Toronto Stock Exchange - EXN
TORONTO, Dec. 17, 2012 /PRNewswire/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company"), Mexico's highest grade silver producer, is pleased to report November 2012 production from its La Platosa Mine in the state of Durango, Mexico.
Production Highlights for November 2012:
- Silver production of 124,491 ounces at an average ore grade of 671 g/t Ag, exceeding budgeted production of 116,809 ounces;
- Lead and zinc production of a combined 2.38 million pounds, exceeding budgeted production of a combined 1.47 million pounds.
|November 2012||2012 to Date|
The Company remains on track to reach or exceed forecasted annual production of 49,000 tonnes1 totaling 1.1 million ounces of silver, 5.5 million pounds of lead and 9.9 million pounds of zinc. Metal recoveries and zinc and lead grades were significantly in excess of budget during the month.
OECD Vindicates Excellon
Excellon is also pleased to announce that the National Contact Point in Mexico (the "Mexican NCP") of the Organization for Economic Coordination and Development (the "OECD") recently published its decision in respect of certain claims made against Excellon by the non-governmental organization ProDESC on behalf of the Ejido La Sierrita, the Sindicato Nacional de Trabajadores Mineros Metalúrgicos, Siderúrgicos y Similares de la República Mexicana (an affiliate of the United Steelworkers) and other related groups.
The Mexican NCP determined that these claims did not justify further examination based on the OECD guidelines as none of the claims had been proven or substantiated.
"Excellon is pleased with this decision as it allows us to refocus on production, exploration and building strong and lasting relationships with our local communities," stated Brendan Cahill, President of the Company. "With the facts corrected and these complete misrepresentations now behind us, we have a bright future in Mexico. We look forward to further realizing the wealth of La Platosa during 2013 for the benefit of the communities of Bermejillo and Mapimi, our stakeholders and our shareholders."
The Mexican NCP consulted various regulatory ministries in Mexico, including the Ministry of the Environment and Natural Resources (SEMARNAT), the National Agrarian Registry (NAR), the National Water Commission (CONAGUA) and the Ministry of Labor and Social Welfare (STPS). The Mexican NCP noted in particular the following statements by these regulators:
- CONAGUA: "CONAGUA does not perceive that the company has incurred in any sanctionable activity;" and
- STPS: "the matters and evidence provided by the complainants do not prove any violation to the [guidelines]."
The Mexican NCP further stated that "with respect to the negotiation of the collective bargaining agreement of the company, the facts enable us to determine that the problem is essentially of an intra-union nature deriving from a dispute over title to the collective bargaining agreement between two unions."
The OECD decision and a certified translation have been posted in the "Community" section of Excellon's website at www.excellonresources.com, along with other background material.
Excellon's high-grade silver production drives transformative exploration potential. The Company'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. With 41,000 hectares of exploration ground surrounding the mine, Excellon is focused on discovering the large-tonnage Source of the high-grade silver mantos currently in production. Such a discovery has the potential to transform La Platosa into the next major project in Mexico's prolific CRD/silver belt.
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 November 22, 2011 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.
1 The Company revised its production forecast in October following an illegal blockade that halted production from July 8th to October 16th.
SOURCE Excellon Resources Inc.