Press release from CNW Group
Excellon announces TSX approval of normal course issuer bid
Monday, November 28, 2011
Toronto Stock Exchange - EXN
TORONTO, Nov. 28, 2011 /CNW/ - Excellon Resources Inc. (TSX: EXN) (the "Company" or "Excellon") 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.
Pursuant to the terms of the bid, Excellon may purchase its own common shares (the "Shares") for cancellation through the facilities of the TSX at the prevailing market price of the Shares. It is expected that the maximum number of Shares, which may be purchased by Excellon, will not exceed 13,957,462, being approximately 5% of the total issued and outstanding Shares (excluding any securities held by or on behalf of Excellon). Purchases will be subject to a daily maximum of 65,530 Shares, except where such purchases are made in accordance with the "block purchase" exemption under applicable TSX policy. Excellon will effect purchases at varying times commencing on December 1, 2011 and ending on November 30, 2012.
Jeremy Wyeth, Excellon's CEO stated: "In addition to providing shareholders liquidity, Management strongly believes that Excellon Shares have been trading in a price range, which does not adequately reflect the value of its shares in relation to the Company's business and its future prospects and strategy. As a result, the Company believes that purchasing its outstanding Shares at current market prices represents an attractive investment."
As at the close of business on November 25, 2011, Excellon had 279,149,233 Shares issued and outstanding.
Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, and Ontario and Quebec, Canada, 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, 100% owned Platosa Property, strategically located in the middle of the Mexican silver belt. Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa where an exploration program focused on diamond drilling and advanced geophysical techniques is ongoing. All of these activities are fully funded through existing cash flow. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. Excellon also has ongoing gold exploration programs on the DeSantis Project, located near Timmins, Ontario and the Beschefer Project, located in northwestern Quebec. Both these projects host known gold mineralization and significant potential for the discovery of more.
On behalf of
EXCELLON RESOURCES INC.
President and Chief Executive Officer
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. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced [particularly silver], the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the January 15, 2010 NI 43-101-compliant technical report prepared by Scott Wilson Roscoe Postle Associates Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
For further information:
Excellon Resources Inc.
Joanne C. Jobin, Investor Relations Manager
(647) 964-0292 or (416) 364-1130