Excellon reports fourth quarter production and 2013 outlook
Toronto Stock Exchange – EXN
TORONTO, Jan. 16, 2013 /PRNewswire/ – Excellon Resources Inc. (TSX: EXN) (“Excellon” or “the Company”), Mexico’s highest grade silver producer, is pleased to report fourth quarter and December 2012 production from
the La Platosa Mine in the state of Durango, Mexico and a general
outlook on production for 2013.
Fourth quarter production and 2013 highlights include:
-- Silver production during December, 2012 of 115,162 ounces at an average ore grade of 858 g/t; -- Lead and zinc production of a combined 1.1 million pounds in December; -- Fourth quarter silver production was in line with forecasted production, with both lead and silver production well in excess of revised forecasts for both the quarter and year; -- 2013 silver production forecasted to be approximately 1.5 million ounces as La Platosa returns to a full year of production.
Production Update and 2013 Outlook:
December 2012 4th Quarter 2012 2013 Outlook 2012 Tonnes 4,450 11,452 48,199 72,000 Silver (g/t) 858 751 846 729 Silver (oz/T) 25.02 21.89 24.67 21.30 Lead (%) 6.51 6.59 6.75 7.60 Zinc (%) 6.61 11.21 11.81 10.03 Silver (oz)* 115,162 251,065 1,081,165 1,519,716 Lead (lb)* 550,123 1,393,067 5,731,160 9,587,753 Zinc (lb)* 511,024 2,387,785 10,450,813 13,011,461
* Subject to adjustment following settlement with concentrate purchaser.
The Company’s production during 2012 was generally in line with the
revised annual production forecast of 49,000 tonnes(1) totaling 1.1 million ounces of silver, 5.5 million pounds of lead and
9.9 million pounds of zinc. Mine maintenance and seasonal holidays
affected tonnage and silver ounces produced during December, which
resulted in slightly lower tonnage and silver ounces produced on an
annual basis, though both lead and zinc production were well above
forecast. Metal recoveries and grades were all significantly in excess
of budget during 2012.
Mexican EPA Authority Confirms La Platosa Environmental Compliance
Excellon is also pleased to announce that the Mexican Federal
Environmental Protection Agency (“PROFEPA”) recently released its
report in respect of certain allegations made against Excellon by the
Ejido La Sierrita with the support of the non-governmental organization
ProDESC. PROFEPA conducted a site visit to La Platosa in late November
2012. The report states that PROFEPA “did not find a violation of
environmental law,” did not find any irregularity and closes the
The PROFEPA report and a certified translation has been posted in the
“Community” section of Excellon’s website at www.excellonresources.com.
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.
(1) The Company revised its production forecast in October following an
illegal blockade that halted production from July 8(th) to October 16(th).
SOURCE Excellon Resources Inc.