Excellon Reports 1st Quarter Profit of $967,133
12/15/2009 4:06:04 PM - Market Wire

TORONTO, ONTARIO, Dec 15, 2009 (MARKETWIRE via COMTEX News Network) --

Excellon Resources Inc. (TSX: EXN) (the "Company" or "Excellon") reports first quarter earnings of $967,133 for the three months ended October 31, 2009. (For full details, please see the Company's Management Discussion & Analysis and Audited Financial Statements, which were filed on SEDAR, www.sedar.com, on December 15, 2009.)

1st Quarter Highlights:

- The Company reported its second consecutive profitable quarter.

- In Q1 shipped 1,661 dry metric tons ("DMT") of silver-lead concentrate with payable metal of 363,291 ounces silver and 2,102,749 pounds lead; shipped 1,943 DMT of silver-zinc concentrate with payable metal of 30,649 ounces silver and 1,855,730 pounds zinc (on a provisional basis)

- Expanded the exploration drilling program at the Platosa property to four drills with continuing favourable results

- Expanded Mineral Resource as follows:

Tonnes                                       Indicated             Inferred
                                         -----------------------------------
Opening February 3, 2008                       396,000               72,700
Production                                     (79,000)
Additions                                      262,000               87,300
                                         -----------------------------------
Closing October 31, 2009                       579,000              160,000
                                         -----------------------------------
                                         -----------------------------------

- Subsequent to the quarter end acquired 100% of additional Platosa land from joint venture partner

"Strong operational and financial performance continued in the 1st quarter ending October 31, 2009." commented Chris Hopkins, Excellon's Chief Financial Officer. "We are very pleased to have continued with another profitable quarter. With good cash flow we ended our 1st quarter with $8.4 million in cash and we remain well positioned to continue to build on our strong foundation for growth and exploration program in the coming months."

Financial Highlights
                                                      Three months ended
                                                   31-Oct-09      31-Oct-08
                                                 -----------    -----------
Sales                                            $ 9,829,218    $ 1,020,374
Cost of production (including amortization)        3,503,065      1,772,086
                                                 -----------    -----------
                                                   6,326,153       (751,712)
                                                 -----------    -----------
Expenses:
 Non-cash items                                    1,142,809      2,079,041
 Exploration expenditures                          1,511,072      2,158,218
 Other                                             1,819,332      1,265,314
 Provision for (recovery of) income taxes
  - current                                          752,581       (131,094)
 Provision for (recovery of) income taxes
  - future                                           133,226       (189,493)
                                                 -----------    -----------
                                                   5,359,020      5,181,986
                                                 -----------    -----------
Net income (loss) for the period                 $   967,133    $(5,933,698)
                                                 -----------    -----------
                                                 -----------    -----------
Earnings (loss) per share  - basic               $     0.004    $    (0.037)
                                                 -----------    -----------
                                                 -----------    -----------
                           - diluted             $     0.004    $    (0.037)
                                                 -----------    -----------
                                                 -----------    -----------
Cash provided by (used in) operating activities  $ 1,888,260    $(1,183,581)
                                                 -----------    -----------
                                                 -----------    -----------
Cash, short-term investments and silver bullion  $ 8,448,422    $ 2,364,719
                                                 -----------    -----------
                                                 -----------    -----------
Working capital surplus (deficiency)             $ 7,821,252    $(2,018,907)
                                                 -----------    -----------
                                                 -----------    -----------
Mining Operations
The following are the shipping statistics for the years ended July 31, 2009
and 2008:
                                       3 months ended
                                       --------------
                  31-Oct-09   31-Jul-09   30-Apr-09   31-Jan-09   31-Oct-08
                  ---------   ---------   ---------   ---------   ---------
Tonnes of ore
 shipped             16,521      18,493      11,376       6,250       7,803
                  ---------   ---------   ---------   ---------   ---------
                  ---------   ---------   ---------   ---------   ---------
Contained metal
 Silver (ozs.)      421,942     672,934     356,076     273,646     269,012
 Lead (lbs.)      2,599,211   3,791,618   2,110,464   1,476,337   1,276,733
 Zinc (lbs.)      2,600,238   3,220,837   2,660,965   1,269,544     847,726
Average grade:
 Silver (oz/t)(1)      28.1        40.1        34.5        43.8        34.5
 Silver (g/t)         875.9     1,248.0     1,073.5     1,362.6     1,072.9
 Silver (oz/T)         25.5        36.4        31.3        39.7        31.3
 Lead (%)               7.1         9.3         8.4        10.7         7.4
 Zinc (%)               7.1         7.9        10.6         9.2         4.9
Payable metal:
 Silver - (ozs.)    393,940     493,424     244,958     211,255     207,677
 Lead - (lbs.)    2,102,749   2,575,693   1,192,823   1,122,017     970,317
 Zinc - (lbs.)    1,855,730   2,041,744   1,244,589     857,367     571,800

About Excellon

Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, is committed to building value through production, expansion and discovery. Excellon is producing silver, lead and zinc from the high-grade manto Mineral Resource on its large Platosa Property, strategically located in the middle of the Mexican silver belt. In fiscal 2010, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through an aggressive CDN$11,200,000 exploration program where four diamond drills are in operation. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts an Indicated and Inferred Mineral Resource, was the site of considerable historic mining for silver, (gold), lead and zinc and was exploited by Silver Eagle during 2008. The exploration potential of Miguel Auza remains to be evaluated and is the object of an exploration program, which began in September.