Sale Of Interest In Non-Core Oakley Project
TORONTO - Excellon Resources Inc. reported that Excellon Idaho Gold Inc. has entered into a definitive agreement with Centerra (U.S.) Inc., a wholly-owned subsidiary of Centerra Gold Inc. to sell Excellon's remaining minority interest in the Oakley Project.
Shawn Howarth, President and CEO of Excellon, said, "First, we are pleased to reach an agreement with Centerra on the sale of Oakley. By selling Oakley, Excellon secures necessary financial liquidity in the short term while mitigating future cash outflows that would otherwise be required to maintain pro forma interest in the project.
Excellon's future growth is currently underpinned by its core assets, the Kilgore and Silver City projects. The Company sees tremendous value potential in both assets and has invested significant capital and effort to advance these projects, at a time when the Excellon narrative was overshadowed by headwinds at our Mexican operations and the wind-down of Platosa. With Kilgore, we see significantly greater exploration potential and are excited to be able to announce 2022 drill results shortly. With Silver City, we see optionality in a district-scale exploration growth story, or the ability to capitalize on expected market trends as new Europe-focused exploration opportunities begin to emerge."
S