TORONTO, May 13, 2020 /CNW/ - Excellon Resources Inc.
(TSX: EXN, EXN.WT, OTC: EXLLF and FRA: E4X1) ("Excellon" or
the "Company") announces the Company will postpone
the filing of its interim financial statements and management's
discussion and analysis for the three-month period ended
March 31, 2020. The Company intends
to rely on the blanket relief granted by Ontario Instrument
51-502 – Temporary Exemption from Certain Corporate Finance
Requirements and comparable relief granted by other
Canadian Securities Administrators in respect of its
obligation under National Instrument 51-102 – Continuous
Disclosure Obligations, which provides for up to a 45-day
extension for periodic filings. Management expects to file
interim financial reports on or before June
1, 2020.
The following material business developments have occurred since
March 31, 2020, being the date of the
last financial reports filed by the Company:
- On April 2, 2020, in response to
the growing concerns around the spread of COVID-19 and Mexican
government directives, mining, milling and exploration activities
were temporarily suspended at Platosa Mine, Miguel Auza concentrator and the
Evolución Project;
- On April 17, 2020, shareholders
of Excellon and Otis overwhelmingly approved all resolutions put
forth in connection with the previously announced business
combination by way of a plan of arrangement;
- On April 22, 2020, the British
Columbia Supreme Court granted the final approval of the business
combination of Excellon and Otis;
- On April 23, 2020, the Company
announced the successful completion of the business combination,
pursuant to which Excellon acquired all of the issued and
outstanding common shares of Otis;
- On April 30, 2020, the Company
provided an update on operations in Mexico and extended the temporary suspension
of mining, milling and exploration activities to May 31, 2020 in response to additional government
directives; and
- On May 7, 2020, the Company
announced an update on the Plan of Operations for the Kilgore
Project in Idaho and the United
States Federal District Court for the District of Idaho's decision amending its December 2019 judgment to require further
environmental analysis for the Dog Bone Ridge area.
The Company confirms that its management and other insiders are
subject to an insider trading black-out policy that reflects the
principles in section 9 of National Policy 11-207
– Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions.
About Excellon
Excellon's vision is to create wealth by realizing strategic
opportunities through discipline and innovation for the benefit of
our employees, communities and shareholders. The Company is
advancing a precious metals growth pipeline that includes: Platosa,
Mexico's highest-grade silver mine
since production commenced in 2005; Kilgore, a high quality gold development
project in Idaho with strong
economics and significant growth and discovery potential; and an
option on Silver City, a high-grade epithermal silver district in
Saxony, Germany with 750 years of
mining history and no modern exploration. The Company also aims to
continue capitalizing on current market conditions by acquiring
undervalued projects.
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.