Business
Excellon updates progress on La Platosa Property
Toronto Stock Exchange - EXN TORONTO , June 28, 2013 /CNW/ - Excellon Resources...
About this update from Excellon Resources Inc.
[{"type":"text","content":"\n\n\nToronto Stock Exchange - EXN\n\n\nTORONTO, June 28, 2013 /CNW/ - Excellon Resources Inc. (TSX:EXN) (\"Excellon\" or the \"Company\"), Mexico's highest grade silver producer, is pleased to provide an update on the status of its agrarian legal suit\n against the Ejido La Sierrita (the \"Ejido\"), which was filed in August\n 2012.  Excellon sued the Ejido to terminate the surface rights\n agreement (\"SRA\") in respect of the surface rights to 1,100 hectares of\n exploration ground west of the La Platosa Mine and for various damages\n relating to the illegal blockade of the mine last year. The Ejido also\n sued for termination of the SRA one week after being advised of\n Excellon's suit.\n\n\nAt a hearing of the Agrarian Court held yesterday afternoon, Excellon\n proposed the purchase or lease of 10 hectares from the Ejido based on a\n court-supervised appraisal of the value of these particular hectares.\n The Ejido representatives reluctantly advised the Court that the\n Company's proposal would be brought before the Ejido general assembly\n for review and consideration. The next hearing date is scheduled for\n July 15, 2013.\n\n\n\"We have proposed and are willing to discuss a rational resolution that\n will benefit our employees, the residents of Bermejillo, Mapimi and La\n Sierrita, our other stakeholders and our shareholders,\" stated Brendan Cahill, President and CEO.  \"Our aims are to ensure the health, safety and wages of our workers and\n cooperative and effective investment in local communities. We will\n pursue the necessary avenues to ensure a just and equitable resolution\n of this dispute that provides lasting benefits for all of our\n stakeholders, including the residents of La Sierrita.\"\n\n\nThe decision to terminate the SRA (refer to press release dated\n September 10, 2012) was driven by the need to limit the risk exposure\n of the SRA on La Platosa production.  This decision has since been\n solidified by current capital markets conditions and has become an\n element of Excellon's business strategy. The termination of the SRA\n will result in reduced expenditures of over US$600,000 annually and\n near-term savings of approximately US$600,000 during 2013.  Excellon\n will also continue its suit against the Ejido for damages relating to\n the illegal blockade of the mine last year....