Toronto, Ontario – December 23, 2021 – Excellon Resources Inc. (TSX: EXN; NYSE: EXN; FRA: E4X2) (“Excellon” or the “Company”) is pleased to announce the filing of an independent technical report for the Silver City project in Saxony, Germany, which has been prepared in accordance with National Standard 43-101 (the “technical report”). A copy of the technical report is available on SEDAR at www.sedar.com and the Company’s website at www.excellonresources.com.

Recommendations of the technical report

The author of the technical report, Mr. Michael J. Robertson, Pr.Sci.Nat (400005/92); MAusIMM (316078), of independent consulting firm The MSeA Group (Pty) Ltd., has concluded that the Company’s proposed exploration program, described below, is appropriate for the Silver City project. The main components are:

Extension diamond drilling at Bräunsdorf to assess the extent and nature of mineralization under the workings of the historic Neue Hoffnung Gottes mine.

Extension diamond drilling at Grauer Wolf and Reichenbach to confirm continuity of known mineralization along strike and to depth.

Extension diamond drilling at Großvoigtsberg to confirm continuity of known mineralization along strike and down to depth, particularly in areas where rich ore deposits have been documented during historic mining.

Drilling tests for magnetic lineaments and suspected geological contacts near Grauer Wolf and Reichenbach.

Drill test for magnetic lineaments and suspected geological contacts at Siegfried, which are interpreted as an extension of the Bräunsdorf mineralization to the southwest.

Drill test of magnetic lineaments and presumed geological contacts at Obergruna where historical mapping indicates the presence of mineralized veins.

Fence drilling in Langhennersdorf to test soil anomalies.

An airborne magnetic survey in selected areas to complement the data set obtained from previous surveys.

Study of the magnetic susceptibility of the rock on the drill core available for all the target zones and all the lithologies encountered to support the interpretation of the available and future magnetic survey data.

Soil sampling calibration study with lines crossing known mineralization to test the geochemical response.

Archiving, digitization and georeferencing of historical mining plans, etc.

Regional exploration work on the rest of the project.

Qualified person

Jorge Ortega, P.Geo., Vice President Exploration, acted as a Qualified Person, as defined in National Instrument 43-101, with respect to the disclosure of the scientific and technical information contained in this press release.

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 began in 2005; Kilgore, a high-quality advanced exploration gold project in Idaho with a strong economy 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 to capitalize on current market conditions by acquiring undervalued projects.

Further details on the properties of Excellon can be found at www.excellonresources.com.

For more information, please contact:

Excellon Resources Inc.

Brendan Cahill, President and CEO

Jorge Ortega, vice-president exploration

(416) 364-1130
[email protected]


Forward-looking statements

The Toronto Stock Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the contents 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. These statements include, without limitation, statements regarding mineral resource estimates, future operating results, performance and achievements of the Company, including potential property acquisitions, timing, content, cost and results of proposed work programs, discovery and delineation of deposits / resources / reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and revenue from future operations. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally 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 the Company’s forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those of forward-looking statements due to various factors, including, but not limited to y limit, variations in the nature, quality and quantity of any mineral deposit that can be located, significant downward variations in the market price of any ore produced, the Company’s inability to obtain permits, consents or necessary authorizations required for its activities, to produce minerals from its 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 information documents can be found at www.sedar.com and readers are urged to consult these documents. This press release is not and should not be construed as an offer to buy or sell any securities in the United States.

VSNote to US investors: The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, as used on the Excellon website and in its press releases, are Canadian mining terms defined in accordance with to National Instrument 43-101. – Disclosure standards for mining projects (“NI 43-101”). These Canadian terms are not defined in US Securities and Exchange Commission (“SEC”) Industry Guide 7 and are not normally permitted for use in reports and registration statements filed with of the SEC by companies registered in the United States. The SEC allows U.S. companies, in their SEC filings, to disclose only mineral deposits that a company can economically and legally mine or produce. Therefore, please note that information describing the Company’s “mineral resources” is not directly comparable to information made public by US companies subject to reporting requirements under US securities laws. U.S. investors are urged to carefully review the disclosure on the Company’s Form 40-F which can be obtained from the Company, or online at http://www.sec.gov/edgar.shtml.


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