TORONTO, Jan. 23, 2012 /CNW/ - Excellon Resources Inc.
(TSX:EXN) ("Excellon" or "the Company")
is pleased to report fourth quarter and year end production
updates for 2011 and that it has exceeded both fourth quarter
and annual silver production targets for 2011 by
approximately 40% and 4.5% respectively. The Company also
reports that at year-end, it held approximately US$22 million
in cash.
In the fourth quarter the Company produced 484,617 ounces in
concentrate compared to a budget target of 346,674 ounces of
silver in concentrate. Annual silver production totaled 1.38
million ounces in concentrate as compared to a budget target
of 1.32 million ounces of silver in concentrate. Guidance for
2012:
Planned production for 2012 is estimated at 1.37 million
ounces of silver in concentrate with a throughput of 72,000
tonnes at the Company's Miguel Auza Mill.
Jeremy Wyeth, President and CEO states; "We are very
pleased that we have been able to exceed our targets for the
fourth quarter 2011, enabling us to meet our annual budget
for 2011. This positions us well for 2012."
The Company has budgeted an estimated US$6.9 million for the
2012 Mexican drill program in and around the La Platosa Mine.
Subject to change, depending on
results, the budget will be split roughly evenly between the
search for additional high-grade manto sulphides and the
high-tonnage source of the manto
mineralization. In addition the Company has allocated an
estimated US$3.9 million for Canadian exploration drilling
progammes at the Beschefer (Quebec) and
DeSantis (Ontario) gold properties. The Company will fund all
2012 exploration programs through operational cash flow.
Excellon, a mineral resource company operating in Durango and
Zacatecas States, Mexico, and Ontario and Quebec, Canada, 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, 100% owned
Platosa Property, strategically located in the middle of the
Mexican CRD/silver belt. Excellon's focus is on
expanding its operating capacity and increasing its
Mineral Resources at Platosa where an exploration program
focused on diamond drilling and advanced geophysical
techniques is ongoing. The Platosa Property,
not fully explored, has several geological indicators of a
large mineralized system. Excellon also has ongoing gold
exploration programs on the DeSantis Project,
located near Timmins, Ontario and the Beschefer Project,
located in northwestern Quebec. Both these projects host gold
mineralization and significant potential
for the discovery of more. Excellon's exploration
activities are fully funded through existing cash flow.
On behalf of
"Jeremy Wyeth"
President and Chief Executive Officer
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.
%SEDAR: 00003353E
For further information:
Excellon Resources Inc.
Joanne C. Jobin, Investor Relations
T. (416) 364-1130
E. info@excellonresources.com
W. www.excellonresources.com
CO: Excellon Resources Inc. CNW 07:00e 23-JAN-12
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