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Thread: Excellon Resources Inc.

  1. #1

    Default Excellon Resources Inc.

    Excellon Resources Inc. (EXN) - Share price at about $1.69 US$. They have four projects including one working silver mine in Mexico, a closed mine also in Mexico with a processing plant and two properties in the USA. The Mexican mine that's closed could be reopened. One of the USA properties was 100% owned, but now is being partnered with Centerra Gold, Inc. in exchange for cash investments. Worse case for this property would if the property is completely sold off in exchange for a 2% net smelter royalty plus the cash infusions. The second USA property (Kilgore) has been drilled, but not developed. DYODD.
    American Legion Preamble: https://www.legion.org/preamble

  2. #2

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    Excellon Drills 2,860 g/t Silver Equivalent Over 7.5 Metres at Platosa

    "Toronto, Ontario – October 5, 2021 – Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce results from underground drilling at the Platosa Mine in Durango, Mexico.

    Highlights

    Further high-grade results from the 623, NE-1S, and Guadalupe South mantos, with diamond drilling results from underground including:
    2,860 g/t silver equivalent (“AgEq”) over 7.5 metres (1,570 g/t Ag, 10.4% Pb, 29.6% Zn and 0.1 g/t Au) and 667 g/t AgEq over 2.5 metres (479 g/t Ag, 4.6% Pb and 2.0% Zn) in EX21UG690;
    2,009 g/t AgEq over 3.1 metres (1,214 g/t Ag, 8.3% Pb and 16.9% Zn) in EX21UG687;
    5,574 g/t AgEq over 0.8 metres (5,052 g/t Ag, 18.4% Pb, 1.3% Zn and 0.1 g/t Au) in EX21UG641;
    742 g/t AgEq over 4.8 metres (391 g/t Ag, 6.6% Pb and 5.3% Zn) in EX21UG633;
    5,432 g/t AgEq over 0.6 metres (5,012 g/t Ag, 15.8% Pb, 0.4% Zn and 0.1 g/t Au) in EX21UG673;
    Underground drilling continues to define and delineate mineralization for 2021 and 2022 production; and
    Potential new zone of high-grade mineralization discovered in EX21UG690 below historically mined zone in Guadalupe South, with upcoming drilling to test vertical attitude and extent.

    “Drilling at Platosa continues to define high-grade mineralization ahead of production,” stated Ben Pullinger, Senior Vice President Geology & Corporate Development. “With EX21UG690, we have potentially discovered a new zone of very high-grade mineralization sitting below the historically mined upper part of the 623 Manto. This mineralization is located approximately 80 metres above the deepest current development heading and appears to have a vertical attitude that was not tested in historical drilling. Follow-up drilling to test this zone is an immediate priority of the ongoing drill campaign.”'
    American Legion Preamble: https://www.legion.org/preamble

  3. #3

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    "Toronto, Ontario – October 19, 2021 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN; and FRA:E4X2) ("Excellon" or the “Company") is pleased to announce Q3 2021 production results from the Platosa Mine in Durango, Mexico.

    Q3 2021 Production (compared to Q3 2020)

    Silver equivalent (“AgEq”) production of 521,160 oz (Q3 2020 – 524,312 AgEq oz), including:
    Silver production of 326,706 oz (Q3 2020 – 326,909 oz)
    Lead production of 1.9 million lb (Q3 2020 – 2.2 million lb)
    Zinc production of 2.0 million lb (Q3 2020 – 2.7 million lb)
    Fifth consecutive quarter of over 21,000 tonnes mined and milled and strongest nine-months of silver production since 2014

    “We have had another solid quarter of production from Platosa at the higher productivity rates that we have realized since Q3 2020,” stated Brendan Cahill, President and CEO. “We realized good improvements in mill recoveries late in Q3, which we continue to see as Q4 processing has commenced.”

    “As importantly, our team in Mexico has committed to achieving full vaccination, with over 99% now partially vaccinated and over 80% fully vaccinated. Like all, we have faced challenges over the past 18 months and I’m humbled by our team’s dedication to each other’s wellness and drive to always put health and safety first.”'
    American Legion Preamble: https://www.legion.org/preamble

  4. #4

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    "Toronto, Ontario – October 26, 2021 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce results from underground drilling at the Platosa Mine in Durango, Mexico.

