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Mar 6

Excellon announces initial drill results and exercise of its option on Beschefer Project, Quebec

Exercise Programs Comments Off on Excellon announces initial drill results and exercise of its option on Beschefer Project, Quebec

Toronto Stock Exchange - EXN

TORONTO , March 5, 2012 /CNW/ - Excellon Resources Inc. (TSX:EXN.TO - News) ("Excellon" or "the Company") Mexico's highest grade silver producer, is pleased to report it has fully exercised its option to acquire the "Beschefer" property, located in northwestern Quebec , as well as initial drill results from its 2012 winter drill campaign. Drilling highlights on the project include the interception of 4.54 grams per tonne (gpt) gold over 7.80 metres (m) including 9.16 gpt gold over 1.35m and 27.3 gpt gold over 0.30m in drill hole BE12-006.

Drill Program: Diamond drilling at the Company's Beschefer Project, located 12 km east of the past-producing Selbaie Mine and 60km north-east of the Casa Berardi Mine, commenced in January. As of March 1, 2012 , 5,284m in 17 holes have been drilled of a planned 8,000m program at Beschefer. The Company completed a 1,520m drill program in March 2011. Results of that program included the interception of 3.80 gpt gold over 4.35m including 13.85 gpt gold over 0.30m in hole BE11-001 and 12.4gpt gold over 3.78m in hole BE11-003 including 63.5 gpt gold over 0.43m.

Drilling in this program is focused on expansion of the previously discovered "B-14" Zone, as well as exploration targets elsewhere on the property. Thus far in the program, geological and analytical results are consistent with those encountered in the Company's 2011 drill program and with historical results on the property. Completed assay results for the Company's 2012 drill holes are summarized in the following table:

2012 Drill Program Results Summary:

Note: all gold grades are uncut; intercept lengths may not be representative of true widths

Excellon President Jeremy Wyeth comments, "Excellon continues to be pleased with the geological and operational progress at its Beschefer Project and we optimistically look forward to the continued exploration of the B-14 Zone. Exploration at both of our Canadian properties provides exploration upside to our shareholders and will reposition the Company as a precious metals growth company."

The Company continues to find that the B-14 Zone persists as a moderately dipping shear zone marked by increased sericite and carbonate alteration, quartz veining, and pyrite hosted by mylonite. In late February, Hole-to-Hole Induced Polarization ("IP") surveying was also performed on select deeper holes within the "B-14" Zone, in order to assist in delineation of the zone.

Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. and since that time and prior to the Company's involvement, has seen limited exploration. Gold mineralization in the B-14 Zone is typical of other shear zone hosted mesothermal gold deposits in that it is hosted within mylonite, highly sheared and altered rock, which also contains increased quartz veining and pyrite.

Completion of Option on Beschefer: On February 15, 2012 , Excellon exercised its option to acquire 100% of the Beschefer property by completing an issuance of shares to property owners in February, who have retained NSR interests on any future commercial mineral production from the property. To date, no mineral resource estimate has been completed for the property, or the B-14 Zone, the only known significant gold mineralized zone on the property.

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Excellon announces initial drill results and exercise of its option on Beschefer Project, Quebec

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