Excellon reports second quarter 2013 financial results

About this update from Excellon Resources Inc.

[{"type":"text","content":"\n\n\nTORONTO, Aug. 14, 2013 /CNW/ - Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) (\"Excellon\" or\n the \"Company\"), Mexico's highest grade silver producer, is pleased to report financial results for the second quarter of 2013.\n\n\nHighlights\n\n\nProduction of 401,858 silver-equivalent ounces during the quarter\n (902,887 silver-equivalent ounces to June 30, 2013) from the 100%-owned\n and royalty-free La Platosa Mine in Durango, Mexico\n\n\nNet loss of $5.0 million during the quarter, primarily attributable to\n non-production costs associated with the significant decline in silver\n prices, including:\n\n\n$3 million in negative revenue adjustments relating to declines in metal\n prices affecting final payment for concentrates\n\n\n$1.2 million in unrealized losses on marketable securities representing\n an interest in 134,732 ounces of silver\n\n\n$1 million of drilling expenses incurred early in the period\n\n\nJuly 2013 production demonstrating benefits of second quarter\n development, with ore grades of almost 900 g/t silver and improved\n production tonnage during the third quarter to date\n\n\nNet cash costs per silver ounce during the quarter of $12.07 ($9.60 to\n June 30, 2013)\n\n\nCash, marketable securities and accounts receivable total approximately\n $5.8 million as of August 14, 2013\n\n\n\"We made progress at La Platosa during the first half of 2013, albeit in\n a difficult silver-price environment,\" stated Brendan Cahill, President\n and Chief Executive Officer. \"The development work conducted during the\n second quarter is showing positive results, with ore milled during July\n grading 895 g/t silver as we accessed high-grade ore in the Guadalupe\n South Manto.  We are now accessing high-grade ore from the 6A and 6B\n mantos and plan to open new faces in the 623 Manto during the coming\n months.  Further mine optimization that commenced early in the third\n quarter should improve our profitability and decrease our cash costs\n per ounce going forward.\"\n\n\nMr. Cahill continued, \"The significant drop in silver prices during the\n second quarter affected our revenues and profitability, particularly as\n the final settlement of concentrate deliveries made at higher silver\n prices during earlier periods required negative revenue adjustments\n totaling $3 million.  These...

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