Yesterday evening Excellon released their "Management’s Discussion & Analysis of Financial Results

For the three and nine month periods ended September 30, 2012 "

These are some excerpts:



"The consistently anomalous gold, bismuth (8,280 ppm over 1.0 m in LP1023A and 1,685
ppm over 2.6 m in LP1024) and copper (0.23% over 1.1 m in LP1024 and 0.12% over 8.1 m in LP1025)
combined with the overall skarn mineralogy indicate that this area is still somewhat distal to the Source itself, but may lie along a feeder system leading from the Source.   The Source may lie between Rincon and the high-grade Platosa mantos, or farther to the northwest"
"The Platosa exploration program continues to meet with considerable success.   Planned expenditures for
2012 are $7.3 million, over 80% of which will be for diamond drilling.  Given the significant success recently achieved at Rincon del Caido, drilling in this area will take priority and likely result in Source drilling seeing the majority of the revised 30,000 m of drilling now planned for 2012."