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Message: Completes Acquisition of Silver Eagle
| June 2, 2009 |
| Excellon Completes Acquisition of Silver Eagle |
| TORONTO, ONTARIO--(Marketwire - June 2, 2009) - Excellon Resources Inc. (TSX:EXN) and Silver Eagle Mines Inc. (TSX:SEG) are pleased to announce that the previously announced plan of arrangement transaction between Excellon and Silver Eagle has been completed. Under the arrangement, Excellon acquired all of the issued and outstanding common shares of Silver Eagle with Silver Eagle shareholders receiving 0.2704 Excellon common shares in exchange for each Silver Eagle share held. "We are very pleased that this acquisition is now complete. We look forward to realizing the potential of the combined companies for shareholders" said Peter Crossgrove, Excellon's Chairman and Acting CEO. Silver Eagle's primary asset is its fully permitted Miguel Auza mine, mill and adjacent properties located in Zacatecas State, Mexico. The Miguel Auza property is located 220 kilometres from Excellon's Platosa Property. As previously announced, Silver Eagle temporarily suspended all operations and put the Miguel Auza mine and recently expanded mill on a care and maintenance basis in mid-December 2008 while they considered all options and strategic alternatives. Excellon has been milling at Miguel Auza since mid-March and shipments of lead-silver and zinc-silver concentrates to the port of Manzanillo began in early April. The Company plans to review the past work and exploration potential of the Miguel Auza property in the coming weeks as it moves towards restarting exploration drilling on the Platosa property. 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 the high-grade manto Indicated Mineral Resource on its large Platosa Property, strategically located in the middle of the Mexican silver belt. In calendar 2009, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through an aggressive exploration program. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts a Probable Mineral Reserve, was the site of considerable historic mining for silver, (gold), lead and zinc and more recently was exploited by Silver Eagle during 2008. The exploration potential of Miguel Auza remains to be fully evaluated. On behalf of EXCELLON RESOURCES INC. Peter A. Crossgrove, Chairman SILVER EAGLE MINES INC. John Hick, Chairman |
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