Excellon Resources Announces TSX Approval of Normal Course Issuer Bid
Toronto Stock Exchange - EXN
TORONTO, Nov. 29, 2012 /PRNewswire/ - Excellon Resources Inc. (TSX: EXN) ("Excellon" or "the Company"), Mexico's highest grade silver producer, is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved the notice of its intention to make a normal course issuer bid (the "NCIB Program").
The Company has filed the NCIB Program to allow for market purchases of the Company's common shares (the "Shares") under certain market conditions and subject to the approval of the Board of Directors. The Company does not currently intend to purchase Shares on the market, but may do so from time to time in the future. Although the Board of Directors and Management of the Company believe that the Shares are currently significantly undervalued, the Company's cash flow is best used to fund the ongoing, aggressive diamond drill program on the Company's new CRD/Source-style discovery on the La Platosa Property in the state of Durango, Mexico. The Company's exploration programs are fully funded from high-grade silver production at the La Platosa Mine.
Pursuant to the terms of the NCIB Program, Excellon shall be permitted to purchase Shares for cancellation through the facilities of the TSX at the prevailing market price of the Shares. The Company may purchase a maximum of 26,468,732 Shares (or 10% of the total public float) pursuant to the NCIB Program. Purchases will be subject to a daily maximum of 75,060 Shares, except where such purchases are made in accordance with the "block purchase" exemption under applicable TSX policy. Excellon may make purchases from time to time commencing on December 3, 2012 and ending on December 2, 2013.
As at the close of business on November 28, 2012, Excellon had 275,179,467 Shares issued and outstanding.
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.
SOURCE Excellon Resources Inc.