Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2) is pleased to announce Q1 2021 production results from the Platosa Mine in Durango, Mexico.
Q1 2021 Production (compared to Q1 2020)
“We continue to see improved production from Platosa after the changes we made in mid-2020, with our third consecutive quarter of more than 21,000 tonnes mined,” stated Brendan Cahill, President & CEO. “The mine is reaching a good steady state of production, though we continue to see opportunities to improve mill recoveries.”
|Q1 2021||Q1 2020|
|Average Realized Prices|
|1.||Subject to adjustment following settlement with concentrate purchaser.|
|2.||AgEq ounces established using average realized metal prices during the period indicated applied to the recovered metal content of concentrates. AgEq ounces produced during Q1 2021 were lower than Q1 2020 as silver prices increased significantly more than base metal prices, resulting in base metal production contributing less to silver equivalency.|
Production in Q1 2021 improved relative to Q1 2020 as the changes and enhancements made in mid-2020 continued to be refined, including modified shift schedules, mining methods and improved water pumping and mine infrastructure efficiency.
Head grades and recoveries in Q1 2021 were consistent with Q1 2020, though lower than Q3 and Q4 2021. Plant improvements during the quarter included rebuilt flotation cells, drying filters, shift schedule modifications and training and management of floor operations, which have begun to stabilize and improve zinc recovery. Improved maintenance practices enabled sustained high throughput with increased plant reliability.
The Company expects to file Q1 2021 financial results after market closing on May 13, 2021.
Excellon continues to implement measures to prevent COVID-19 among the workforce and local communities and to monitor the effectiveness of these measures in mitigating any potential impact on business activities. The Company’s actions have been successful to-date and the pandemic has not had any material impact on production or shipment of concentrate.
Paul Keller, P. Eng., has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information relating to production results contained in this press release.
Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.
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