Excellon Reports Quarterly Profit of $1,268,957 and Annual Loss of $4,900,830
OCT 29, 2009 - 16:51 ET
TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - Excellon Resources Inc. (TSX:EXN) (the "Company" or "Excellon") reports fourth quarter earnings of $1,268,957 and a net loss of $4,900,830 for the year ended July 31, 2009. (For full details, please see the Company's Management Discussion & Analysis and Audited Financial Statements, which were filed on SEDAR, www.sedar.com, on October 29, 2009.)
2009 Highlights:
- The Company returned to profitability in the second half of the year after successfully reorganizing its operations including its acquisition of Silver Eagle Mines Inc. (concluded on June 2)
- In Q4 shipped 2,993 dry metric tons ("DMT") of lead-silver concentrate with payable metal of 461,126 ounces silver and 2,575,693 pounds lead; shipped 3,386 DMT of zinc-silver concentrate with payable metal of 32,297 ounces silver and 2,041,744 pounds zinc (on a provisional basis)
- Resumed drilling exploration program at the Platosa property
- Completed a private placement financing for gross proceeds of $7,374,048
- Completed a fully subscribed rights offering for gross proceeds of $5,694,065
- Commenced shipments of concentrates in April and entered into a long-term off-take agreement to sell its lead-silver and zinc-silver concentrates to Consorcio Minero de Mexico Cormin Mex, S.A. de C.V. ("Cormin Mexico"), a Trafigura Group Company.
"Strong operational and financial performance continued in the 4th quarter ending July 31, 2009." commented Chris Hopkins, Excellon's Chief Financial Officer. "We are very pleased to have rebounded in the second half of the year after a challenging first half. With a profitable 4th quarter and good cash flow we end the year with $7.2 million in cash and are well positioned to continue to execute on our growth and exploration plan in the coming months."
Financial Highlights
Three months ended Twelve months ended
31-Jul-09 31-Jul-08 31-Jul-09 31-Jul-08
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Sales $ 10,151,661 $ 3,922,647 $ 20,056,321 $ 27,790,375
Cost of production
(including
amortization) 4,107,547 2,186,040 8,819,711 7,802,958
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6,044,114 1,736,607 11,236,610 19,987,417
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Expenses:
Non-cash items (146,201) 1,255,902 3,956,525 3,774,191
Exploration
expenditures 536,068 3,238,038 3,280,296 9,410,067
Other 3,152,247 2,972,245 8,030,187 10,365,330
Provision for
(recovery of)
income taxes
- current 1,421,008 (1,410,810) 1,588,963 2,086,293
Provision for
(recovery of)
income taxes
- future (187,965) 510,626 (718,531) 1,396,202
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4,775,157 6,566,001 16,137,440 27,032,083
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Net income (loss)
for the period $ 1,268,957 $ (4,829,394) $ (4,900,830) $(7,044,666)
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Earnings (loss)
per share - basic $ 0.006 $ (0.031) $ (0.026) $ (0.047)
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- diluted$ 0.006 $ (0.031) $ (0.026) $ (0.047)
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Cash provided by
(used in)
operating
activities $ 4,700,109 $ (6,719,524) $ (3,096,117) $(4,623,233)
---------------------------------------------------------
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Cash, short-term
investments and
silver bullion $ 7,214,051 $ 4,392,878 $ 7,214,051 $ 4,392,878
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Working capital
surplus
(deficiency) $ 7,019,385 $ 5,366,841 $ 7,019,385 $ 5,366,841
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Mining Operations
The following are the shipping statistics for the years ended July 31, 2009
and 2008:
3 months ended
31-Oct-08 31-Jan-09 30-Apr-09 31-Jul-09
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Tonnes of ore shipped 7,803 6,250 11,376 18,493
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Contained metal
Silver (ozs.) 269,012 273,646 356,076 672,934
Lead (lbs.) 1,276,733 1,476,337 2,110,464 3,791,618
Zinc (lbs.) 847,726 1,269,544 2,660,965 3,220,837
Average grade:
Silver (oz/t) (1) 34.5 43.8 34.5 40.1
Silver (g/t) 1,072.9 1,362.6 1,073.5 1,248.0
Silver (oz/T) 31.3 39.7 31.3 36.4
Lead (%) 7.4 10.7 8.4 9.3
Zinc (%) 4.9 9.2 10.6 7.9
Payable metal:
Silver - (ozs.) 207,677 211,255 244,958 493,424
Lead - (lbs.) 970,317 1,122,017 1,192,823 2,575,693
Zinc - (lbs.) 571,800 857,367 1,244,589 2,041,744
Year Ended Year Ended
31-Jul-09 31-Jul-08
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Tonnes of ore shipped 43,922 44,946
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Contained metal
Silver (ozs.) 1,571,668 1,476,676
Lead (lbs.) 8,655,152 9,790,717
Zinc (lbs.) 7,999,072 10,861,297
Average grade:
Silver (oz/t) (1) 35.8 32.9
Silver (g/t) 1,113.6 1,022.5
Silver (oz/T) 32.5 29.8
Lead (%) 8.9 9.9
Zinc (%) 8.3 11.0
Payable metal:
Silver - (ozs.) 1,157,314 1,139,994
Lead - (lbs.) 5,860,850 7,440,945
Zinc - (lbs.) 4,715,501 7,232,364
Summary Financial Information
31-Jul-09 31-Jul-08
Year ended (12 months) (12 months)
Sales $ 20,056,321 $ 27,790,375
Operating loss $ (4,058,030) $ (3,591,425)
Net loss and comprehensive loss $ (4,900,830) $ (7,044,666)
Loss per share - basic $ (0.03) $ (0.05)
- diluted $ (0.03) $ (0.05)
As at
Cash $ 7,204,051 $ 2,947,703
Working capital $ 7,019,385 $ 5,366,841
Total Assets $ 39,890,718 $ 25,266,359
Shareholders equity $ 32,587,076 $ 20,233,553