Mr. Brendan Cahill reports
EXCELLON ANNOUNCES FIRST QUARTER 2015 PRODUCTION
Excellon Resources Inc. has released its first quarter 2015 production results from the La Platosa mine in Durango, Mexico.
First quarter 2015 production highlights (compared with first quarter 2014)
- Silver equivalent (AgEq) production of 408,095 ounces (first quarter 2014 -- 589,881 AgEq ounces);
- Silver production of 217,079 ounces (first quarter 2014 -- 365,941 ounces);
- Lead production of 1.3 million pounds (first quarter 2014 -- 2.3 million pounds);
- Zinc production of 2.2 million pounds (first quarter 2014 -- 2.6 million pounds).
"Production is steadily getting back on track at Platosa," stated Brendan Cahill, president and chief executive officer. "We have further development work ahead of us to resume production rates of 200 tonnes per day, but our team continues to identify areas where costs can be further reduced or streamlined, which will serve us well going forward. The greatest opportunity at Platosa continues to be the improved water management system we have been developing, which we expect to provide an update on in the near term."
FIRST QUARTER 2015 PRODUCTION RESULTS
Q1 2015 Q4 2014 Q1 2014
Tonnes mined 13,920 10,794 19,202
Tonnes milled 13,828 11,671 18,890
Grades
Silver (g/t) 533 632 614
Lead (%) 5.37 6.00 6.67
Zinc (%) 8.83 8.28 8.12
Recoveries
Silver (%) 91.7 93.1 92.7
Lead (%) 79.2 75.7 84.2
Zinc (%) 83.7 79.6 80.8
Metal production*
Silver (oz) 217,079 206,343 365,941
Lead (lb) 1,252,796 1,136,853 2,346,766
Zinc (lb) 2,239,313 1,656,332 2,629,682
AgEq (oz)** 408,095 366,272 589,881
Notes
* Subject to adjustment following settlement with concentrate purchaser.
** Silver equivalent ounces established using average metal prices
during the period indicated applied to the recovered metal content
of concentrates.
Ore production during the first quarter was primarily from the 6A, Guadalupe South and periphery of the 623 mantos. Grades during the quarter were generally in line with estimates for the Platosa mineral resources mined during the period. Mine operations steadily improved from the third and fourth quarters in 2014 as water management was normalized, resulting in drier mining conditions. Development continues to be a priority for the company and will be focused on the 6A, 623 and Rodilla mantos during the second quarter of 2015. The company is currently accessing the periphery of the high-grade 623 manto, hosting mineral resources of 83,000 tonnes at 1,232 g/t Ag (1,777 g/t AgEq), with this manto expected to reach full production after mid-2015 as the access ramp reaches the main body of that manto. The company expects to release first quarter financial results prior to market open on May 14, 2015.
We seek Safe Harbor.
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