January 12, 2011
Excelsior Mining Corp. (TSX-V: MIN) (“Excelsior”) is pleased to announce that drilling has commenced at the Gunnison Copper Property located within the copper porphyry belt in southern Arizona. The 2011 Phase I program will consist of 10,000 meters (m) of drilling and preliminary hydrological and metallurgical tests.
Gunnison contains a National Instrument (NI) 43-101 inferred resource of 4.77 billion pounds of copper (787 million tons at 0.30% copper) which remains open for expansion (see news release dated November 2, 2010). Approximately 7,000 m of drilling will be targeted towards upgrading the resource from the inferred to the indicated category. Management expects that the majority of the oxide resource will be upgraded. The remaining 3,000 m of drilling will test exploration targets, with the goal of increasing the global copper resource. An updated resource estimate will be carried out following the completion of this drill program.
Over two-thirds of the copper occurs as oxide copper, which has the potential to be mined using insitu recovery (ISR) methods. ISR is a low cost, environmentally sound process of extracting metals from deposits and has been commercially used in Arizona to extract copper. Hydrological and metallurgical test work will commence later this quarter in order to confirm previous results that demonstrate that Gunnison can be mined using ISR.
Additional information and maps showing drill hole locations, as well as the NI 43-101 Technical Report, can be found on Excelsior’s 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
President & CEO
NOT FOR DISSEMINATION IN THE U.S. OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
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