TORONTO, Sept. 17, 2013 /PRNewswire/ - Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce significantly improved silver grade, produced ounces and costs during July and August at the La Platosa Mine in Durango, Mexico.
- Production grades of ~900 g/t Ag (~26 oz/T) in July/August, including over 160,000 ounces of silver production in August;
- 2.1 million silver equivalent ounces of production targeted for the year 2013;
- $14.00 all-in cost per silver equivalent ounce targeted for the year 2013.
"The development into higher grade zones completed in the first half of the year has put our high-grade, low-cost silver production at La Platosa firmly back on track," stated Brendan Cahill, President and Chief Executive Officer. "Grades and ounces produced during the third quarter have been better than projected and our net cash costs remain among the lowest in the industry. We expect to see our all-in costs trending lower through the remainder of the year."
July and August 2013 Production Results
|August 2013||July 2013||8-Mos 2013|
|Ag Eq (oz)||229,480||167,494||1,360,825|
|Net Cash/Ag Oz||$5.31||$8.40||$8.19|
|All-In/Ag Eq Oz||$11.03||$10.60||$16.54|
Subject to adjustment following settlement with concentrate purchaser.
Silver equivalent ounces established using prices of US$24 per oz Ag, US$0.90 per lb Pb, and US$0.90 per lb Zn
applied to the recovered metal content of the concentrates.
"All-In Costs" include all direct mining, treatment and refining costs, capital and sustaining expenditures, mine and
resource expansion drilling and corporate general and administrative expenses
Updated 2013 Outlook
Excellon is targeting 2013 production of 1.35 million ounces of silver, 8.2 million pounds of lead and 11.9 million pounds of zinc or 2.1 million silver equivalent ounces (based on $24 silver, $0.90 lead and $0.90 zinc) at a targeted all-in cost of $14.00 per silver equivalent ounce. For the purposes of calculating the projected all-in cost, the Company has included all direct mining, treatment and refining costs, capital and sustaining expenditures, mine and resource expansion drilling and corporate general and administrative expenses.
Excellon to Present at Upcoming Conferences
Excellon will be attending the 2013 Precious Metals Summit at the Park Hyatt Hotel Beaver Creek, Colorado from September 18th to 20th. Brendan Cahill, President and CEO, will be presenting on Thursday, September 19th at 3:45 pm (MDT).
Excellon will also be attending the Denver Gold Forum 2013 at the Hyatt Regency Hotel in Denver, Colorado from September 22nd to 25th, 2013.
Excellon'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. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near-term mineable resources.
Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com.
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.