SOURCE: Excellon Resources Inc.
June 06, 2016 07:00 ET
TORONTO, ON–(Marketwired – June 06, 2016) – Excellon Resources Inc. (TSX: EXN)(OTC: EXLLF) (“Excellon” or the “Company”), Mexico’s highest grade silver producer, is pleased to announce that it has finalized the transfer to Oban Mining Corporation (“Oban”) of the mining leases comprising part of the DeSantis Property in Ogden Township in the Porcupine Mining Division, Ontario. The Company received 229,600 common shares of Oban (the “Consideration Shares”) upon such transfer, which are in addition to the 620,400 common shares previously received for the transfer of the mining claims comprising part of the DeSantis Property (as announced April 11, 2016). The Company received an aggregate total of 850,000 common shares of Oban for the sale of the DeSantis Property.
The Consideration Shares are subject to a hold period of four months plus one day in accordance with Canadian securities legislation.
Medalist Capital Inc. acted as a strategic advisor on the transaction.
Excellon’s 100%-owned La Platosa Mine in Durango is Mexico’s highest grade silver mine, with lead and zinc by-products making it historically one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa’s silver production and near-term mineable resources.
Additional details on the La Platosa Mine and the rest of Excellon’s exploration properties are available at www.excellonresources.com.