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2010 News Releases

Excelsior Mining Corp. Receives Approval for its Qualifying Transaction and Closes Private Placement

May 5, 2010

Vancouver, British Columbia – Excelsior Mining Corp. (TSX-V: MIN.P) (“Excelsior” or the “Company”) is pleased to announce it has received conditional approval from the TSX Venture Exchange for its previously announced Qualifying Transaction, which involves the acquisition of up to a 70% interest in the Wildhorse Property from Eagle Plains Resources Ltd. (TSX-V: EPL) pursuant to an Option Agreement dated March 9, 2010 (the “Transaction”). The Company anticipates that the Transaction will close on or about May 12, 2010. For additional information on this Transaction, please refer to the Company’s news release of March 11, 2010 and the Filing Statement of Excelsior dated August 29, 2010, both of which are filed on SEDAR.

Excelsior also announces that it has closed its previously announced non-brokered private placement of 8,299,835 units (“Units”) at a price of $0.15 per Unit for gross proceeds of approximately $1,250,000 (the “Private Placement”) on May 4, 2010 (the “Closing Date”). Each Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each Warrant may be exercised for one common share of Excelsior at an exercise price of $0.30 per Warrant for a period of 18 months from the closing date. In connection with the Private Placement, Excelsior paid a finder (the “Finder”) a cash fee equal to 9% of the gross proceeds received from their placement of Units. Excelsior also issued to the Finder that number of non-transferable warrants (“Finder’s Warrants”) equal to 10% of the Units sold by the Finder. Each Finder’s Warrant may be exercised for one common share of Excelsior at an exercise price of $0.15 per Finder’s Warrant for a period of 18 months from the Closing Date.

The proceeds from the Private Placement will be used by Excelsior for exploration expenditures on the Wildhorse Property and for general corporate purposes.

The completion of the Transaction remains subject to final approval from the TSX Venture Exchange following satisfaction of certain outstanding conditions to closing. There can be no assurances that the Transaction will be completed as proposed or at all.

ON BEHALF OF THE EXCELSIOR BOARD

"Mark J. Morabito"
CEO

T: 604-681-8030
F: 604-681-8039
www.excelsiormining.com

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in 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. We do not assume any obligation to update any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.