May 17, 2010
Excelsior Mining Corp. (TSX-V: MIN) (“Excelsior”) is pleased to announce that it has closed the 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”). 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 has now received final approval from the TSX-Venture Exchange (“TSX-V”) and Excelsior’s shares will resume trading on the TSX-V today under the symbol MIN.
Excelsior also confirms that the securities issued in its non-brokered private placement (the “Private Placement”) that closed on May 4, 2010 will be subject to a hold period expiring on September 5, 2010. Further details about the Private Placement are in Excelsior’s May 5, 2010 news release.
The Wildhorse Gold Property is located approximately 40 kilometres north of Cranbrook, British Columbia in the Fort Steele Mining Division. The Property is located within a major placer production area and it overlies three gold and copper mineralized occurrences. A $200,000 exploration program is set to commence by the end of the month and will include 8 drill holes for a total of 700 metres, as well as mapping and prospecting.
Further details on the Wildhorse Property and the 2010 exploration program, including the NI 43-101 Report, can be found on Excelsior’s website at: http://www.excelsiormining.com/.
ON BEHALF OF THE EXCELSIOR BOARD
"Mark J. Morabito"
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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