Excellon Closes Sale of Oakley
Excellon Closes Sale of Oakley
Toronto, Ontario--(Newsfile Corp. - October 19, 2023) -
Excellon Resources Inc. (TSX: EXN)
(OTCQB: EXNRF) (FSE: E4X2) ("Excellon"
or the
"Company")
is pleased to announce that, further
to its news release dated August 30, 2023, Excellon Idaho Gold Inc., a wholly-owned subsidiary of
Excellon, has closed the sale of Excellon's minority interest in the Oakley Project ("
Oakley
") to Centerra
(U.S.) Inc. ("
Centerra
") for US$1 million in cash.
Shawn Howarth, President and CEO of Excellon, commented, "Securing this funding demonstrates a
successful exit from a non-core asset and allows Excellon to advance on key strategic priorities including
restructuring the balance sheet and the development of its core asset portfolio."
Immediately prior to the execution of the purchase agreement, Centerra had earned into a 70% interest
in Oakley by spending US$7 million in exploration expenditures since 2020. As per the terms of the
earn-in agreement with Centerra, Excellon would be required to fund future expenditures on a 70%/30%
pro rata basis. If Excellon chose to waive its pro rata expenditures, the Company would be diluted to an
effective 2% net smelter returns royalty on Oakley.
About Excellon
Excellon's vision is to realize opportunities through the acquisition of advanced development or
producing assets with further potential to gain from an experienced management team for the benefit of
our employees, communities and shareholders. The Company is advancing a portfolio of silver, base
metals and precious metals assets including Kilgore, an advanced gold exploration project in Idaho; and
Silver City, a high-grade epithermal silver district in Saxony, Germany 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.
Shawn Howarth, President & Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
All statements, other than statements of historical fact, contained, referenced or incorporated by
reference in this news release constitute "forward-looking statements" and "forward looking
information" (collectively, "
forward-looking statements
") within the meaning of applicable Canadian
and United States securities legislation. Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as: "actively", "advance", "anticipated", "assess",
"believe", "cause", "commence", "completion", "conditions", "consideration", "continues",
"development", "due course", "expectation", "exploration", "extend", "extension", "flexibility",
"focused", "forbearance", "forward", "further", "future", "if", "implement", "liquidity", "looking",
"maturity", "may", "negotiations", "occur", "opportunities", "options", "outcome", "outstanding",
"potential", "providing", "reach", "restructuring", "risk", "subject to", "to be", "update", "vision", "waive",
"when", "will", and "would", or variations of such words, and similar such words, expressions or
statements that certain actions, events or results can, could, may, should, to, will, would (or not) be
achieved, occur, provide, result, complete or support in the future or which, by their nature, refer to
future events. In some cases, forward-looking information may be stated in the present tense, such as
in respect of current matters that may be continuing, or that may have a future impact or effect.
Forward-looking statements include statements regarding the ability to advance on strategic priorities
such as restructuring the balance sheet; and Excellon's vision and development of its core asset
portfolio; and any updates to the market regarding any of the foregoing. Although the Company
believes that such statements are reasonable, it can give no assurance that such expectations will
prove to be correct, and any forward-looking statements by the Company are not guarantees of future
actions, results or performance. Forward-looking statements are based on assumptions, estimates,
expectations and opinions, which are considered reasonable and represent best judgment based on
available facts, as of the date such statements are made. If such assumptions, estimates,
expectations and opinions prove to be incorrect, actual and future results may be materially different
than expressed or implied in the forward-looking statements. Forward-looking statements are
inherently subject to known and unknown risks, uncertainties, contingencies and other factors which
may cause the actual results or performance of the Company to be materially different from any future
results or performance expressed or implied by the forward-looking statements. Such risks,
uncertainties, contingencies and other factors include, among others, the inability of the Company to
restructure the balance sheet, the "Risk Factors" in the Company's annual information form dated
March 31, 2023 (the "
2023 AIF
"), and the risks, uncertainties, contingencies and other factors
identified in this news release, the Company's Management's Discussion and Analysis, and
accompanying financial statements, for the year ended December 31, 2022 and quarters already
ended in 2023, and the Company's other applicable public disclosure (collectively, "
Company
Disclosure
"). The foregoing list of risks, uncertainties, contingencies and other factors is not
exhaustive; readers should consult the more complete discussion of the Company's business,
financial condition and prospects that is provided in the 2023 AIF and the other Company Disclosure.
The forward-looking statements referenced or contained in this news release are expressly qualified
by these Cautionary Statements as well as the Cautionary Statements in the other Company
Disclosure. Forward-looking statements contained herein are made as of the date of this news release
(or as otherwise expressly specified) and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future events or results or
otherwise, except as required by applicable laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/184517