Excellon Resources Reports 2016 Annual and Q4 Financial Results; Update on Optimization Plan

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/506-tsx/exn/30525-excellon-resources-reports-2016-annual-and-q4-financial-results-update-on-optimization-plan.html

TORONTO, ON–(Marketwired – March 23, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) (“Excellon” or the “Company”) is pleased to report on corporate, operational and financial results for the three- and twelve-month periods ended December 31, 2016 and provide an update on the ongoing optimization plan (as further described below, the “Optimization Plan”) at the Company’s Platosa Mine in Durango, Mexico.

2016 Corporate and Operational Highlights

  • Advanced implementation of optimization plan at Platosa, with aim of doubling productivity and halving costs during 2017 — optimization plan in final implementation phase, with dry mining conditions expected during Q2 2017
  • Successful financings provided capital for optimization plan and $5 million exploration program at Platosa and addition of key new shareholder, Eric Sprott
  • Closed sale of DeSantis Property in Timmins, Ontario in Q2 2016 for shares of Osisko Mining Corporation that have gained +300% since closing of the transaction
  • Key exploration results near mine infrastructure include 13 metres of 662 g/t Ag, 4.9% Pb, 25.5% Zn and 0.57 g/t Au and 3 metres of 795 g/t Ag, 9.25% Pb and 25.85% Zn
  • Positive initial court resolution from Agrarian Tribunal of litigation with the Ejido La Sierrita
  • Negotiated improved offtake terms for 2017 with approximately 60% reduction in treatment and refining charges
  • Addition of key expertise to management team with appointment of Vice President Technical Services, Denis Flood, Vice President Geology, Ben Pullinger, and Vice President Corporate Responsibility, Dr. Craig Ford
  • Addition of highly-regarded board appointees, Dr. Laurie Curtis and Daniella Dimitrov

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