Excellon Resources Inc. (EXN)

[gharma]

EXN has been busy buying shares in open market per its share purchase plan, including 273,000 last week, 491,500 since the buying started May 6

Also, news/update out yesterday
http://ih.advfn.com/p.php?pid=nmona&article=57273578&symbol=TSX:EXN

Excellon provides update on La Platosa property

TORONTO, April 22, 2013 /PRNewswire/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to provide an update on the status of its agrarian legal suit against the Ejido La Sierrita (the "Ejido"), which was filed in August 2012 . Excellon sued the Ejido to terminate the surface rights agreement ("SRA") in respect of the surface rights to 1,100 hectares of exploration ground west of the La Platosa Mine and for various damages relating to the illegal blockade of the mine last year. The Ejido also sued for termination of the SRA one week after being advised of Excellon's suit.

At a hearing of the Agrarian Court last week, the Court advised that as both parties wished to terminate the SRA, Excellon would formally return the surface rights effective May 9, 2013 pending further resolutions in respect of ten particular hectares.

"The pending outcome of the Agrarian Court hearing is as we intended and expected when we filed a suit for termination of the SRA in August 2012," stated Brendan Cahill, President and CEO. "This is the best path forward for our La Platosa Mine, our employees, the residents of Bermejillo, Mapimi and La Sierrita, our stakeholders and our shareholders. Every day, we operate with the full support of our employees, the communities of Bermejillo and Mapimi and all levels of Mexican government. The number one priority of our community programs is to ensure that our actions and investments provide value over the long-term."

The decision to terminate the SRA (refer to press release dated September 10, 2012) was driven by the need to limit the risk exposure of the SRA on La Platosa production capabilities. This decision has since been solidified by current capital markets conditions and has become an element of Excellon's business strategy. As the Company focuses on optimizing high-grade, low-cost production, increasing cash flow and expanding high-grade and near term mineable resources at the La Platosa Mine, the termination of the SRA will result in reduced expenditures of over US$600,000 annually and immediate savings of approximately US$600,000 during 2013. Excellon also intends to continue its suit against the Ejido for damages relating to the illegal blockade of the mine.

Excellon holds approximately 41,000 hectares of mineral and mining rights at La Platosa. These rights entitle the Company to explore for and mine minerals at La Platosa and in an extensive surrounding area. Excellon also owns all surface rights needed to produce silver from the La Platosa Mine and conduct further surface and underground exploration for further high-grade manto mineralization and the CRD/Source of the La Platosa mantos.