TORONTO, Oct. 23, 2019 /CNW/ - Excellon Resources
Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or
the "Company") is pleased to announce third quarter 2019
production results from the Platosa Mine in Durango, Mexico.
Q3 2019 Production (compared to Q3 2018)
- Silver equivalent ("AgEq") production of 427,131 oz (Q3 2018
– 300,766 AgEq oz)
-
- Silver production of 257,497 oz (Q3 2018 – 171,227
oz)
- Lead production of 1.3 million lb (Q3 2018 – 0.8 million
lb)
- Zinc production of 1.7 million lb (Q3 2018 – 1.0 million
lb)
"We are ahead of where we were after three quarters in 2018,
despite lower base metal prices, but we continue to have further
work to do at both Platosa and Miguel
Auza," stated Brendan Cahill,
President and Chief Executive Officer. "Production did not meet our
expectations in Q3 2019 due to lower than planned metal recoveries
at our Miguel Auza processing
facility and delayed processing of ore stockpiles and delivery of
concentrate inventory at quarter-end relative to Q2 2019. The delay
in ore processing and concentrate delivery will result in higher
all-in sustaining costs during the quarter relatively to recent
quarters. That said, production at Platosa continued at a good pace
with ongoing efforts to reduce dilution proving successful. Our
focus going forward is to continue improving production rates at
Platosa while effectively implementing flow sheet upgrades at
Miguel Auza to drive down
costs."
Production Results
|
Q3
2019
|
Q3
2018
|
9-mos
2019
|
9-mos
2018
|
Tonnes
Mined
|
18,167
|
10,974
|
56,967
|
40,905
|
Tonnes of ore
processed
Tonnes of
historical stockpile processed
|
17,235 -
|
11,141
6,765
|
53,968
1,450
|
40,743
18,921
|
Tonnes
Milled
|
17,235
|
17,907
|
55,419
|
59,663
|
Ore
grades
|
Silver
(g/t)
|
512
|
416
|
520
|
461
|
Lead
(%)
|
4.44
|
3.74
|
4.81
|
4.85
|
Zinc
(%)
|
5.97
|
4.33
|
7.13
|
7.23
|
Historical
stockpile grades
|
Silver
(g/t)
|
-
|
151
|
123
|
166
|
Lead
(%)
|
-
|
1.36
|
1.22
|
1.57
|
Zinc
(%)
|
-
|
1.45
|
1.44
|
2.05
|
Blended head
grades
|
Silver
(g/t)
|
512
|
316
|
509
|
367
|
Lead
(%)
|
4.44
|
2.84
|
4.72
|
3.81
|
Zinc
(%)
|
5.97
|
3.24
|
6.98
|
5.59
|
Recoveries
|
Silver
(%)
|
87.2
|
89.9
|
89.2
|
89.2
|
Lead
(%)
|
77.7
|
74.2
|
78.9
|
78.8
|
Zinc
(%)
|
76.5
|
78.2
|
78.1
|
81.3
|
Metal
Production*
|
Silver
(oz)
|
257,497
|
171,227
|
794,746
|
643,390
|
Lead
(lb)
|
1,304,538
|
823,982
|
4,444,278
|
3,947,367
|
Zinc
(lb)
|
1,654,175
|
1,005,767
|
6,363,203
|
6,069,780
|
AgEq
(oz)**
|
427,131
|
300,766
|
1,532,330
|
1,420,050
|
Average Realized
Prices
|
Silver
($)
|
17.65
|
14.51
|
15.78
|
15.74
|
Lead
($)
|
0.94
|
0.92
|
0.88
|
1.02
|
Zinc
($)
|
1.07
|
1.11
|
1.15
|
1.30
|
|
|
*
|
Subject to
adjustment following settlement with concentrate
purchaser.
|
**
|
AgEq ounces
established using average realized metal prices during the period
indicated applied to the recovered metal content of
concentrates.
|
The Company expects to release third quarter financial results
prior to market open on November 6,
2019.
Qualified Persons
Marcello Locatelli, P. Eng., Vice
President Special Projects, 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.
About Excellon
Excellon's 100%-owned Platosa Mine has been Mexico's highest-grade silver mine since
production commenced in 2005. The Company is focused on optimizing
Platosa's cost and production profile, discovering further
high-grade silver and carbonate replacement deposit mineralization
on the 21,000 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 in the Americas. 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.