Excellon Resources Inc. (EXN)

[the cork]

Excellon reports net earnings of $1.9 million from first quarter 2014
Excellon Resources Inc. (PC) (USOTC:EXLLF)
Today : Wednesday 30 April 2014

TORONTO, April 29, 2014 /CNW/ - Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report financial results for the three-month period ended March 31, 2014.

Q1 2014 Highlights

Revenue of $10.5 million (Q1 2013 – $10.1 million)

Sales of 624,953 AgEq ounces (Q1 2013 – 476,281 AgEq ounces), including 383,782 oz Ag, 2,482,210 lbs Pb and 2,877,156 lbs Zn

Mine operating earnings of $2.7 million (Q1 2013 – $4.1 million)
Net income of $1.9 million or $0.03/share (Q1 2013 – net loss of $0.6 million or $0.01/share)

Cash flow from operations of $2.1 million or $0.04/share before changes in working capital (Q1 2013 – loss of $0.6 million or $0.01/share)

Total cash cost per silver ounce payable of $11.76 (Q1 2013 – $9.09)

All-in sustaining cost ("AISC") per silver ounce payable of $17.28 (Q1 2013 – $24.06)
Cash, marketable securities and current accounts receivable totaled $9.1 million at March 31, 2014 ($7.0 million at December 31, 2013)

Working capital totaled $11.8 million at March 31, 2014 ($10.3 million at December 31, 2013

".....During the first quarter, we demonstrated positive cash flow and profits, even while producing from relatively lower grade mantos at Platosa and at currently low silver prices," stated Brendan Cahill, President and Chief Executive Officer. "With years of significantly higher grade resource ahead of us, we are well positioned to grow even in this subdued silver price environment. Starting this quarter, we are reporting in accordance with the World Gold Council's all-in sustaining cost ("AISC") standards, which will provide investors with a clearer perspective on our cash flow per payable ounce of silver.........."

(Cont.) http://ih.advfn.com/p.php?pid=nmona&article=62012675&symbol=EXLLF