Business
Excellon Resources Announces the Sale of DeSantis Property to Oban Mining Corporation
TORONTO, ON--(Marketwired - December 08, 2015) - Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver pr
About this update from Excellon Resources Inc.
[{"type":"text","content":" TORONTO, ON--(Marketwired - December 08, 2015) - Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) (\"Excellon\" or the \"Company\"), Mexico's highest grade silver producer, is pleased to announce the sale of 100% of its DeSantis Property in the Porcupine Mining Division in Ogden Township, Ontario, Canada to Oban Mining Corporation (\"Oban\") in exchange for 850,000 common shares in the capital of Oban (the \"Transaction\"). Excellon and Oban have agreed to negotiate in good faith to enter into a purchase agreement reflecting the terms of the Transaction. \"While we focus our efforts on the optimization plan for our Platosa mine, selling the DeSantis property to Oban is a great way of unlocking value for our shareholders in current market conditions,\" stated Brendan Cahill, President and Chief Executive Officer. \"Oban has a high quality portfolio of projects in Canada and we are very pleased to be a shareholder.\" The Transaction is expected to close before January 8, 2016 and is subject to the approval of the Toronto Stock Exchange and other customary conditions for a transaction of this nature. About Excellon Excellon's 100%-owned La Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products making it historically one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's silver production and near-term mineable resources. Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com. Forward-Looking Statements 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, pote...