TORONTO, June 1, 2020 /CNW/
- Excellon Resources Inc.
(TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1)
("Excellon" or the "Company") is pleased to announce that the
Mexican Government has officially declared mining an essential
business in the Federal Registry and companies can commence the
restart of operations beginning on June
1st provided that they meet established COVID-19
guidelines. At this time, the Company's Platosa and Miguel Auza operations in Mexico are preparing for a safe restart in the
immediate term.
"We are pleased that the Government of Mexico has
confirmed mining as an essential service, facilitating the restart
of our operations," stated Brendan
Cahill, President and CEO. "Our operations and those of the
mining industry throughout Mexico
are critical to economic activity in the country and to the
well-being of our employees and the communities that rely on our
presence. We will continue to implement our protocols and remain
vigilant to protect our employees, their families and the wider
communities as we restart operations. During the suspension of
operations, we have also focused on planning a series of
cost-saving and efficiency initiatives, which we will implement as
operations resume."
During the suspension, critical pumping and routine maintenance
of critical infrastructure continued at both Platosa and
Miguel Auza to ensure a smooth
restart of operations. The Company is also reviewing exploration
programs to determine a safe restart. The Company has not reported
any cases of COVID-19 and there have been minimal cases reported in
the surrounding communities.
The Company has progressed several improvement plans that are
expected to materially reduce operating costs. Specifically, the
Company is finalizing preparations with a new energy provider, has
reduced its labour force and is negotiating or implementing a
series of other optimization or cost-saving initiatives. The switch
in energy providers is expected to result in a significant decrease
in unit rates, with energy recently accounting for approximately
40% of operational expenditures.
The Company has been implementing a series of measures to
protect its workforce and the local communities over the past two
months based on evolving international best practice from the U.S.
Centers for Disease Control and the mining industry. The Company is
reviewing those measures to ensure that they are fully functional
and meet the Mexican Government requirements prior to resuming
operations. The Company has provided detailed plans to the
Undersecretariat of Mining and the Health Ministry to demonstrate
compliance with the prescribed requirements.
The Company's response to COVID-19 included implementation of
the following:
- Routine health checks of all persons entering our business
units;
- Procuring the necessary personal protective equipment and other
materials necessary for effective COVID-19 response;
- Physical distancing within the workplace;
- Prohibiting entry of visitors and contractors;
- Limiting entry of suppliers to those delivering critical
operational materials; and
- Engaging with local communities to raise COVID-19 awareness,
encouraging people to remain at home and practice physical
distancing and providing locally made cloth masks to the
communities of Bermejillo and
Miguel Auza.
About Excellon
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.
Additional details on Excellon's 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, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any minerals produced, the
Company's inability to obtain any necessary permits, consents or
authorizations required for its activities, to produce minerals
from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies. All of the Company's
public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties, and particularly the September 7, 2018 NI 43-101 technical report
prepared by SRK Consulting (Canada) Inc. with respect to the Platosa
Property. This press release is not, and is not to be construed in
any way as, an offer to buy or sell securities in the United States
SOURCE Excellon Resources Inc.