Excellon Resources to acquire La Negra Mine from Orion Resource Partners for $50m.

Excellon Resources, a greenfield-stage, polymetallic silver-zinc-lead-gold exploration project, agreed to acquire La Negra Mine from Orion Resource Partners, an alternative investment manager, for $50m. “Excellon has a long history of operational excellence in Mexico. The acquisition of La Negra will be transformational for Excellon, with the goal of returning the Company to producer status on an accelerated timeline. La Negra stands out as a permitted, near-term restart opportunity capable of generating significant value. Our strategy is to restart the mine following a 12-18 month de-risking process that we believe will position the Company for operational readiness by early 2024. We also see significant upside potential in the currently defined Mineral Resource estimates, which despite La Negra’s 50-year production history, remains relatively under-explored, and the system remains open along strike and at depth. An infill drill program has been budgeted for and is considered to be a critical component of longer-term success,” Shawn Howarth, Excellon Resources President and CEO.