Excellon Resources Reports Nine Month Profit and Outlook for Fourth Quarter 

 

November 14, 2012 

Toronto Stock Exchange - EXN 
TORONTO, Nov. 14, 2012 /CNW/ - 

Excellon Resources Inc. 
(TSX: EXN) ("Excellon" or "the Company"), Mexico's highest grade 
silver producer, is pleased to announce financial results for 
the third quarter of 2012 and provide an updated 
outlook on fourth quarter production.
 

"While the third quarter of 2012 was difficult due to the 
illegal blockade at 
La Platosa, we remain on course for a successful year and 
have had a profitable first nine months. 
We have now returned to full production at La Platosa, the 
highest grade and one of the lowest cost silver mines in Mexico," 
stated Peter Crossgrove, Executive Chairman. 
"We are looking forward to a successful fourth quarter on both 
the production and exploration fronts. 
Our 2012 production to date versus the same period in 2011 has 
realized significantly higher silver and zinc grades, as well as 
higher metal recoveries across the board, both of which should 
lessen the impact of production lost during the third quarter."
 

Mr. Crossgrove continued, 
"Our third quarter discovery of Source-style mineralization at 
the Rincon del Caido area is currently being followed-up on 
aggressively with four diamond drills. 

We have also recently commenced a 5,000-metre drill program at 
the DeSantis Project near Timmins on new and promising targets 
and we are preparing to resume drilling at our 
Beschefer Project in Quebec early in 2013."
 

Highlights of the Nine-Month Period Ended September 30, 2012
 

High-grade production of 830,100 ounces grading 
876 g/t Ag (25.55 oz/T Ag) at 
net cash costs of $5.31;
 

Discovery of new Source-style mineralization at Rincon del Caido, 
with results including: 

132 g/t (3.8 oz/T) Ag, 3.13% Pb and 1.74% Zn over 55.5 m, including 
336 g/t (10 oz/T) Ag, 3.27% Pb, 1.96% Zn over 4.10 m in LP1019; 
146 g/t (4.3 oz/T) Ag, 2.8% Pb, 1.9% Zn and 
0.216 g/t Au over 43.4 m, including 381 g/t (11.1 oz/T) Ag, 10.6% 
Pb, 11.5% Zn, 0.354 g/t Au over 5.8 m in LP1023A; 

Expenditures, fully funded from cash flow, include: 

$2.4 million on drilling at La Platosa for both mantos and Source 
mineralization; 

$1.3 million on drilling at the DeSantis and Beschefer properties 
in Canada; 

$1.9 million in capital expenditures at 
the La Platosa Mine and Miguel Auza Mill; 

$2.4 million to repurchase a 1% net smelter return royalty on 
the La Platosa Mine, immediately accretive to cash flow - 
no further royalties payable on La Platosa; 

$2.9 million to repurchase 
5.1 million common shares of the Company; 

$5 million invested in the Sprott Physical Silver Trust 
representing an underlying investment of 
134,732 ounces of silver; 

Four drills currently turning at La Platosa 
to follow up on Source-style discovery, 
one rig turning at DeSantis on new and promising targets; 

Financial position remains strong, with cash, marketable 
securities and trade receivables 
totaling $11.8 million as at September 30, 2012. 

Financial and Operating Highlights: 
Production at the La Platosa Mine was halted from July 8, 2012 to 
October 16, 2012 due to an illegal blockade of the mine site. 

Financial results for the three and nine-month periods ended 
September 30, 2012 and 2011 are as follows: 

http://www.excellonresources.com/Investors/Press-Releases.aspx?CnwID=135078 

 

Peter McGaw recommends EXN on a recent video interview on Industry Watch. 
Click here to watch the full interview
 

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