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Excellon Reports Q3 Financial Results

TORONTO, ONTARIO, Nov. 15, 2010 (Marketwire) -- Excellon Resources Inc. (TSX:EXN) (the "Company" or "Excellon") reports a net loss of $2,132,610 after tax for the three months ended September 30, 2010. (For full details, please see the Company's Management Discussion & Analysis, which was filed on SEDAR, www.sedar.com, on November 15, 2010.)

Third Quarter Highlights:



-- In the third quarter the Company shipped 288,321 oz. of payable silver,
1,059,899 lbs of payable lead and 1,446,160 lbs of payable zinc.
-- Net cash costs after lead and zinc by-product credits for the three
months ended September 30, 2010 were US$7.79/oz.
-- Exploration expenses for the quarter totalled $2.1 million for the on-
going programs at Platosa and Miguel Auza. Results at Platosa continue
be successful and encouraging.
-- Working capital at September 30, 2010 was $4.7 million compared to $7.7
million at December 31, 2009. Aggressive exploration spending, equipment
purchases and lower production at lower grades due to water issues have
led to the decrease.



On August 18, 2010, the Platosa mine suffered a sudden water inflow and fourteen days of production were lost. Following re-establishment of the stockpile at Miguel Auza, milling recommenced on September 11, 2010.

The water inflows occur when mining encounters water-filled faults and the Company has recently begun a more intensive grouting program. An underground diamond drill is now dedicated to drilling and grouting 25 to 50 metre long sub-horizontal holes in advance of certain production and development headings to seal off these faults. The Company is acquiring additional pumps and upgrading electrical infrastructure as it continues to enhance the Platosa water management program.

During the three month period ended September 30, 2010 the Company recorded a loss of $2.1 million compared to net income of $967,133 for the three month period ended October 31, 2009. Income from mine operations for the quarter was $1.4 million compared to $4.5 million for the quarter ended October 31, 2009. Half-way through the third quarter of 2010 the mine encountered water problems as discussed above. This resulted in lower production at lower grades.

During the nine month period ended September 30, 2010 the Company recorded a loss of $1.2 million compared to net income of $2.9 million for the nine month period ended October 31, 2009.

More tonnes were processed in the nine month period ended September 30, 2010 resulting in higher total cost of production compared to the comparative period last year. Income from mine operations is lower in 2010 due to lower-grade ore being mined offset by lower realized prices in the nine month period ended October 31, 2009.



Financial and Operating Highlights

Three months ended Nine months ended
September October 31, September October 31,
30, 2010 2009(1) 30, 2010 2009(1)
$ $ $ $
Revenue 6,303,229 9,829,218 24,734,078 25,277,173
Cost of production
(including
amortization) 4,869,002 5,356,336 15,036,385 12,388,296
-----------------------------------------------------
Income from mine
operations 1,434,227 4,472,882 9,697,693 12,888,877
Expenses:
Exploration
expenditures 2,063,770 1,511,072 7,632,329 2,257,967
General and
administration 1,090,001 903,677 3,196,799 4,169,831
Other 432,469 205,193 668,811 1,396,021
Income taxes
(recovery) (19,403) 885,807 (634,930) 2,207,680
-----------------------------------------------------
Net income (loss) for
the period (2,132,610) 967,133 (1,165,316) 2,857,378
-----------------------------------------------------
-----------------------------------------------------

(1) The October 31, 2009 comparatives result from a change in year end from
July 31 to December 31 in 2009.

Mining Operations

Three months ended Nine months ended
September October September October
30, 2010 31, 2009 30, 2010 31, 2009

