Excellon Reports Q2 2010 Volumes
TORONTO, ONTARIO -- (Marketwire) -- 07/09/10 -- Excellon Resources Inc. (TSX: EXN) announces production and sales volumes for the three months ended June 30, 2010 compared to March 31, 2010 as follows;
For the 3 For the 3 For the 6
months ended months ended months ended
June 30, 2010 March 31, 2010 June 30, 2010
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Ore Milled (t) 18,861 21,057 39,918
Tonnes per operating day 207 234 221
Head Grades
Ag (g/t) 731 921 831
Pb (%) 6.5 7.3 6.9
Zn (%) 8.4 8.8 8.6
Payable Metal Sold
Silver (oz) 352,814 406,108 758,922
Lead (lb) 1,729,004 2,010,769 3,739,774
Zinc (lb) 2,430,364 2,272,802 4,703,166
Realized Prices
Silver (US$/oz) 18.46 17.80 18.11
Lead (US$/lb) 0.81 0.91 0.86
Zinc (US$/lb) 0.83 0.93 0.88
'For the six months to June 30, 2010, Platosa continued to produce at levels above the formal guidance provided.' stated Peter Crossgrove, Excellon's Chairman and CEO. 'The second quarter was weaker than the first quarter due to mining lower grades as the higher grade Guadalupe South manto was inaccessible due to the installation of water control systems. In addition, the mining crews were partially focused on developing additional mining areas with the arrival of new mining equipment on site. This will provide for greater mine planning flexibility and higher production levels in the future and it is expected that Q3 and Q4 will see a return to higher volumes and grades. Both factors, while impacting Q2 performance, will lead to the consistent and uninterrupted production that Platosa has enjoyed for 18 straight months.'
Cash in bank balances are currently $7.5 million.
Excellon is providing these production numbers from its Mexican operation in order to provide stakeholders with a more timely review of recent operational performance. The numbers are preliminary and subject to adjustment. The Company will provide an update to 2010 guidance with the release of the Q2 financial results in the middle of August.
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 belt. In fiscal 2010, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through a CDN$12 million exploration program where five diamond drills are in operation. 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 is the object of an ongoing exploration program, which began in the fall of 2009. A one-drill initial target testing program, which began in early April 2010 was completed in June.
On behalf of
EXCELLON RESOURCES INC.
Peter Crossgrove, 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 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 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.
Contacts:
Excellon Resources Inc.
Morgan Knowles
Director, Investor Relations
(416) 364-1130
mknowles@excellonresources.com
www.excellonresources.com