2010 News Releases
Excelsior Provides Details on the Gunnison Copper Property
November 2, 2010
Excelsior Mining Corp. (TSX-V: MIN) (“Excelsior”) is pleased to announce additional details on the Gunnison Copper Property. Excelsior has the option to acquire 100% ownership of the Gunnison Property located within the copper porphyry belt in southern Arizona. Gunnison contains an NI 43-101 inferred resource of 4.77 billion pounds of copper (refer to table below for grade and tonnage) which remains open for expansion (See News Release dated June 16, 2010).
Gunnison is located approximately 65 miles southeast of Tucson and 1.5 miles southeast of the historic Johnson Camp mining district. The Property is located near the I-10 freeway and covers approximately 6.085 acres (2,461 hectares). The area is sparsely populated, but sufficient skilled labour for the project is located nearby in the towns of Benson, Wilcox and Tucson. The area has well developed infrastructure for mining with the solvent extraction electrowinning (SX-EW) plant located at the Johnson Camp mine nearby. Railway and electrical power are also accessible on the property.
The Gunnison Property is composed of two deposits, the North Star and South Star Deposits. The North Star Deposit is the most advanced and is over 2,500 meters (m) long, 700m wide and 200m thick and remains open for further expansion. It contains over 90% of the total inferred resource of 4.77 billion pounds of copper.
Over two-thirds of the copper occurs as oxide copper, which has the potential to be mined using in-situ recovery (ISR) methods. ISR is a low cost and environmentally-friendly process of extracting metals from deposits. Copper has successfully been extracted using ISR in Arizona on numerous occasions including the San Manuel Mine located less than 70 miles to the northwest of Gunnison.
For more information on ISR, please visit: http://www.excelsiormining.com/index.php/investors/in-situ-recovery
Another emerging ISR copper project in Arizona is the Florence Project (“Florence”), located approximately 100 miles from Gunnison. Florence is being developed by Curis Resources Ltd. (“Curis”), a Hunter Dickenson Inc Company. A positive Preliminary Economic Assessment for Florence was recently completed which indicated initial capital costs of approximately US$240 million, operating costs of US$0.68 per pound of copper, and an after tax NPV of US$550 million using US$3.00 per pound copper, discount rate of 7.5% and production of about 77 million pounds of copper per year for 19 years. Curis are aiming for initial copper production beginning in the third quarter of 2012. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Given that Gunnison is similar in tonnage and grade to Florence and that preliminary tests suggest it is amenable to ISR and SX-EW copper production, Excelsior expects that its own investigations on Gunnison may produce similar results to Florence. Further details regarding the upcoming programs will be released shortly.
Maps and additional information, including the NI 43-101 Report, are available on the Excelsior website at: www.excelsiormining.com.
Stephen Twyerould, (Fellow of AUSIMM), President and CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101, has reviewed and is responsible for the technical information contained in this news release.
Excelsior is an exploration and development company with a copper project located within the copper porphyry belt of Arizona. The Gunnison Copper Project is located close to the required infrastructure and with its in-situ recovery potential, is intended for near-term production. The Excelsior team consists of experienced professionals with proven track records of advancing projects towards production.
Further details about Excelsior can be found on Excelsior’s website at: http://www.excelsiormining.com/.
ON BEHALF OF THE EXCELSIOR BOARD
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms of the Transaction and final Exchange approval are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Excelsior undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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