    Highlights

    High-grade results from the 623, NE-1, NE-1S, and Pierna mantos, with diamond drilling results from underground including:
    3,043 g/t silver equivalent (“AgEq”) over 2.2 metres (2,160 g/t Ag, 24.6% Pb, 7.2% Zn) in EX21UG698;
    764 g/t AgEq over 7.5 metres (648 g/t Ag, 2.6% Pb, 1.4% Zn) in EX21UG691;
    1,008 g/t AgEq over 3.4 metres (766 g/t Ag, 4.7% Pb and 3.5% Zn) in EX21UG733;
    801 g/t AgEq over 3.4 metres (501 g/t Ag, 5.8% Pb, 4.4% Zn) in EX21UG709;
    5,110 g/t AgEq over 0.5 metres (4,451 g/t Ag, 8.8% Pb, 12.2% Zn and 0.2 g/t Au) in EX21UG706;
    903 g/t AgEq over 2.6 metres (523 g/t Ag, 3.5% Pb, 8.5% Zn) in EX21UG740;
    Underground drilling continues to define and delineate mineralization to support mine planning;
    Follow-up drilling on vertical zone intersected in hole EX21UG690 (2,860 g/t AgEq over 7.5 metres) is underway with assays pending.

    “Drilling at Platosa continues to define and extend high-grade mineralization ahead of production,” stated Jorge Ortega, Vice President Exploration. “We continue to focus on infill drilling to support planning for upcoming and future production, as well as testing the recently discovered high-grade zone – the 817 Zone – below Manto 623. We have now drilled an additional 20 holes on the 817 Zone with assays pending. This zone appears to have a vertical orientation and has the potential to open up a more vertical dimension to the deposit.”'
    American Legion Preamble: https://www.legion.org/preamble

  5. #5

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    "Excellon Provides Operations And Exploration Update

    Toronto, Ontario – January 5, 2022 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is providing an update on operations at Platosa and company-wide exploration plans over the course of 2022, with additional updates to be forthcoming as mining and exploration plans evolve over the coming months.

    “The Platosa Mine has been in operation since mid-2005 and has been a key contributor to the local economy of Bermejillo, Durango,” stated Brendan Cahill, President and CEO. “We have made great progress at Platosa over the past 16 years, professionalizing the mining operation, improving health and safety to industry standards, growing mineral resources and overcoming Platosa’s particular dewatering challenges. We have continued to aggressively drill to expand and define the mineral resource in recent years, but we are entering an area of the deposit that steepens significantly, with fewer vertical-tonnes-per-metre than historically encountered. The last two years have seen an increase in the challenges we face in Mexico, particularly the impact on dewatering rates of the suspension of industries in Q2 2020 and the polar vortex in February 2021, along with increased consumable prices and certain legislative changes. We continue to explore from underground and surface and refine the operation, but we are now assessing the economic viability of mining at Platosa beyond mid-2022. We will provide additional updates as 2022 mining plans continue to evolve. Contemporaneously, we also continue to advance exploration on each of our projects and we are considering various strategic alternatives to unlock value in each of our assets.”

    Operation and Mine Planning Discussion

    During 2021, the Platosa Mine and Miguel Auza mill delivered four quarters of stable production at record rates (six consecutive quarters looking back to Q3 2020). Annual and Q4 production results for 2021 are expected to be released in the coming weeks.

    The Company conducted extensive underground drilling over the past six quarters, including 320 holes totalling 20,462 metres during 2021. Much of this drilling successfully improved definition of mineralized bodies in advance of mining operations and incrementally added tonnage to the mineralized body. A key goal of this drilling, as variously stated, was to define tonnage in an area of deposit, the “Gap Zone,” that had not been sufficiently drilled with historic vertical holes from surface and which held significant potential for additional mineralization connecting the shallower parts of the mineralized body with the deepest defined extents. Drilling in the Gap Zone has not sufficiently infilled this area of the deposit.

    Over the course of 2021, cost increases impacted the operation in various areas, particularly energy (associated with increasing natural gas prices from the polar vortex of February 2021, which were subsequently sustained in part throughout 2021) and labour, the two largest cost centres. Additionally, legislative changes in Mexico further materially increased labour costs.

    The Company is assessing whether maintaining a consistent production schedule beyond mid-2022 at achievable dewatering rates and with acceptable capital expenditures is possible without additional mineralization being defined in the Gap Zone or elsewhere.

