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Excellon Resources optioning Silver City project in Germany from Globex Mining

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Excellon Resources optioning Silver City project in Germany from Globex Mining

Excellon Resources Inc. entered into an agreement with Globex Mining Enterprises Inc. for an option to acquire the Silver City project, also known as the Braunsdorf exploration license, in Germany.

The company said Sept. 24 that it completed the first payment of C$100,000 and 226,837 shares to Globex Mining on Sept. 23 as part of the agreement for the early-stage property, which hosts silver, zinc, copper and lead mineralization.

In total, Excellon Resources is required to pay C$500,000 and issue C$1.6 million of shares over three years. Upon completion, Excellon will grant Globex Mining a gross metals royalty of 3% for precious metals and 2.5% for other metals, which may be reduced to 2% and 1.5%, respectively, by paying US$1.5 million.

The company also agreed to make a one-time payment of C$300,000 upon announcing an initial resource estimate for Silver City and a one-time payment of C$700,000 upon achieving commercial production.

Excellon Resources outlined plans in August to raise C$10 million through a bought-deal offering for exploration and development of the Platosa and Evolución silver properties in Mexico.