Excellon Announces Q3 2019 Production Results
www.excellonresources.com
EXCELLON ANNOUNCES Q3 2019 PRODUCTION RESULTS
Toronto, Ontario – October 23, 2019 – Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and
FRA:E4X1) (“Excellon” or the “Company”) is pleased to announce third quarter 2019 production results
from the Platosa Mine in Durango, Mexico.
Q3 2019 Production (compared to Q3 2018)
• Silver equivalent (“AgEq”) production of 427,131 oz (Q3 2018 – 300,766 AgEq oz)
o Silver production of 257,497 oz (Q3 2018 – 171,227 oz)
o Lead production of 1.3 million lb (Q3 2018 – 0.8 million lb)
o Zinc production of 1.7 million lb (Q3 2018 – 1.0 million lb)
“We are ahead of where we were after three quarters in 2018, despite lower base metal prices, but we
continue to have further work to do at both Platosa and Miguel Auza,” stated Brendan Cahill, President
and Chief Executive Officer. “Production did not meet our expectations in Q3 2019 due to lower than
planned metal recoveries at our Miguel Auza processing facility and delayed processing of ore stockpiles
and delivery of concentrate inventory at quarter-end relative to Q2 2019. The delay in ore processing and
concentrate delivery will result in higher all-in sustaining costs during the quarter relatively to recent
quarters. That said, production at Platosa continued at a good pace with ongoing efforts to reduce dilution
proving successful. Our focus going forward is to continue improving production rates at Platosa while
effectively implementing flow sheet upgrades at Miguel Auza to drive down costs.”
Production Results
Q3 2019 Q3 2018 9-mos 2019 9-mos 2018
Tonnes Mined 18,167 10,974 56,967 40,905
Tonnes of ore processed 17,235 11,141 53,968 40,743
Tonnes of historical stockpile processed - 6,765 1,450 18,921
Tonnes Milled 17,235 17,907 55,419 59,663
Ore grades
Silver (g/t) 512 416 520 461
Lead (%) 4.44 3.74 4.81 4.85
Zinc (%) 5.97 4.33 7.13 7.23
Historical stockpile grades
Silver (g/t) - 151 123 166
Lead (%) - 1.36 1.22 1.57
Zinc (%) - 1.45 1.44 2.05
Blended head grades
Silver (g/t) 512 316 509 367
Lead (%) 4.44 2.84 4.72 3.81
Zinc (%) 5.97 3.24 6.98 5.59
Recoveries
Silver (%) 87.2 89.9 89.2 89.2
Lead (%) 77.7 74.2 78.9 78.8
Zinc (%) 76.5 78.2 78.1 81.3
- 2 -
Q3 2019 Q3 2018 9-mos 2019 9-mos 2018
Metal Production*
Silver (oz) 257,497 171,227 794,746 643,390
Lead (lb) 1,304,538 823,982 4,444,278 3,947,367
Zinc (lb) 1,654,175 1,005,767 6,363,203 6,069,780
AgEq (oz)** 427,131 300,766 1,532,330 1,420,050
Average Realized Prices
Silver ($) 17.65 14.51 15.78 15.74
Lead ($) 0.94 0.92 0.88 1.02
Zinc ($) 1.07 1.11 1.15 1.30
* 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.
The Company expects to release third quarter financial results prior to market open on November 6, 2019.
Qualified Persons
Marcello Locatelli, P. Eng., Vice President Special Projects, has acted as the Qualified Person, as defined in
NI 43-101, with respect to the disclosure of the scientific and technical information relating to production
results contained in this press release.
About Excellon
Excellon’s 100%-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 mineralization on the 21,000
hectare Platosa Project and epithermal silver mineralization on the 100%-owned 45,000 hectare Evolución
Property, and capitalizing on current market conditions by acquiring undervalued projects in the Americas.
The Company also holds an option on the 164 km2 Silver City Project in Saxony, Germany, a high-grade
epithermal silver district with 750 years of mining history and no modern exploration.
Additional details on Excellon’s properties are available at www.excellonresources.com.
For Further Information, Please Contact:
Excellon Resources Inc.
Brendan Cahill, President & CEO or
Nisha Hasan, Vice President Investor Relations
(416) 364-1130
www.excellonresources.com
Forward-Looking Statements
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 Section 27A of the
Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the fut ure results of
operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of
proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production
rates, potential mineral recovery processes and rates, business and financing plans, business trends 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. Forward-looking
statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those,
- 3 -
which, by their nature, refer to future events. The Company cautions investors that any forwar d-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 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, the Company's inability to obtain any necessary permits, co nsents 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. All of the Company's public disclosure filing s may be accessed via
www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Comp any's mineral
properties, and particularly the September 7, 2018 NI 43-101 technical report prepared by SRK Consulting (Canada) Inc. with respect to the Platosa
Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.