Excellon Reports First Quarter 2017 Financial Results and Update on Optimization Plan

http://www.marketwired.com/press-release/excellon-reports-first-quarter-2017-financial-results-update-on-optimization-plan-tsx-exn-2215547.htm

TORONTO, ON–(Marketwired – May 10, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT)(OTC: EXLLF) (“Excellon” or the “Company”) is pleased to report financial results for the three-month period ended March 31, 2017 and provide an update on the ongoing mine optimization plan (the “Optimization Plan”) at the Company’s Platosa Mine.

Q1 2017 Financial Highlights

  • Revenue of $3.4 million (Q1 2016 – $4.3 million)
  • Production of 205,314 silver equivalent (“AgEq”) ounces (Q1 2016 – 363,552 AgEq ounces)
  • Mine operating loss of $1.2 million (Q1 2016 – earnings of $0.4 million)
  • Adjusted net loss of $1.9 million or $0.03/share (Q1 2016 – adjusted net loss of $0.7 million or $0.01/share), excluding non-cash financing costs associated with outstanding convertible debentures (the “Debentures”) issued in November 2015
  • Cash, current accounts receivable and marketable securities totaled $5.7 million at March 31, 2017 (December 31, 2016 – $7.6 million)
  • Net working capital totaled $6.2 million at March 31, 2017 (December 31, 2016 – $8.6 million)
  • Sale of Osisko Mining Corporation (“Osisko”) common shares at CDN$5.29/share in early April 2017 for net proceeds of $3.3 million, realizing 350% gain since DeSantis Property sale transaction was announced in December 2015

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