http://www.ccnmatthews.com/docs/EXN0821.pdf

Regional Exploration - Other Areas

In late 2006 and early 2007, the Company completed 12 holes, totalling 5,355.83 metres, in diamond drilling programs on the Canon Colorado and Crestoncitos areas, located, respectively, 7 kilometres northwest and 1.5 kilometres south of the Platosa test-mine on the eastern slope of the Sierra Bermejillo. These programs targeted geochemical anomalies, historic showings and workings, structures and NSAMT anomalies. No significant mineralization was intersected. Portions of the 2006-2007 regional exploration were conducted on 100% Excellon concessions, concessions held in joint venture with Apex Silver Mines Limited, and concessions in which Excellon earns a 100% interest from Exploraciones del Altiplano S.A. de C.V., a private Mexican company.

The 2007 AEM survey noted above has also outlined numerous electromagnetic anomalies on various portions of the Company's property that remain to be evaluated. Detailed processing of these data is ongoing and follow-up ground geophysical surveys may be warranted to provide more sharply focussed drill targets.

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 Resources Inc., an emerging silver producer, is test-mining and exploring its Platosa/Saltillera Properties in Durango State, Mexico. Excellon has 146,998,657 shares outstanding, and trades on the TSX Venture Exchange under the symbol EXN.

On behalf of

EXCELLON RESOURCES INC.

Richard W. Brissenden, President and 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 future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, 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 Venture 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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