June 2, 2010
Excelsior Mining Corp. (TSX-V: MIN) (“Excelsior”) is pleased to announce that drilling has commenced at the Wildhorse Gold Project in southeastern British Columbia. The CDN $200,000 program will consist of approximately 600 metres (m) of drilling in 6 holes as well as additional mapping and prospecting. The Project is being conducted pursuant to an option agreement with Eagle Plains Resources Ltd. (TSX.V: EPL) (“Eagle Plains”).
The Wildhorse Property consists of 355 ha and is located approximately 40 kilometres north of Cranbrook, British Columbia in the Fort Steele Mining Division within a historical placer production area. An arrastra (mill) was built on nearby Victoria Creek to process gold-bearing massive quartz from two adits drifted on the Dardenelles claim at the end of the nineteenth century. A 95 tonne bulk-sample of vein material was completed in 1975. The most recent work on the property was completed by Eagle Plains in 2008 and consisted of nine drill holes totalling 731 metres testing the Dardenelles gold-bearing quartz vein. The drilling expanded the vein system laterally and to depth. The best result from this drilling was found in hole WH08-02, 1.2 metres grading 2.12 g/t Au. Excelsior plans two holes to test the eastern extension of the Dardenelles showing 50 metres east of hole WH01-02.
Excelsior’s initial four holes will test the historical copper showing hosted by the Creston Quartzite which is the stratigraphic equivalent to the Revett Formation which hosts copper-silver mineralization at Troy, Montana. Grab samples in 1996 from Copper Creek ranged from 0.21% up to 0.53% copper. The showing has never been drill tested.
The 2010 exploration program is being funded by Excelsior as part of the 2010 Option Agreement. Excelsior has an option to earn a 70% interest in the Wildhorse Property. For additional information on this Transaction, please refer to Excelsior’s news release of March 11, 2010 and the Filing Statement of Excelsior dated April 29, 2010, both of which are filed on SEDAR.
Excelsior’s exploration work on the Wildhorse Property is being carried out by James Ryley, Senior Geologist for TerraLogic Exploration and supervised by Stewart Wallis, P.Geo., a member of the Professional Engineers and Geoscientists of BC and a Qualified Person as defined by NI 43-101. Mr. Wallis has reviewed and is responsible for the technical information contained in this news release.
For more information on Excelsior and its property, please visit the website at: www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
"Mark J. Morabito"
Chief Executive Officer
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE 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 Option Agreement and the 2010 exploration program, 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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