Excellon News Release on the Mexican Showshow.
As always it seems that things take longer than expected, but true to their word, Excellon has bagged the money to commence work on BLO's property (looks like it is to start pretty soon).
Overall, this can only help us, unless this program gets overhyped for some reason and comes crashing down after poor results. I don't know anything about Excellon's hype machine, but judging by BLO's style of promotion and Excellon's stock chart, it more than likely won't happen.
Here's the release for those who are interested:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: EXCELLON RESOURCES INC.
VSE SYMBOL: EXN
APRIL 1, 1997
Excellon Completes $235,000 Financing Drilling To Proceed
At Centauro, Mexico
TORONTO, ONTARIO--Excellon Resources Inc. is pleased to announce
that it has completed the previously announced non-brokered
private placement of 1,175,000 special warrants at a price of
$0.20 per special warrant. Each special warrant is exercisable to
acquire one unit, each unit comprising one common share and one
half of a common share purchase warrant. One whole warrant will
be exercisable to purchase one additional common share for two
years at a price of $0.30 in the first year and $0.40 in the
second year. Any shares issued prior to the issuance of a receipt
for a final prospectus qualifying the exercise of the special
warrants will be subject to a hold period expiring on March 24,
1998. Excellon will have 7,874,805 shares outstanding following
the exercise of the special warrants. The gross proceeds of
$235,000 are intended primarily to fund the proposed drilling
program on the Centauro property, Chihuahua, Mexico and for
general working capital.
Excellon can earn a 65% interest in the 19.4 square kilometre
Centauro property by completing expenditures of U.S. $1,100,000
and making payments of U.S. $300,000 by May 5, 1999. During the
second half of 1996 Excellon carried out a systematic surface
exploration program on the property. The program consisted of
geological mapping, geochemical sampling and correlation of the
results with approximately 33 km of magnetic and VLF surveys done
previously. Four auriferous targets were developed, the largest
of which is 200 m by 800 m. Detailed geological mapping combined
with the large scale gold geochemical anomaly confirmed a large
classic epithermal gold/silver target for immediate drill testing.
An initial reverse circulation, 2,000 m, drill program with a
budget of U.S. $165,000 will commence by mid April, 1997 to test
these auriferous targets. All necessary permits to commence
drilling are in place.
On behalf of
EXCELLON RESOURCES INC.
Richard W. Brissenden
A. Douglas MacKenzie
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