Excellon Resources reports financial results for the three months ended March 31, 2012
TORONTO, May 10, 2012 /CNW/ - Excellon Resources Inc. (TSX: EXN) ("Excellon" or "the Company") Mexico's highest grade silver producer, is pleased to provide results for the first quarter, 2012.
Excellon reports net income of $5.6 million ($0.02 per share) for the three months ended March 31, 2012 (all dollar amounts are in US dollars). For complete details please see Management's Discussion & Analysis of Financial Results, which is available on SEDAR at www.sedar.com.
1 st Quarter Highlights:
Silver production of 436,351 ounces as compared to 202,077 ounces in the same period of 2011 representing a 116% increase;
Cash operating cost per ounce silver (net of by-product credits) of $5.67 as compared to $11.45 per ounce in 2011; and
Cash, marketable securities and trade receivables of $23.0 million as compared to $22.8 million as of December 31, 2011
Financial and Operating Highlights:
Highlights for the three months ended March 31, 2012, and March 31, 2011 are as follows:
Mar 31, 2012
Mar 31, 2011
|$ 000's||$ 000's|
|Cost of sales||4,841||4,638|
|Net income for the period||5,620||455|
The following are the La Platosa mine production statistics for the periods indicated:
Mar 31, 2012
Mar 31, 2011
|Tonnes of Ore Processed||17,132||12,391|
|Note: "t"= tonne; "T"= ton|
Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, and Ontario and Quebec, Canada, is committed to building value through production, expansion and discovery. Excellon is Mexico's highest-grade silver producer; it produces silver, lead and zinc from the high-grade manto Mineral Resource on its large, 100% owned Platosa Property, strategically located in the middle of the Mexican CRD/silver belt. Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa where an exploration program focused on diamond drilling and advanced geophysical techniques is ongoing. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The Miguel Auza Mill Operation in Zacatecas also has 41,000 hectares of under explored land. Excellon also has ongoing gold exploration programs on the DeSantis Project, located near Timmins, Ontario and the Beschefer Project, located in northwestern Quebec. Both these projects host gold mineralization and significant potential for the discovery of more. Excellon will continue to use cash from operations to fund its ongoing exploration activities.
On behalf of
EXCELLON RESOURCES INC.
President and Chief Executive Officer
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 applicable Canadian securities legislation and applicable U.S. securities laws. Except for statements of historical fact relating to the Company, such statements include, without limitation, statements regarding proposed production rates, the future results of operations, performance and achievements of the Company, the timing, content, and results of proposed work programs, the discovery and delineation of mineral eposits/resources/reserves, geological interpretations, potential mineral recovery processes and rates, business plans 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 and the Company undertakes no obligation to update forward-looking statements. Forward-looking statements are typically identified by words such as: believes, expects, anticipates, intends, estimates, targets, plans, postulates, 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 risk 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 (particularly silver), 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. A description of the risk factors applicable to the Company can be found in the Company's most recent Annual Information Form under "Description of the Business - Risk Factors". All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the latest NI 43-101-compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. This document is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.