Business
Excellon Reports 2012 Financial Results
Toronto Stock Exchange - EXN TORONTO, March 27, 2013 /CNW/ - Excellon Resources Inc. (...
About this update from Excellon Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nToronto Stock Exchange - EXN\n\n\nTORONTO, March 27, 2013 /CNW/ - Excellon Resources Inc. (TSX:EXN) (\"Excellon\" or \"the Company\"), Mexico's highest grade silver producer, is pleased to report financial results for the years ended December 31,\n 2012 and 2011.\n\n\n2012 Highlights\n\n\n\nHigh-grade production of 1.55 million silver equivalent ounces from the\n 100%-owned and royalty free La Platosa Mine in Durango, Mexico:\n\n\n\nOre grades of 846 g/t (24.67 oz/T), 6.75% Pb and 11.81% Zn; \n\n\n1.1 million ounces Ag;\n\n\n5.7 million lbs Pb; and \n\n\n10.5 million lbs Zn;\n\n\n\nNet cash costs per silver ounce of $5.99 (1) remain among the lowest in the industry;\n\n\n\n\nNet income of $8.4 million;\n\n\n\n\nFinancial position remains strong, with cash, marketable securities and\n trade receivables totaling $11.0 million at year end;\n\n\n\n\nFully-funded key expenditures during 2012 included:\n\n\n\n$9.9 million on exploration in Mexico and Canada;\n\n\n$2.8 million in capital expenditures at the La Platosa Mine and Miguel\n Auza Mill;\n\n\n$2.4 million to repurchase a 1% net smelter return royalty on La Platosa\n from Golden Minerals - immediately accretive to cash flow and freeing\n the property of royalties;\n\n\n$2.9 million to repurchase 5.1 million common shares of the Company;\n\n\n$5 million invested in the Sprott Physical Silver Trust representing an\n underlying investment of 134,732 ounces of silver;\n\n\n\nDiscovery of new Source-style mineralization at Rincon del Caido, with\n results including:\n\n\n\n132 g/t Ag, 3.13% Pb and 1.74% Zn over 55.5 m, including 336 g/t Ag,\n 3.27% Pb, 1.96% Zn over 4.10 m in hole LP1019;\n\n\n146 g/t Ag, 2.80% Pb, 1.90% Zn and 0.216 g/t Au over 43.4 m, including\n 381 g/t Ag, 10.6% Pb, 11.50%, Zn, 0.354 g/t Au over 5.8 m in LP1023A;\n and\n\n\n7.25 g/t Au and 3.57% Zn over 13.1 m in LP1038.\n\n\n\n\n\"Despite operating for less than three quarters during 2012, we had a\n successful year on a number of fronts,\" stated Peter Crossgrove, Executive Chairman.  \"We realized the second highest net income in Company history of $8.4\n million and the third highest total revenues.  Metal grades continued\n to be exceptional and we realized the best metal recoveries in Company\n history. From a production standpoint, we are beginning to demonstrate\n the continuin...