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Press release from PR Newswire

Excellon Provides Mexican Exploration Update and Exceeds November Production Targets at Platosa

Friday, December 02, 2011

Excellon Provides Mexican Exploration Update and Exceeds November Production Targets at Platosa07:00 EST Friday, December 02, 2011 Toronto Stock Exchange - EXN Exploration Highlights: Hole LP965 drilled between the two main portions of the 623 Manto intersected 1,955 g/t (57 oz/T) Ag, 14.99% Pb, 28.76% Zn over 4.08 metres (m);  Hole LP971 drilled east of the 623 Manto in a relatively open area intersected 1,028 g/t (30 oz/T) Ag, 10.47% Pb, 12.74% Zn over 4.53 m; Production Highlights: Tonnage milled in November was 6,800 tonnes which exceeded budget by 35%; Silver production was 227,000 oz which exceeded budget by 95%. TORONTO, Dec. 2, 2011 /PRNewswire/ - Excellon Resources Inc. (TSX: EXN) ("Excellon" or "the Company") is pleased to report assay results for five new drill holes located near to but outside of the known massive sulphide mantos being exploited at Platosa and is also pleased to announce that it has significantly exceeded November's production targets. In addition the Company reports that the NI 43-101-compliant technical report dated November 22, 2011, supporting the updated Mineral Resource estimate for Platosa disclosed in a press release dated October 25, 2011 and prepared by Roscoe Postle Associates Inc. (RPA) was filed on SEDAR November 25, 2011. The Company also announced a TSX approved Normal Course Issuer Bid in a press release dated November 28, 2011.  This will be funded by internal cash. Jeremy Wyeth, President and CEO states; "We believe that these holes will contribute additional tonnage to the Platosa Mineral Resource in the future and they continue to demonstrate the exploration potential and robustness of the property.  We are further encouraged by the November production results as this fits in with our overall plan of achieving our annual silver production targets for 2011 and follows closely on the October production results, which were contained in our quarterly results press released November 10, 2011. Two months into the fourth quarter, we have already exceeded third quarter silver production." Mexican Exploration Update: Two drills are operating at Platosa.  One continues the search for the large-tonnage proximal carbonate replacement deposit source of the massive sulphide mantos and the other is located in the Cañón Colorado area six kilometres northwest of the mine where it is testing geophysical responses similar in nature to a conductivity anomaly associated with the rare earth element occurrence announced in a press release dated September 27, 2011. Assay details for the five holes and their locations are shown in the table and on Map 2 below.  All intervals are estimated true thicknesses.  In addition to these five holes there have been 10 other holes, including one, which was abandoned because of technical difficulties, drilled at Platosa since the exploration press release dated October 17, 2011.  While some of these 10 holes encountered sulphides, none intersected metal values of significance. Table:  Platosa Assay Results (intervals are estimated true thicknesses)   Location DDH # Interval From (m) Interval To (m) Interval width (m) Silver (g/t) Silver (oz/T) Lead (%) Zinc (%) 623 Manto West LP965 172.34 176.42 4.08 1,955 57.0 14.99 28.76   LP970 164.73 166.60 1.87 186 5.4 1.54 0.18 623 Manto East LP971 218.28 222.81 4.53 1,028 30.0 10.47 12.74   LP975 223.23 223.99 0.76 663 19.3 5.25 14.60 Guadalupe - NW LP966 152.53 153.20 0.67 143 4.2 3.06 4.16 Excellon's drill core samples are prepared and assayed by SGS Minerals Services (SGS) in Durango, Mexico.  The lab is accredited to ISO/IEC 17025.  The Company has in place a comprehensive QAQC program, supervised by an independent Qualified Person. Qualified Person Mr. John Sullivan, BSc., PGeo., Excellon's Vice President of Exploration for Mexico has acted as the Qualified Person, as defined in NI 43-101, for this disclosure. Mr. Sullivan is an economic geologist with over 35 years of experience in the mineral industry.  Prior to joining Excellon in 2007 he was a senior geologist at a Toronto-based international geological and mining engineering consulting firm where he evaluated properties and prepared NI 43-101 reports on gold and base metal projects in Canada and internationally.  In addition he has held senior positions with two large Canadian mining companies where he directed major exploration programs, managed field offices, and evaluated projects in Canada, Europe, Africa and Latin America.  Mr. Sullivan is not independent of Excellon as he is an officer of the Company. About Excellon 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. 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 gold mineralization and significant potential for the discovery of more. Excellon's exploration activities are fully funded through existing cash flow. On behalf of EXCELLON RESOURCES INC. "Jeremy Wyeth" 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 November 22, 2011 NI 43-101-compliant technical report prepared by 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.      SOURCE Excellon Resources Inc.Image with caption: "Map 1: Location Map - Platosa Property. (CNW Group/Excellon Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20111202_C3393_PHOTO_EN_7788.jpgImage with caption: "Map 2: Platosa Mantos and Recent Drill Hole Locations. (CNW Group/Excellon Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20111202_C3393_PHOTO_EN_7789.jpgFor further information: <p> Excellon Resources Inc.<br/> Joanne C. Jobin, Investor Relations Manager<br/> (647) 964-0292 or (416) 364-1130<br/> Email: <a href="mailto:info@excellonresources.com">info@excellonresources.com</a><br/> Website: <a href="http://www.excellonresources.com">www.excellonresources.com</a> </p>