Excellon renews share buyback program
TORONTO, Nov. 29, 2013 /CNW/ – Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) (“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 filed the NCIB Program to allow for market purchases of the
Company’s common shares. Pursuant to the terms of the NCIB Program,
Excellon shall be permitted to purchase common shares for cancellation
through the facilities of the TSX at the prevailing market price of the
common shares. The Company may purchase a maximum of 5,225,271 common
shares (or 10% of the total public float) pursuant to the NCIB Program.
Purchases will be subject to a daily maximum of 6,740 common shares,
except where such purchases are made in accordance with the “block
purchase exception” under the TSX Company Manual. The average daily
trading volume for the six month period ending October 31, 2013 was
26,956 common shares.
Excellon may make purchases from time to time commencing on December 3,
2013 and ending on December 2, 2014. The NCIB Program has been
implemented to improve shareholder liquidity and trading volumes and to
allow purchases of common shares by the Company during periods where
such common shares are undervalued relative to the Company’s business
and future prospects.
During the past 12 months, the Company purchased 232,800 common shares
at a weighted average price per security of $1.59 under its previous
normal course issuer bid program.
Excellon had 55,052,897 issued and outstanding common shares as at the
close of business on November 20, 2013.
Excellon’s 100%-owned and royalty-free 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. The
Company is positioning itself to capitalize on undervalued projects by
focusing on increasing La Platosa’s profitable silver production and
near-term mineable resources.
Additional details on the La Platosa Mine and Excellon’s exploration
properties are available at www.excellonresources.com.
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.