    Underground drilling continues and results are forthcoming on various areas of the deposit, including follow-up results from the vertically-oriented 817 Zone (2,860 g/t AgEq over 7.5 metres in EX21UG690). Ongoing underground exploration is testing for other potential vertical zones of mineralization. The Company is also launching an up to 2,000 metre surface drilling program in the coming weeks to test anomalous mineralization approximately 90 metres southeast of Manto 623. This drilling will be important to define mine planning for 2022 and is expected to provide insights by late Q1 2022.

    Exploration Outlook

    The Company has ambitious exploration plans on each of its projects for 2022. The brief summary of programs outlined below is flexible to market and liquidity conditions and receipt of outstanding data and data generated from the proposed programs. More detailed, project specific summaries may be provided prior to the commencement of each program. Updates on the 2022 program for the Oakley Project, operated and managed by Centerra Gold pursuant to the terms of the option agreement on the project, will also be provided in due course.

    Platosa

    Beyond the programs outlined above, the Company has a 2,700 metre drill program at PDN planned for H2 2022. PDN is a skarn-related target approximately two kilometres north of the Platosa Mine associated with the Rincón del Caído discovery made in 2012. The target is an 800-metre-long geophysical anomaly derived from induced polarization, magnetics and gravity surveys. The discovery horizon is at approximately 500-800 metres depth, which has necessitated an incremental drilling approach.

    The Company is conducting an O18 isotope study on the Jaboncillo target, approximately 11 kilometres northwest of the Platosa Mine. Jaboncillo is a Platosa- or CRD-style target, where exploration is testing for massive sulphide mantos and chimneys. The isotope study has been delayed due to COVID limitations in the academic labs capable of conducting the work. Combined with the strong understanding of stratigraphy and structure derived from geophysics and recent drilling programs, the isotope study is expected to provide additional information on the characteristics of the Jaboncillo hydrothermal system and additional vectors for a potential drilling program in late-2022.

    Evolución

    At the Evolución Project, the Company has planned approximately 4,600 metres of drilling for H2 2022 at the Ilusión and Los Lobos targets, which may lie on the structure regionally controlling Hecla Mining’s San Sebastián Mine, northwest of the project. The program is based on an ongoing regional structural geology study by a Ph.D. candidate from the Université du Québec à Montréal, detailed mapping and rock and soil geochemistry.

    Kilgore

    The Company expects to commence a drilling program of approximately 15,000 metres on the Kilgore Project in mid-2022 pursuant to the terms of the drilling operations plan permitted by the United States Forest Service. The program is focussed on the Mine Ridge area, with 9,800 metres to expand the Kilgore deposit along strike and test high-grade mineralization at depth and an additional 1,800 metres to support metallurgical, geotechnical and hydrological studies. Additional drilling is planned for Prospect Ridge (1,250 metres) to test mineralization at depth and along strike from the deposit and Dog Bone Ridge (1,800 metres) to follow up on historic high-grade intersections. Drilling may also be conducted at the Gold Ridge target depending on results from drilling to depth at the Mine Ridge target and to follow-up on soil sampling anomalies.

    Silver City

    The Company currently expects to resume drilling on the Silver City Project in late January to close out the 2021 program, dependant on pending results from the Grauer Wolf target. Drilling may be conducted until March 31st and resumed on approximately July 1st based on crop planting and bird nesting cycles. Subject to annual permitting requirements, the currently proposed 2022 drilling program at Silver City includes approximately 9,000 metres of drilling on the Grauer Wolf, Peter Vein and Reichenbach targets and approximately 2,100 metres testing of known mineralized structures on the Oederan, Mohorn and Frauenstein licenses, which were added to the project in 2021. Various soil and ground geophysical studies are expected on the project during 2022 and advanced structural analysis is considered a high priority.

    Corporate Development and Strategic Alternatives

    The Company is considering various corporate development opportunities and strategic alternatives that may include acquisitions, divestitures, mergers or spin-offs of the Company’s or third parties’ assets, as applicable.

    Qualified Person

    Paul Keller, P.Eng., Chief Operating Officer, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the engineering and operating information contained in this press release. Jorge Ortega, P.Geo., Vice President Exploration, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the geological information contained in this press release.

    About Excellon

    Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality advanced exploration gold project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.

    Additional details on Excellon’s properties are available at www.excellonresources.com.

