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Excellon Resources Announces TSX Approval of Normal Course Issuer Bid

November 29, 2012

Toronto Stock Exchange – EXN

TORONTO, Nov. 29, 2012 /PRNewswire/ – Excellon Resources Inc. (TSX: EXN) (“Excellon” or “the Company”), Mexico’s highest grade silver producer, is pleased to announce that the Toronto Stock Exchange (the “TSX”) has
approved the notice of its intention to make a normal course issuer bid
(the “NCIB Program”).

The Company has filed the NCIB Program to allow for market purchases of
the Company’s common shares (the “Shares”) under certain market
conditions and subject to the approval of the Board of Directors.  The
Company does not currently intend to purchase Shares on the market, but
may do so from time to time in the future.  Although the Board of
Directors and Management of the Company believe that the Shares are
currently significantly undervalued, the Company’s cash flow is best
used to fund the ongoing, aggressive diamond drill program on the
Company’s new CRD/Source-style discovery on the La Platosa Property in
the state of Durango, Mexico.  The Company’s exploration programs are
fully funded from high-grade silver production at the La Platosa Mine.

Pursuant to the terms of the NCIB Program, Excellon shall be permitted
to purchase Shares for cancellation through the facilities of the TSX
at the prevailing market price of the Shares. The Company may purchase
a maximum of 26,468,732 Shares (or 10% of the total public float)
pursuant to the NCIB Program. Purchases will be subject to a daily
maximum of 75,060 Shares, except where such purchases are made in
accordance with the “block purchase” exemption under applicable TSX
policy. Excellon may make purchases from time to time commencing on
December 3, 2012 and ending on December 2, 2013.

As at the close of business on November 28, 2012, Excellon had
275,179,467 Shares issued and outstanding.

About Excellon
Excellon’s high-grade silver production drives transformative
exploration potential.  The Company’s 100%-owned La Platosa Mine in
Durango is Mexico’s highest grade silver mine, with lead and zinc
by-products making it one of the lowest cash cost silver mines in the
country.  With 41,000 hectares of exploration ground surrounding the
mine, Excellon is focused on discovering the large-tonnage Source of
the high-grade silver mantos currently in production.  Such a discovery
has the potential to transform La Platosa into the next major project
in Mexico’s prolific CRD/silver belt.

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. 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 November 22, 2011 NI 43-101-compliant
technical report prepared by 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. 

SOURCE Excellon Resources Inc.


Source: PR Newswire