Excellon Provides Strategic Update, Reports 2012 Results; Fell More Than 5% Tuesday
Excellon Resources Inc. (EXN.TO), Mexico's highest grade silver producer that saw its shares fall 5% Tuesday, announced strategic revisions to the company's business plan, improvements to its capital structure and additions to its Board of Directors. It also reported 2012 financial results.
On its strategic update, highlights include:
- Revision of near-term business strategy to focus on increasing production, cash flow and mine life and to position the company to capitalize more effectively on developing market opportunities;
- Proposal to improve the investment attraction of the company's common shares by consolidating the outstanding common shares on a five-for-one basis;
- Appointment of Brendan Cahill as Chief Executive Officer.
2012 results highlights include:
- High-grade production of 1.55 million silver equivalent ounces from the 100%-owned and royalty free La Platosa Mine in Durango, Mexico.
- Net cash costs per silver ounce of $5.99 remain among the lowest in the industry.
- Net income of $8.4 million.
- Financial position remains strong, with cash, marketable securities and trade receivables totaling $11.0 million at year end.
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