Excellon Resources Inc. (EXN)

[the cork]

Excellon starts 2014 with strong first quarter production
Excellon Resources Inc. (PC) (USOTC:EXLLF)
Today : Tuesday 15 April 2014

TORONTO, April 15, 2014 /CNW/ - Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce first quarter 2014 production results from the La Platosa Mine in Durango, Mexico.

Q1 2014 Production Highlights

589,881 silver equivalent ounces produced (Q1 2013 – 495,529 AgEq oz), including:
365,941 oz Ag (Q1 2013 – 312,167 oz Ag)
2.3 million lbs Pb (Q1 2013 – 2.2 million lbs Pb)
2.6 million lbs Zn (Q1 2013 – 3.5 million lbs Zn)
Production on track to meet 2014 targets
Cash, current accounts receivable and marketable securities total $9.1 million as of March 31, 2014 ($7 million as of December 31, 2013)

"The first quarter was a strong start to the year and built on the improvements we realized during 2013," stated Brendan Cahill, President and Chief Executive Officer. "We had exceptional production in March in particular, with over 250 tonnes produced per day, another important step towards incrementally increasing Platosa's production profile. We also milled over 8,300 tonnes of ore during the month at Miguel Auza."

"During the first quarter we refocused on enhancing mine safety, which is a key part of our effort to increase operational consistency and further reduce costs. The first quarter of production has positioned us well to meet our targets for 2014 and resume exploration at Platosa in the near term."

Q1 2014 Production Results

Silver (oz) 365,941
Lead (lb) 2,346,766
Zinc (lb) 2,629,6 82

AgEq (oz)** 589,881

Ore production during the first quarter was primarily from the 6A and Guadalupe (North, Main and South) mantos, though production from the 6A Manto was limited during January and February as water was managed in that area. Grades during the quarter were generally in line with estimates for the Platosa mineral resources mined during the period. The Company expects to develop into higher grade mantos in the 623, 6A and Rodilla mantos later in 2014. Metal recoveries improved significantly during the period relative to the third and fourth quarters of 2013.

Outlook

The Platosa operation is working to incrementally increase daily production throughout 2014, with an initial target of 210 tpd, a 9% increase over 2013. This target will be assessed and adjusted by management on an ongoing basis as the Company continues to focus on improving and strengthening operational efficiencies at the mine site, including further enhancing grouting techniques and water management. The Miguel Auza mill had approximately 55% spare capacity during 2013, leaving significant availability for increased tonnage. The Company is also seeking custom milling opportunities in the Miguel Auza area to increase mill utilization.

Excellon is targeting 2014 production of 1.4 to 1.6 million ounces of silver, 7.5 to 8.5 million pounds of lead and 9.0 to 10 million pounds of zinc or 2.1 to 2.3 million silver equivalent ounces (based on $24 silver, $0.90 lead and $0.90 zinc).

The Company plans to release first quarter financial results following the close of market on April 29, 2014, immediately preceding the Company's annual shareholders meeting.

About Excellon

Excellon's 100%-owned La Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products making it one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near-term mineable resources.

Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at 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.

* Subject to adjustment following settlement with concentrate purchaser.

** Silver equivalent ounces established using average metal prices during the period indicated applied to the recovered metal content of concentrates.


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