TORONTO, April 2, 2020 /CNW/ - Excellon Resources
Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or
the "Company") announces that the Company is in the
process of temporarily suspending all mining, milling and
exploration activities at its Mexican operations until April 30, 2020, in accordance with the detailed
Mexican Presidential Order (the "Order") issued on
March 31st. On
March 30th, Mexico declared a state of emergency and
issued stricter measures, including the temporary suspension of
activities deemed non-essential to containing the COVID-19
pandemic. The Order did not list mining and mineral processing as
essential activities. Critical pumping, safety, security and
environmental management will continue during this temporary
suspension.
"We stand with the People and Government of Mexico, as we all have a part to play in
stopping this global pandemic," stated Brendan Cahill, President and CEO. "We hope that
the significant steps Mexico has
taken will save lives across the country. We stand ready to safely
resume operations at the appropriate time to contribute to our
local economies and critical global supply chains."
As advised on March 20,
2020 (CEO's Letter to Shareholders), the Company implemented
measures at the Platosa Mine and Miguel
Auza Mill to minimize the possibility of COVID-19 outbreaks
amongst the workforce and local communities. Excellon will continue
to dialog with government authorities to ensure a safe and timely
re-start of operations at Platosa and Miguel Auza. The Company's business continuity
plans are in place and the Company is expected to have sufficient
liquidity to manage through the temporary suspension of mining
operations, with cash and marketable securities totaling
US$9.7 million as of March 31, 2020.
About Excellon
Excellon's 100%-owned Platosa Mine has been Mexico's highest-grade silver mine since
production commenced in 2005. Excellon is focused on optimizing
Platosa's cost and production profile, discovering further
high-grade silver and carbonate replacement deposit mineralization
on the 14,000-hectare Platosa Project and epithermal silver
mineralization on the 100%-owned 45,000-hectare Evolución Property,
and capitalizing on current market conditions by acquiring
undervalued projects. The Company also holds an option on the 164
km2 Silver City Project in Saxony, Germany, a high-grade epithermal silver
district with 750 years of mining history and no modern
exploration.
Additional details on Excellon's properties are available at
www.excellonresources.com.
Forward-Looking Statements
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, 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 September
7, 2018 NI 43-101 technical report prepared by SRK
Consulting (Canada) 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.