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Excellon starts 2014 with strong first quarter production

TORONTO, April 15, 2014 /CNW/ - Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce first quarter 2014 production results from the La Platosa Mine in Durango, Mexico.

Q1 2014 Production Highlights

  • 589,881 silver equivalent ounces produced (Q1 2013 – 495,529 AgEq oz), including:
    • 365,941 oz Ag (Q1 2013 – 312,167 oz Ag)
    • 2.3 million lbs Pb (Q1 2013 – 2.2 million lbs Pb)
    • 2.6 million lbs Zn (Q1 2013 – 3.5 million lbs Zn)
  • Production on track to meet 2014 targets
  • Cash, current accounts receivable and marketable securities total $9.1 million as of March 31, 2014 ($7 million as of December 31, 2013)

"The first quarter was a strong start to the year and built on the improvements we realized during 2013," stated Brendan Cahill, President and Chief Executive Officer. "We had exceptional production in March in particular, with over 250 tonnes produced per day, another important step towards incrementally increasing Platosa's production profile. We also milled over 8,300 tonnes of ore during the month at Miguel Auza."

"During the first quarter we refocused on enhancing mine safety, which is a key part of our effort to increase operational consistency and further reduce costs. The first quarter of production has positioned us well to meet our targets for 2014 and resume exploration at Platosa in the near term."

Q1 2014 Production Results


Q1 2014*

Q1 2013

2013

Tonnes Mined

19,202

18,283

70,490

Tonnes Milled

18,890

18,361

69,862

Grades:




Silver (g/t)

614

591

718

Lead (%)

6.67

6.35

6.14

Zinc (%)

8.12

10.01

8.00

Recoveries:




Silver (%)

92.7

93.7

92.6

Lead (%)

84.2

84.8

79.4

Zinc (%)

80.8

83.8

80.2

Metal Production:




Silver (oz)

365,941

312,167

1,409,852

Lead (lb)

2,346,766

2,161,223

7,342,108

Zinc (lb)

2,629,682

3,506,965

9,876,955

AgEq (oz)**

589,881

495,529

2,055,567

*   Subject to adjustment following settlement with concentrate purchaser.
** Silver equivalent ounces established using average metal prices during the period indicated applied to the recovered metal content of concentrates. 

Ore production during the first quarter was primarily from the 6A and Guadalupe (North, Main and South) mantos, though production from the 6A Manto was limited during January and February as water was managed in that area.  Grades during the quarter were generally in line with estimates for the Platosa mineral resources mined during the period. The Company expects to develop into higher grade mantos in the 623, 6A and Rodilla mantos later in 2014.  Metal recoveries improved significantly during the period relative to the third and fourth quarters of 2013.

Outlook

The Platosa operation is working to incrementally increase daily production throughout 2014, with an initial target of 210 tpd, a 9% increase over 2013.  This target will be assessed and adjusted by management on an ongoing basis as the Company continues to focus on improving and strengthening operational efficiencies at the mine site, including further enhancing grouting techniques and water management. The Miguel Auza mill had approximately 55% spare capacity during 2013, leaving significant availability for increased tonnage.  The Company is also seeking custom milling opportunities in the Miguel Auza area to increase mill utilization.

Excellon is targeting 2014 production of 1.4 to 1.6 million ounces of silver, 7.5 to 8.5 million pounds of lead and 9.0 to 10 million pounds of zinc or 2.1 to 2.3 million silver equivalent ounces (based on $24 silver, $0.90 lead and $0.90 zinc).

The Company plans to release first quarter financial results following the close of market on April 29, 2014, immediately preceding the Company's annual shareholders meeting.

About Excellon

Excellon's 100%-owned 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 the rest of Excellon's exploration properties are available at www.excellonresources.com.

Forward-Looking Statements

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 March 25, 2014 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.

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