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Excellon Resources Inc (2)
Symbol C : EXN
Shares Issued 99,269,912
Close 2019-07-22 C$ 1.31
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Excellon produces 582,937 oz AgEq in Q2

2019-07-23 07:42 ET - News Release

Mr. Brendan Cahill reports

EXCELLON ANNOUNCES Q2 2019 PRODUCTION RESULTS

Excellon Resources Inc. has provided second quarter 2019 production results from the Platosa mine in Durango, Mexico.

Q2 2019 production (compared with Q2 2018)

  • Silver equivalent production of 582,937 ounces (Q2 2018 -- 637,206 AgEq ounces);
  • Silver production of 276,805 oz (Q2 2018 -- 277,701 oz);
  • Lead production of 1.8 million lb (Q2 2018 -- 1.8 million lb);
  • Zinc production of 2.5 million lb (Q2 2018 -- 2.8 million lb);
  • Mined tonnage in the first half of 2019 30 per cent higher than H1 2018.

"We had another strong quarter of production despite significantly lower metal prices during the period -- but it's exciting to see the rebound in precious metal prices, particularly silver, in recent weeks," stated Brendan Cahill, president and chief executive officer. "Our focus on reducing dilution continued to deliver results with improved ore grades and increased metal production with further progress ongoing at the mine and mill. As indicated previously, we ended Q1 with a significant stockpile of fresh ore and concentrate. As a result, sales and revenues from the deferred material from Q1 will be reflected in our Q2 financial results."

                                            PRODUCTION RESULTS
  
                                                Q2 2019       Q2 2018       H2 2019       H2 2018

Tonnes mined                                     18,717        16,146        38,801        29,930
Tonnes of ore processed                          19,964        16,580        36,733        29,601
Tonnes of historical stockpile processed              -         6,291         1,450        12,155
Tonnes milled                                    19,964        22,872        38,183        41,756
Ore grades
Silver (g/t)                                        514           507           523           478
Lead (%)                                           4.97          5.67          4.99          5.27
Zinc (%)                                           7.40          8.38          7.67          8.32
Historical stockpile grades
Silver (g/t)                                          -           172           123           174
Lead (%)                                              -          1.76          1.22          1.68
Zinc (%)                                              -          2.38          1.44          2.39
Blended head grades
Silver (g/t)                                          -           415           508           390
Lead (%)                                              -          4.59          4.85          4.23
Zinc (%)                                              -          6.73          7.44          6.59
Recoveries
Silver (%)                                         90.6          89.6          90.2          89.2
Lead (%)                                           83.6          80.2          79.5          80.8
Zinc (%)                                           79.6          82.2          78.9          82.9
Metal production*
Silver (oz)                                     276,805       277,701       537,249       472,163
Lead (lb)                                     1,763,316     1,847,967     3,139,740     3,123,385
Zinc (lb)                                     2,499,403     2,810,564     4,709,028     5,064,014
AgEq (oz)**                                     582,937       637,205     1,105,198     1,119,284
Average realized prices
Silver ($)                                        14.93         16.56         14.95         16.54
Lead ($)                                           0.85          1.08          0.86          1.08
Zinc ($)                                           1.23          1.41          1.25          1.42

* 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.


  

During Q2 2019, the operation accessed multiple ore faces in the Rodilla, Pierna, 623 and Guadalupe South mantos. Operational efficiencies implemented in previous quarters continued to deliver results with lower dilution, higher grades and steady production rates. Development has progressed toward the next production horizon in levels 916 in Manto 623 and 913 in Manto Pierna.

Upgrades at the Miguel Auza processing facility continued during the quarter with modifications impacting recoveries slightly for zinc, though recoveries are expected to improve in Q3.

The company expects to release second quarter financial results at market close on Aug. 1, 2019.

Qualified persons

Denis Flood, PEng, vice-president of technical services, has acted as the qualified person, as defined in National Instrument 43-101, with respect to the disclosure of the scientific and technical information relating to production results contained in this press release.

About Excellon Resources Inc.

Excellon's 100-per-cent-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 (CRD) mineralization on the 21,000-hectare Platosa project and epithermal silver mineralization on the 100-per-cent-owned 45,000-hectare Evolucion property, and capitalizing on current market conditions by acquiring undervalued projects in the Americas.

We seek Safe Harbor.

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