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Message: EXCELLON ANNOUNCES START OF CONCENTRATE SHIPMENTS
Toronto Stock Exchange – EXN
No.10 – 2009
EXCELLON ANNOUNCES START OF CONCENTRATE SHIPMENTS
Toronto, Ontario – May 12, 2009 – Excellon Resources Inc. (TSX: EXN) is pleased to announce that it has begun to ship Lead/Silver concentrate and Zinc/Silver concentrate to Ocean Partners (USA), Inc. (Ocean Partners). As previously announced Excellon has entered into an interim offtake agreement to sell its concentrates to Ocean Partners. Ocean Partners, headquartered in Wilton, Connecticut, is a trader of base metal concentrates and provides financial services to the mining industry. First payments to Excellon, scheduled for mid-May, will be based on provisional assays of 61.5% Pb, 8413 g/t (245 oz/T) Ag for 933 tonnes of Lead/Silver concentrate and 54.0% Zn, 699 g/t (20 oz/T) Ag for 1254 tonnes of Zinc/Silver concentrate.
Under the terms of Excellon’s previously announced agreement with Silver Eagle Mines Limited (TSX: SEG) (Silver Eagle), Excellon began processing ore from its Platosa mine at Silver Eagle’s Miguel Auza mill in late-March.
“We are very pleased to have started our concentrate shipments. Payable silver recoveries from the Miguel Auza mill are significantly better than those that we were being credited with under the terms of our previous ore sales agreement and we expect lead and zinc recoveries to behave in the same manner once the mill circuit is fully optimized,” says Peter Crossgrove, Excellon’s Chairman and acting CEO. “We are finally at the stage where we control our own production and milling and are not limited by outside factors.”
About Excellon
Excellon, a mineral resource company operating in Durango State, Mexico, is committed to building value through production, expansion and discovery. Excellon is producing silver, lead and zinc from high-grade manto deposits on its Platosa Property, strategically located in the middle of the Mexican silver belt. Excellon is currently shipping its ore to Silver Eagle’s Miguel Auza mill. Excellon has agreed to acquire all of the outstanding shares of Silver Eagle. The agreement is subject to approval by Silver Eagle shareholders at a shareholders’ meeting scheduled for May 28, 2009. In calendar 2009, Excellon's focus is on expanding its operating capacity and increasing its mineral resources through an aggressive exploration program. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system.
On behalf of
EXCELLON RESOURCES INC.
"Peter A. Crossgrove"
Peter A. Crossgrove,
Chairman
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