Excellon Announces Eight Additional Sulphide Intercepts Expanding Guadalupe Manto; Silver-Backed Debentures to be Listed on TSX Venture Exchange.

TORONTO -- Excellon Resources Inc. (TSX VENTURE:EXN) is pleased to announce that significant thicknesses of massive and semi-massive sulphides have been encountered in 8 of 11 holes (see Table 1 below) drilled around drill hole LP05-132, which cut 9.3 metres of massive sulphides grading 1,516 g/t silver (Ag) (49 ounces per ton), 16.4% lead (Pb), and 15% zinc (Zn) (See Press Releases of 23/01/06 and 21/12/05). The recent drilling has proceeded on an approximate 15 metre grid pattern centred on LP-132 and has extended massive sulphide mineralization at least 25 metres in all directions (See Map 1 below). The manto, named the "Guadaulpe Manto" in honour of its discovery on the day (December 12) of the Patron Saint of Mexico, remains open in several directions including the southeast towards the existing mine infrastructure. Several holes have intercepted distinctive mineralization along a high-angle structure underlying the manto, which is being pursued as a possible feeder zone. Drilling to seek continuations and feeders to this manto is ongoing. The core has been cut and assays are expected in the next few weeks. Once the assays are received, they will be integrated into the updated resource calculation currently underway by Roscoe Postle and Associates Inc. ("RPA"), independent geological and mining consultants, which will delay the anticipated receipt of this report until April 2006.

Excellon's Chairman, Richard Brissenden, said: "We're extremely pleased to be able to have this manto expand so quickly after our initial discovery in mid-December. Assuming the grades throughout these recent holes are comparable to those of the Guadalupe discovery hole, this manto has the potential to add significantly to our existing 43-101 mineral resources. In the broader perspective, we look forward to trying to trace the possible feeders to their source and drilling other areas where we have the same combination of targeting factors that led us to the Guadalupe in the first place."

Qualified Person and Quality Assurance and Control

The Platosa exploration program is designed and supervised by Dr. Peter Megaw, Excellon's Consulting Geologist and Exploration Manager of its Mexican subsidiary. Assaying is being performed by SGS Laboratories of Don Mills, Ontario with check assaying by ALS Chemex of Vancouver and/or BSI Inspectorate of Reno, Nevada. Engineering design and supervision of the test-mining program has been carried out by RPA of Toronto.

Dr. Peter Megaw, Ph.D., C.P.G., has acted as the Qualified Person as defined in N.I. 43-101, for this disclosure and has supervised the preparation of the technical information on which this release is based. Dr. Megaw has a Ph.D. in geology and more than 20 years of relevant experience focused on silver and gold mineralization, and exploration and drilling in Mexico. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent of Excellon as he is a shareholder and his company receives a Finder's Fee with respect to the Platosa/Saltierra property.

NOTE: Table 1: Guadalupe Manto Sulphide Intercepts is available on CCNMatthews' website at: http://www.ccnmatthews.com/docs/T10222.pdf

Excellon Silver Backed Debentures to begin trading on TSX Venture Exchange

Excellon is pleased to report that, effective February 22, 2006, its silver backed debentures issued in 2004 will commence to trade on the TSX Venture Exchange under the symbol "EXN.DB". A total of 9,000 debentures, each in the principal amount of USD 1,100, will be listed and will trade, in USD, in a board lot size of one USD 1,100 debenture. The debentures were issued pursuant to the terms and conditions of a trust indenture dated June 9, 2004, a copy of which is available on www.sedar.com. Computershare Trust Company of Canada is the debenture trustee. The debentures are non-interest bearing, mature on June 9, 2007, and are repayable in cash, or in silver (or the proceeds of the sale thereof) on the basis of one troy ounce of silver for each USD 5.50 principal amount (equivalent to 200 ounces of silver per USD 1,100 debenture). U.S. holders, if any, are not permitted to receive payment in silver, or the proceeds of the sale thereof, and may only elect repayment in cash.

As required by the trust indenture, 50% of all silver produced by the Company from its test-mining program on the Core Area of its Platosa/Saltierra Property is required to be set aside and delivered to a custodian (ScotiaMocattata, Inc.) and be held against eventual repayment of the debentures. To February 22, 2006, a total of 161,129 ounces of silver have been delivered to the custodian, and an additional 104,408 ounces from pre-January 31, 2006 production are to be delivered by Met-Mex Penoles S.A. de C.V. to the custodian shortly.

None of the foregoing securities have been, nor will they be, registered with the U.S. Securities and Exchange Commission or under any state securities laws and such securities may not be offered or sold in the United States or to U.S. Persons without registration or pursuant to an applicable exemption from the registration requirements of the United States Securities Act of 1933 and applicable state securities laws.

NOTE: Map 1: Location of Guadalupe Manto is available on CCNMatthews' website at: http://www.ccnmatthews.com/docs/Map10222.pdf

On behalf of
EXCELLON RESOURCES INC.

"signed"                                        "signed"
Richard W. Brissenden,                          A. Douglas MacKenzie,
Chairman and Chief Executive Officer            Vice-Chairman

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies.

All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management.

Excellon Resources Inc. (TSX VENTURE:EXN)