TORONTO, April 15, 2021
/CNW/ - Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT)
(NYSE: EXN) (FRA: E4X2) ("Excellon" or the
"Company") is pleased to announce Q1 2021 production
results from the Platosa Mine in Durango,
Mexico.
Q1 2021 Production (compared to Q1 2020)
- Silver equivalent ("AgEq") production of 516,715 oz (Q1 2020
– 523,742 AgEq oz), including:
-
- Silver production increase of 11% to 328,747 oz (Q1 2020 –
296,281 oz)
- Lead production increase of 11% to 2.1 million lb (Q1 2020 –
1.9 million lb)
- Zinc production increase of 13% to 2.4 million lb (Q1 2020 –
2.1 million lb)
"We continue to see improved production from Platosa after the
changes we made in mid-2020, with our third consecutive quarter of
more than 21,000 tonnes mined," stated Brendan Cahill, President & CEO. "The mine
is reaching a good steady state of production, though we continue
to see opportunities to improve mill recoveries."
Production Results
|
Q1
2021
|
Q1
2020
|
Tonnes
Mined
|
21,212
|
19,899
|
Tonnes
Milled
|
21,764
|
19,042
|
Ore
grades
|
|
Silver
(g/t)
|
524
|
542
|
Lead
(%)
|
5.35
|
5.44
|
Zinc
(%)
|
6.73
|
6.78
|
Recoveries
|
|
Silver
(%)
|
89.7
|
89.3
|
Lead
(%)
|
81.8
|
82.8
|
Zinc
(%)
|
74.7
|
74.9
|
Metal
Production(1)
|
|
Silver
(oz)
|
328,747
|
296,281
|
Lead
(lb)
|
2,099,741
|
1,890,456
|
Zinc
(lb)
|
2,412,458
|
2,131,034
|
AgEq
(oz)(2)
|
516,715
|
523,742
|
Average Realized
Prices
|
|
Silver
(US$/oz)
|
26.32
|
15.04
|
Lead
(US$/lb)
|
0.92
|
0.79
|
Zinc
(US$/lb)
|
1.25
|
0.90
|
1.
|
Subject to
adjustment following settlement with concentrate
purchaser.
|
2.
|
AgEq ounces
established using average realized metal prices during the period
indicated applied to the recovered metal content of concentrates.
AgEq ounces produced during Q1 2021 were lower than Q1 2020 as
silver prices increased significantly more than base metal prices,
resulting in base metal production contributing less to silver
equivalency.
|
Production in Q1 2021 improved relative to Q1 2020 as the
changes and enhancements made in mid-2020 continued to be refined,
including modified shift schedules, mining methods and improved
water pumping and mine infrastructure efficiency.
Head grades and recoveries in Q1 2021 were consistent with Q1
2020, though lower than Q3 and Q4 2021. Plant improvements during
the quarter included rebuilt flotation cells, drying filters, shift
schedule modifications and training and management of floor
operations, which have begun to stabilize and improve zinc
recovery. Improved maintenance practices enabled sustained high
throughput with increased plant reliability.
The Company expects to file Q1 2021 financial results after
market closing on May 13, 2021.
COVID-19 Update
Excellon continues to implement measures to prevent COVID-19
among the workforce and local communities and to monitor the
effectiveness of these measures in mitigating any potential impact
on business activities. The Company's actions have been successful
to-date and the pandemic has not had any material impact on
production or shipment of concentrate.
Qualified Persons
Paul Keller, P. Eng., 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 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 mineral resources estimates, 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. 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.
Cautionary Note to U.S. Investors: The terms
"mineral resource," "measured mineral resource," "indicated mineral
resource" and "inferred mineral resource," as used on Excellon's
website and in its press releases are Canadian mining terms that
are defined in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101"). These
Canadian terms are not defined terms under United States Securities
and Exchange Commission ("SEC") Industry Guide 7 and are normally
not permitted to be used in reports and registration statements
filed with the SEC by U.S. registered companies. The SEC
permits U.S. companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and
legally extract or produce. Accordingly, note that
information describing the Company's "mineral resources" is not
directly comparable to information made public by U.S. companies
subject to reporting requirements under U.S. securities laws. U.S.
investors are urged to consider closely the disclosure in the
Company's Form 40-F which may be secured from the Company, or
online at http://www.sec.gov/edgar.shtml.
SOURCE Excellon Resources Inc.