    For Further Information, Please Contact:

    Excellon Resources Inc.
    Brendan Cahill, President & Chief Executive Officer
    Jorge Ortega, Vice President Exploration
    (416) 364-1130
    info@excellonresources.com
    www.excellonresources.com"
    American Legion Preamble: https://www.legion.org/preamble

  6. #6

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    "Excellon Drills 2,490 G/T Silver Equivalent Over 2.9 Metres At Platosa

    Toronto, Ontario – January 13, 2022 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce results from underground drilling at the Platosa Mine in Durango, Mexico.

    Highlights

    Follow-up drilling on the 817 Zone below Manto 623 defined a zone of high-grade silver mineralization, with underground diamond drilling results including:
    2,490 g/t silver equivalent (“AgEq”) over 2.9 metres (1,430 g/t Ag, 12.0% Pb, 21.7% Zn) and 5,089 g/t AgEq over 0.4 metres (4,035 g/t Ag, 25.2% Pb, 11.8% Zn) in EX21UG761;
    3,905 g/t AgEq over 1.8 metres (2,398 g/t Ag, 14.2% Pb and 33.2% Zn) in EX21UG760;
    2,124 g/t AgEq over 2.8 metres (1,267 g/t Ag, 7.5% Pb and 19.0% Zn) in EX21UG812;
    4,939 g/t AgEq over 0.9 metres (4,060 g/t Ag, 29.7% Pb, 3.3% Zn) in EX21UG769;
    3,158 g/t AgEq over 1.0 metres (2,956 g/t Ag, 6.1% Pb and 1.3% Zn) in EX21UG770;
    Underground drilling continues to test below historically-mined areas for potential vertical zones.

    “Drilling at Platosa following up on the 817 Zone has defined vertically-oriented, high-grade mineralization over approximately 30 metres of strike and 30 metres of vertical extent,” stated Jorge Ortega, Vice President Exploration. “The proximity of existing infrastructure should allow access to this zone in the coming months and supplement first and second quarter production. We continue underground drilling to target areas ahead of production, test the extent of mineralization around mine workings and test for vertical zones of mineralization.”


    Chart not included in this post see Excellon's website



    "Follow up drilling on the high-grade interval intersected in EX21UG690 (2,860 g/t AgEq over 7.5 metres) has defined a high-grade, vertical zone on approximately 30 metres of vertical extent. The 817 Zone provides additional dry tonnes to the current mine plan, with production expected to commence from the area as early as February 2022.

    Drilling from underground continues ahead of production at the NE-1 Manto, and will continue to target areas ahead of production, test the extent of mineralization around mine workings and test for vertical zones of mineralization at the 623, NE-1, Guadalupe Sur, Guadalupe Norte, 4, and 6A/B mantos.

    As referenced on January 5, 2022, Excellon continues to assess whether maintaining a consistent production schedule at the Platosa Mine is feasible beyond mid-2022 at achievable dewatering rates and with acceptable capital expenditures."


    Chart not included see their website


    "Technical Information and Quality Control Notes

    The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

    Platosa drill core samples are prepared and assayed by SGS Minerals Services in Durango, Mexico. The lab is accredited to ISO/IEC 17025. Assay turnarounds have been impacted recently by supply and labour shortages related to COVID-19. The Company has a comprehensive QA/QC program, supervised by an independent Qualified Person.

    The sampling of, and assay data from, the core sampling and reporting is monitored through a quality assurance and quality control (QAQC) program designed according to best industry practice. Samples from HQ sized drill core are selected by Excellon geologists and cut into halves at the project site. Half of the core is retained at the site for reference purposes. Sample intervals vary from 0.2 to 1.5 metres in length with samples being selected to honour geological contacts. Samples are labeled and packed into sealed plastic bags which are grouped into larger fiber bags for shipping. A formal chain-of-custody procedure is in place for security of samples from project to laboratory.

    Samples are shipped to SGS Laboratories in Durango City. Samples then undergo crushing to two millimetres followed by pulverizing to homogenize samples before a 50-gram sub sample is selected for analysis. The samples are then analyzed using fire assay for gold and silver with a gravimetric finish and multi-element analysis performed by ICP analysis for base metals and multi-element data."
    American Legion Preamble: https://www.legion.org/preamble

  7. #7

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    "Excellon Announces Q4 And Annual 2021 Production Results

    Toronto, Ontario – January 17, 2022 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN and FRA:E4X2) ("Excellon" or the “Company") is pleased to announce Q4 and annual 2021 production results from the Platosa Mine in Durango, Mexico.

