Excellon Seals Water Inflow at Platosa
TORONTO, ONTARIO -- (Marketwire) -- 08/26/10 -- Excellon Resources Inc. (TSX: EXN) is pleased to announce that it has successfully sealed the water inflow encountered during normal mine development on August 18th. The dewatering of the mine to the level of the active working areas is expected to take approximately 14 days, following which mine production, development and exploration drilling will resume.
As previously mentioned the Company has taken numerous steps to control water at the mine since the last such event in late 2008. We have been working with a Denver-based group of consulting hydrologists since that time, a series of piezometer-equipped monitoring wells have been installed, a test dewatering well is now ready for testing, and work is ongoing to develop a hydrologic model for the mine and immediate surrounding area, and a long-term water-control plan. Piezometers have also been installed underground. An emergency water door covering one portion of the mine has been in place since the spring of 2010, a second is nearing completion and two others are in the planning stage. Pumping capacity has been increased substantially in the past year and water control is a constant preoccupation at the operation.
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 have been 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 was completed in June.
On behalf of
EXCELLON RESOURCES INC.
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.
Contacts:
Excellon Resources Inc.
Morgan Knowles
Director, Investor Relations
(416) 364-1130
mknowles@excellonresources.com
www.excellonresources.com