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Excellon to make bid for Destorbelle

Bnamericas Published: Wednesday, February 19, 2003
Toronto-based Destorbelle Mines Limited (TSX: YDB) said it has entered into a support agreement with Vancouver-based Excellon Resources (TSX: EXN) regarding a takeover bid to be made by Excellon for all of the outstanding common Destorbelle common shares. The offer will be US$2.5mn in cash, or US$0.31686 per common share issued by Destorbelle, plus two Excellon common shares per Destorbelle share. Destorbelle said the two companies agreed that the offer price will be increased if the technical studies currently being conducted by Excellon in connection with its secured loan facility indicate that the quantity of metals at the Platosa/Saltillera property in Mexico, is equal to or greater than 125% of the current estimated quantity. The two have a 25.5% joint venture interest each in the project, in Durango sate. Denver-based Apex Silver (Amex: SIL) has the other 49%. According to an estimate prepared by Roscoe Postle Associates, the property contains an indicated resource of 63,400t grading 2,738g/t silver and an inferred resource of 2,100t at 1,433g/t silver, the companies said previously.

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