Excellon Resources Announces TSX Approval of Normal Course Issuer Bid
Toronto Stock Exchange - EXN
TORONTO, Nov. 29, 2012 /CNW/ - Excellon Resources Inc.
(TSX: EXN) ("Excellon" or "the Company"), Mexico's highest grade
silver producer, is pleased to announce that the Toronto Stock
Exchange (the "TSX") has approved the notice of its intention to
make a normal course issuer bid (the "NCIB Program").
The Company has filed the NCIB Program to allow for market
purchases of the Company's common shares (the "Shares") under
certain market conditions and subject to the approval of the
Board of Directors.
The Company does not currently intend to purchase Shares on the
market, but may do so from time to time in the future.
Although the Board of Directors and Management of the Company
believe that the Shares are currently significantly undervalued,
the Company's cash flow is best used to fund the ongoing,
aggressive diamond drill program on the Company's new CRD/Source-
style discovery on the La Platosa Property in the state of
The Company's exploration programs are fully funded from high-
grade silver production at the La Platosa Mine.
Pursuant to the terms of the NCIB Program, Excellon shall be
permitted to purchase Shares for cancellation through the
facilities of the TSX at the prevailing market price of the
The Company may purchase a maximum of 26,468,732 Shares (or 10%
of the total public float) pursuant to the NCIB Program.
Purchases will be subject to a daily maximum of 75,060 Shares,
except where such purchases are made in accordance with the
"block purchase" exemption under applicable TSX policy. Excellon
may make purchases from time to time commencing on December 3,
2012 and ending on December 2, 2013.
As at the close of business on November 28, 2012, Excellon had
275,179,467 Shares issued and outstanding.
Excellon's high-grade silver production drives transformative
The Company'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.
With 41,000 hectares of exploration ground surrounding the mine,
Excellon is focused on discovering the large-tonnage Source of
the high-grade silver mantos currently in production.
Such a discovery has the potential to transform La Platosa into
the next major project in Mexico's prolific CRD/silver belt.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy ----- and is not to be construed
in any way as, an offer to buy or sell securities in the United States.
SOURCE: Excellon Resources Inc.
Excellon Resources Inc.
Joanne C. Jobin, Vice President, Investor Relations
T. (416) 364-1130 E. firstname.lastname@example.org
W. http://www.excellonresources.com http://www.excellonresources.com/Investors/Press-Releases.aspx?CnwID=135081