Vancouver, British Columbia – May 3, 2010 – Excelsior Mining Corp. (TSX-V: MIN.P) (“Excelsior”) is pleased to announce that it has filed a comprehensive Filing Statement dated April 29, 2010 detailing the acquisition of up to a 70% interest in the Wildhorse Property from Eagle Plains Resources Ltd. (TSX-V: EPL) (the “Property”) pursuant to an Option Agreement dated March 9, 2010 (the “Transaction”). The Property is located approximately 40 kilometres north of Cranbrook, British Columbia in the Fort Steele Mining Division. For additional information on this “Qualifying Transaction” for Excelsior under the applicable policies of the TSX Venture Exchange, please refer to Excelsior’s March 11, 2010 news release.
Pursuant to applicable regulatory requirements, Excelsior has also filed on SEDAR a NI 43-101 compliant, “Technical Report on the Wildhorse Property”, dated March 12, 2010 (the “Technical Report”). The Filing Statement and the Technical Report are available on the SEDAR profile of Excelsior.
The completion of the Transaction remains subject to final approval from the TSX Venture Exchange following satisfaction of certain outstanding conditions to closing. Excelsior anticipates that the closing of the Transaction will take place during the week of May 10, 2010, however, 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"
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.'
Cautionary Note Regarding Forward-Looking Information
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, exploration potential of the Property, terms of the proposed financing and completion of the qualifying transaction, 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 risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; 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 tax consequences to U.S. shareholders. Forwardlooking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company 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.