    2021 Production (compared to 2020)

    Silver equivalent (“AgEq”) production increased 25% to 2.0 million oz (2020 – 1.6 million AgEq oz), including:
    Silver production increased 20% to 1.2 million oz (2020 – 1.0 million oz)
    Lead production increased 17% to 7.6 million lb (2020 – 6.5 million lb)
    Zinc production increased 20% to 9.0 million lb (2020 – 7.5 million lb)]

    Q4 2021 Production (compared to Q4 2020)

    AgEq production decreased 12% to 492,013 oz (Q4 2020 – 556,332 AgEq oz), including:
    Silver production decreased 24% to 271,525 oz (Q4 2020 – 355,581 oz)
    Lead production decreased 23% to 1.7 million lb (Q4 2020 – 2.2 million lb)
    Zinc production decreased 12% to 2.2 million lb (Q4 2020 – 2.5 million lb)

    “Our Mexican operations delivered records for mined and processed tonnage in 2021, along with the most silver ounces produced since 2013,” stated Brendan Cahill, President and CEO. “During Q4, we realized lower production than the very strong Q4 2020 quarter, primarily due to lower ore grades and partially due to seasonal impacts on processing and delivery schedules. At Platosa, we continue work to assess 2022 mine plans and outlook.”'
    American Legion Preamble: https://www.legion.org/preamble

  8. #8

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    Part 2 (Chart removed - see their website for chart

    "Consistent throughput continued in Q4 2021, the sixth consecutive quarter of over 20,000 tonnes mined and milled from Platosa following the restart of operations in late Q2 2020. Comparative prior-year results for the year ended December 31, 2020 were impacted by the suspension of operations in Mexico from April 2, 2020 to June 1, 2020 pursuant to the Mexican presidential order to mitigate the spread of COVID-19.

    Head grades were lower in Q4 2021 compared to Q4 2020 due to higher mining dilution in narrower sections of the ore body and variation in manto mineralization. Silver and lead recoveries were lower due to lower metal feed grades and flotation performance, while zinc recoveries improved in Q4 2021.

    As referenced on January 5, 2022, Excellon continues to assess whether maintaining a consistent production schedule at the Platosa Mine is feasible beyond mid-2022 at achievable dewatering rates and with acceptable capital expenditures.

    COVID-19 Update

    Excellon continues to benefit from robust measures to prevent COVID-19 among the workforce and to monitor the effectiveness of these measures in mitigating any potential impact on business activities. The Company’s actions have been successful to date and the pandemic has not had any material impact on production or shipment of concentrate. Vaccination programs have progressed well, with 100% and over 96% of the Company’s workforce in Mexico having received first and second vaccinations, respectively. Until recently, the omicron variant of COVID was less prevalent in Mexico than elsewhere, but case counts have increased across the country and in communities near the Company’s operations. To date, no serious cases have been encountered in the Company’s workforce and there has been no impact on the operations. The Company continues to monitor the situation closely and has personnel and operating contingency plans in place to manage daily operations.

    Qualified Persons

    Paul Keller, P. Eng., has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information relating to production results contained in this press release."
    American Legion Preamble: https://www.legion.org/preamble

  9. #9

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    "Toronto, Ontario – January 19, 2023 – Excellon Resources Inc. (TSX:EXN, NYSE:EXN and FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce that it has filed a technical report (the “Technical Report”) as required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect of the La Negra project located in Querétaro State, Mexico (“La Negra”). The independent Technical Report, entitled “Technical Report – Preliminary Economic Assessment Study, La Negra Mine, Minera La Negra S.A. de C.V.” was prepared for Minera La Negra, the holding company of La Negra, with an issue date of June 29, 2022 and an effective date of March 31, 2022. A copy of the Technical Report is available on SEDAR (www.sedar.com) under Excellon’s profile.

    The Technical Report summarizes the mineral resource estimate for La Negra and the results of the preliminary economic assessment in respect of La Negra that concluded there was adequate detail and information to support a positive economic outcome and recommended restart of La Negra. Additional detail regarding the La Negra project, its mineral resources and the results of the preliminary economic assessment on the restart was included in Excellon’s press release dated January 9, 2023. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the mineral resource estimate. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

    La Negra Exploration Presentation

    In addition to the Company’s presentation regarding the acquisition of Minera La Negra and its La Negra mine, available on the Company’s website (https://excellonresources.com/investors/presentations under a link entitled La Negra Acquisition), Excellon has posted further information regarding the exploration potential at La Negra in the same location under a link entitled La Negra Exploration Potential.

