Excellon Resources (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) today announced that the impact of the ongoing polar vortex in the American southwest is likely to increase operational costs during the first quarter of 2021. According to the update, the company’s current energy contract is backed by natural gas. Weather conditions in the southwest United States have impacted natural gas production and transport, leading to record high prices since Friday, Feb. 12, with unit costs increasing from US$3.00 to over US$300 per mmBtu. The temporary increase in prices is expected to be short term and impacts energy costs at the Platosa Mine. Excellon Resources is seeking alternative, lower-cost options in cooperation with its energy provider, but may not be able to confirm such alternatives in an effective timeframe. The company expects to return to normal pricing over the coming days as weather patterns normalize.
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About Excellon Resources Inc.
Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of its employees, communities and shareholders. The company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality gold development project in Idaho with strong economics 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 capitalizing on current market conditions by acquiring undervalued projects. Additional details on Excellon’s properties are available at www.ExcellonResources.com.
NOTE TO INVESTORS: The latest news and updates relating to EXN are available in the company’s newsroom at https://ibn.fm/EXN
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