Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Excellon Resources Inc T.EXN

Alternate Symbol(s):  EXNRF

Excellon Resources Inc. is engaged in the acquisition, exploration, and advancement of mineral properties. The Company is advancing a portfolio of silver, base metals and precious metals assets The Company’s project portfolio includes Kilgore, Silver City and Evolucion. The Company’s Kilgore project is an advanced gold exploration project in Idaho. The Kilgore gold project is located in Clark County, Southeastern Idaho. The Kilgore gold project comprises 614 lode mining claims and consists of approximately 6,788 hectares (ha). The Silver City is a high-grade epithermal silver district in Saxony, Germany. The Evolucion property covers 31.28 square kilometers (31,280 ha) and 17 km of strike along the Fresnillo trend, a silver district.


TSX:EXN - Post by User

Bullboard Posts
Post by x_ploreron Jul 31, 2012 8:23pm
428 Views
Post# 20171320

Stockhouse interview

Stockhouse interview

https://www.stockhouse.com/Community-News/2012/July/31/Excellon-mine-stalled-by-Mexico-unions,-Chairman-s

Excellon Executive Chairman says a blockade outside the La Platosa mine has more to do with union issues then a water treatment plant.

The Executive Chairman of Excellon Resources Inc. (TSX:T.EXN, Stock Forum) is speaking out for the first time about a controversial blockade which has halted production at the company’s La Plasosa silver mine in Mexico.

Recent reports say the peaceful blockade has been set up by land owners (also known as the Edijo) who want to see a water treatment plant constructed near the mine site.

But in an interview with Stockhouse, Peter Crossgrove said that the high profile blockade has little to do with land use issues.

Rather, he said the company is caught in the middle of a battle between three unions, who are fighting for control of the mine workers.

“In our view, it has nothing to do with the Edijo. It has to do with the Steel Workers who lost the election.’’

Crossgrove went on to say that the two unions who lost the right to represent the mine workers in a recent election have launched a formal complaint with the government about the way the election was run.

Located in Durango State, La Platosa is Excellon’s flagship asset. The mine has a resource estimate of 579,000 tonnes at a grading of 909 grams per tonne silver.

However, production at the site has been stalled by the blockade which was set up in early July and is preventing equipment and supplies from being moved in and out of the site.

The Excellon Chairman explained that the company was initially planning to build a processing mill at the site. If the company had stuck to that plan, it would have needed to construct a water treatment plant, he said.

However, the company decided to buy a mill which is located about 200 kilometers from the mine site.

“All we’re doing is pumping water out of the ground to operate the mine, we’re not affecting the water,” Crossgrove said. “All we ever had to do is provide agricultural water, and our water coming off that property meets all those requirements.”

“The government is controlling the water, not us. They’ve never given us permission to give anyone the water,” Crossgrove said.

However, in an interview with Stockhouse, ProDesc, a non-governmental organization that defends economic, social and cultural rights in Mexico, representative, Chris Benoit said the “Edijo issue is separate from the union issue.”

According to Benoit, the recent election was marred by irregularities.

The original union, Los Mineros, is challenging the election for this reason and because they lost by one vote.

Los Mineros is working with ProDesc and is strategically aligned with the United Steel workers.

Even with the issues surrounding the unions, according to Benoit it does not change the fact that the blockade is about the original land use contract signed between Excellon and the Edijo in 2008.

The dispute at La Platosa is also being closely observed by MiningWatch Canada, an Ottawa-based company that works to change public policy and mining practices to ensure the health of individuals, communities and ecosystems.

Jennifer Moore from MiningWatch Canada said “that there is no reference in the contract clause referring to the construction and installation of a water treatment plant to any related mill.”

The original contract ensured the building of a water treatment plant whether a mill was to be built or bought.

Currently, the state and federal government are meeting to determine how to resolve the problem.

On Tuesday, Excellon was trading at
.53 a share. The company has a market cap of $146.2 million, based on 276 million shares outstanding. The 52-week high and low was
.85 and
.43 respectively.

ABOUT THE AUTHO

Bullboard Posts