    About Excellon

    Excellon’s vision is to realize opportunities through the acquisition of advanced development or producing assets with further potential to gain from an experienced operational management team for the benefit of our employees, communities and shareholders. The Company is advancing a portfolio of gold, silver and base metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company has also entered into an agreement to acquire La Negra, a past-producing Ag-Zn-Cu-Pb mine with exploration potential, located in Mexico.

    Additional details on Excellon’s properties are available at www.excellonresources.com."
    American Legion Preamble: https://www.legion.org/preamble

  10. #10

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    "Excellon Reverses $22 Million Litigation Liability

    Toronto, Ontario – April 3, 2023 – Excellon Resources Inc. (TSX:EXN, OTCQB:EXNRF and FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce the reversal of a US$22 million liability from its March 31, 2023 consolidated balance sheet, relating to the previously disclosed judgment against one of the Company’s subsidiaries in Mexico.

    “The announcement today effectively removes a US$22 million overhang that has been with the Company since 2019,” stated Shawn Howarth, President and CEO. “Over the past four months, I’m very proud of our management team that has successfully addressed major discounts to Excellon’s value potential: the pending maturity of our outstanding convertible debentures, for US$11 million[1], and this provision for litigation.”

    Mr. Howarth continued, “With the proposed acquisition of the La Negra Mine, we have taken steps to create a compelling value proposition for investors. We have reset Excellon’s corporate strategy, restructured current liabilities by over US$33 million and added to a portfolio of already high-quality, long-term assets in particular at La Negra[2] and Kilgore[3], with additional exploration and transactional upside at the Silver City and Oakley projects4. Following today’s announcement, we can now focus on advancing this value potential for the benefit of our shareholders.”

    Background

    On November 30, 2022, the Company’s wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V. (“San Pedro”), voluntarily filed a petition for bankruptcy with the Mexican Bankruptcy Court (Instituto Federal de Especialistas de Concursos Mercantile) which was accepted by the Court on December 15, 2022. In early March 2023, the Court‑appointed auditor completed its review of San Pedro’s petition and, on March 28, 2023, the Court declared San Pedro bankrupt. In due course, the Court will be appointing a trustee to take possession and control of, and administer, San Pedro for the benefit of its creditors. At the time it was declared bankrupt by the Court, San Pedro had been on care and maintenance since late October 2022. There were no San Pedro assets recorded on the consolidated balance sheet of the Company at December 31, 2022, and the bankruptcy proceedings are not expected to have any operational impact on the Company’s current or future business.

    As a result of the bankruptcy declaration, the Company will deconsolidate the liabilities of San Pedro from Excellon’s consolidated balance sheet at March 31, 2023, which will remove all San Pedro’s liabilities from the consolidated balance sheet, including the US$22 million provision for litigation.

    As previously disclosed in detail, San Pedro was party to an action by a claimant (the “Plaintiff”) in respect of damages under a property agreement regarding the non-material mineral concession, La Antigua. On final appeal, in late 2019, the Plaintiff was awarded US$22 million (the “Judgment”), which San Pedro and the Company both believe is multiple times greater than any amount that could possibly have become payable under the agreement. With no further right of appeal, the Company recorded a corresponding provision for litigation of US$22 million commencing from the Q3 2021 consolidated financial statements. The Judgment is solely against San Pedro as defendant and the Company believes that the Plaintiff has no recourse against the Company’s other assets in Mexico, Idaho, Saxony, Germany or Canada. For further details on the Judgment and San Pedro bankruptcy proceedings refer to the Company’s consolidated financial statements and MD&A for the years ended December 31, 2022 and 2021, and the AIF.

    About Excellon

    Excellon’s vision is to realize opportunities for the benefit of our employees, communities and shareholders, through the acquisition of advanced development or producing assets with further potential to gain from an experienced operational management team. The Company is advancing a portfolio of gold, silver and base metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company has also entered into an agreement to acquire La Negra, a past-producing Ag-Zn-Cu-Pb mine with exploration potential, located in Querétaro State, Mexico.

    Additional details on Excellon’s properties are available at www.excellonresources.com.

    For Further Information, Please Contact:

    Excellon Resources Inc.
    Shawn Howarth, President & Chief Executive Officer
    Daniel Hall, Chief Financial Officer
    info@excellonresources.com
    www.excellonresources.com"
    American Legion Preamble: https://www.legion.org/preamble

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