Excellon reported assay results for five new drill holes located near to but outside of the known massive sulphide mantos being exploited at Platosa and has also significantly exceeded November's production targets.
In addition the Company reports that the NI 43-101-compliant technical report dated November 22, 2011, supporting the updated Mineral Resource estimate for Platosa disclosed in a press release dated October 25, 2011 and prepared by Roscoe Postle Associates Inc. (RPA) was filed on SEDAR November 25, 2011.
The Company also announced a TSX approved Normal Course Issuer Bid in a press release dated November 28, 2011. This will be funded by internal cash.
Jeremy Wyeth, President and CEO stated, "We believe that these holes will contribute additional tonnage to the Platosa Mineral Resource in the future and they continue to demonstrate the exploration potential and robustness of the property. We are further encouraged by the November production results as this fits in with our overall plan of achieving our annual silver production targets for 2011 and follows closely on the October production results, which were contained in our quarterly results press released November 10, 2011. Two months into the fourth quarter, we have already exceeded third quarter silver production."
Mexican Exploration Update:
Two drills are operating at Platosa. One continues the search for the large-tonnage proximal carbonate replacement deposit source of the massive sulphide mantos and the other is located in the Cañón Colorado area six kilometers northwest of the mine where it is testing geophysical responses similar in nature to a conductivity anomaly associated with the rare earth element occurrence announced in a press release dated September 27, 2011.
Assay details for the five holes and their locations are shown in the table and on Map 2 below. All intervals are estimated true thicknesses. In addition to these five holes there have been 10 other holes, including one, which was abandoned because of technical difficulties, drilled at Platosa since the exploration press release dated October 17, 2011. While some of these 10 holes encountered sulphides, none intersected metal values of significance.
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