In their newest presentation dated 6 Feb 2013 on page 12, they show the substantial resource findings over the last few years and state that these will be added to their last Mineral Resource Estimate dated July 2011 at some point in the future. They make no mention of the resources contained in the Miguel Auza property which were reported to SEDAR by the previous owners Silver Eagle Mines and described in a PR shown below prior to Silver Eagle Mines being purchased by Excellon. Nor do they mention any of the mineral resource findings on their Canadian properties. Based on these facts alone, the current published Mineral Resource Estimate for Excellon resources is way understated and in my opinion does not even close to showing the current mineral values of their properties.

Silver Eagle Mines Announces Increased Resources

TORONTO, ONTARIO -- (MARKET WIRE) -- 05/07/08 -- Silver Eagle Mines Inc. (TSX: SEG) is pleased to report an increase in Indicated and Inferred Resources at its wholly-owned Miguel Auza Property in Zacatecas, Mexico. Since the filing on SEDAR of its most recent technical report in respect of the Miguel Auza Project, dated January 18, 2008 (the "Technical Report"), an intensive diamond drill campaign has resulted in an increase in the Indicated Resource from 21.3M oz Ag Eq(1) to 24.3M oz Ag Eq(1) while the Inferred Resource has increased, from 8.9M oz Ag Eq(1) to 11.7M oz Ag Eq(1).
The following tables summarize the new Indicated and Inferred Resource estimates, respectively.
Indicated Mineral Resources