Tonnes of ore processed 12,391 16,521 52,309 46,390

Ore grades:
Silver (g/t) 848 876 835 1,015
Lead (%) 5.94 7.14 6.66 8.22
Zinc (%) 7.27 7.14 8.30 9.01
Recoveries:
Silver (%) 84.0 89.2 86.3 88.4
Lead (%) 65.5 77.5 69.1 73.9
Zinc (%) 70.0 67.5 75.3 68.5
Production:
Silver - (oz) 288,321 415,111 1,101,373 1,339,342
Lead - (lb) 1,059,899 2,239,286 4,979,238 6,935,453
Zinc (lb) 1,446,160 2,139,915 7,139,900 7,540,067
Sales:
Silver - (oz) 288,321 421,942 1,101,373 1,450,952
Lead - (lb) 1,059,899 2,599,211 4,979,238 8,501,293
Zinc - (lb) 1,446,160 2,600,238 7,139,900 8,482,040
Realized
prizes:
Silver -
($US/oz) 16.83 15.74 16.34 11.92
Lead - ($US/lb) 0.93 0.82 0.87 0.57
Zinc - ($US/lb) 0.84 0.66 0.77 0.47

Cash cost(1)US $/oz 7.79 3.88 5.63 3.31
(1) Cash cost is a non-GAAP measure. See the Management's Discussion and
Analysis dated November 10, 2010 for a description and calculation of
cash cost per payable ounce of silver produced.



Operations 2011

Estimated production and volumes for the twelve months ended December 31, 2011 are lower than 2010 due to delayed mine development work. The mine plan is expected to be finalised by the end of December 2010.



PRELIMINARY FORECAST
For the twelve months
ended December 31, 2011
-------------------------

Ore Milled (t) 57,000

Average Head Grades
Ag (g/t) 793
Pb (%) 7.2
Zn (%) 7.8



Exploration

Diamond drilling continued to encounter success near existing mine infrastructure and the Company was successful in adding massive sulphide mineralization in the 6A-6B Manto area. This mineralization extends over 150 metres (m) past the furthest northwest 6A-6B resource block in the October 31, 2009 Mineral Resource estimate. Significant additional massive sulphides were also intersected on the fringes of the NE-1 and 623 mantos. In early November the Company announced the discovery of important new massive sulphides in an area approximately 50 m northeast of the Rodilla Manto. Hole LP874 intersected an estimated true thickness of 8.42 m of massive sulphides grading 818 g/t (24 oz/T) Ag, 12.67% Pb, 15.22% Zn. The new sulphides may be connected to Rodilla or may represent a new body developed along a NW-SE-trending structure. Details of drilling results can be found in press releases dated August 3, September 8 and November 4, 2010.

In late October Excellon entered into a binding Letter Agreement with Sundance Minerals Ltd., a private Canadian company, to acquire up to a 75% interest in its 17,000 hectare Pluton Property located to the west of and contiguous with portions of the Platosa Property. The property is underlain by a carbonate replacement deposit geological environment and is an excellent fit with the strategic objectives of the Company. Details of the agreement may be found in a press release dated November 2, 2010.

The exploration group continues to investigate and employ new geophysical targeting methods available to guide its drilling programs. Late in the quarter results of the test 3D IP survey were received and interpretation indicates correlation between a particular level of chargeability and portions of the known manto massive sulphides at Platosa. A series of holes has been laid out to test similar chargeability anomalies found elsewhere in the survey area. During October the Company carried out a ZTEM airborne geophysical surveying over a large portion of the original Platosa property, almost all of the large concession acquired in April 2010 and a portion of the Pluton property. Company geologists believe this method has the potential to target proximal deposits and may be effective with respect to manto deposits also. It is anticipated that preliminary results will be available before the end of November 2010.

About Excellon

Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, is committed to building value through production, expansion and discovery. Excellon is producing silver, lead and zinc from the high-grade manto Mineral Resource on its large Platosa Property, strategically located in the middle of the Mexican silver belt. Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa where an exploration program focused on diamond drilling and advanced geophysical techniques is ongoing. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts an Indicated and Inferred Mineral Resource and was the site of considerable historic mining for silver, (gold), lead and zinc. The exploration potential of Miguel Auza remains to be fully evaluated and an initial exploration program, the results of which remain to be fully evaluated, has recently been completed.

On behalf of EXCELLON RESOURCES INC.

Peter Crossgrove, Chairman & Chief Executive Officer

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 (particularly silver), 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 January 15, 2010 NI 43-101-compliant technical report prepared by Scott Wilson Roscoe Postle Associates 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.

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.

Excellon Resources Inc. Director, Investor Relations (416) 364-1130 mknowles@excellonresources.com www.excellonresources.com

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