April 19, 2011
Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (“Excelsior”) is pleased to announce assay results from the ongoing drill program on the Gunnison Copper Property located within the copper porphyry belt in southern Arizona. Highlights include:
|Drill Hole||From (feet)||To (feet)||Length (feet)||Total Copper %|
|NSD – 08||630.0||1740.0||1110.0||0.39|
|NSD – 07||816.0||1260.0||444.0||0.22|
|NSD – 06||820.0||1685.4||865.4||0.27|
“It’s great to see consistent thickness and grade at Gunnison as we continue our drilling with the goal of upgrading the majority of the resource from inferred to indicated”, says Stephen Twyerould, President and CEO of Excelsior. “We are approximately 90% through our drill program and the core continues to be highly fractured and well mineralized, which is key for developing this as an in-situ copper recovery project.”
To date, a total of 8,340 meters (27,350 feet) have been drilled in 2011 out of a planned 10,000 meters (32,000 feet). Complete assay highlights with drill plan map are posted on the Excelsior website at: http://excelsiormining.com/e/gunnison.php. The drill program will be followed up with an upgraded resource estimate expected in the second quarter of 2011.
Gunnison currently 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). These three holes continue to demonstrate the continuity of the deposit and aid in defining the eastern extent of the copper mineralization.
Over two-thirds of the copper contained in the NI 43-101 resource occurs as oxide copper, which has the potential to be mined using in-situ recovery (ISR) methods. The fractured nature of the deposit allows for fluid to move through and extract the copper before being pumped back up to the surface. For further details on the ISR process and its advantages, please visit: http://excelsiormining.com/e/in-siturecovery.php
All samples are prepared from manually split half-core sections on site in Arizona. Split drill core samples are then sent to Skyline Assayers & Laboratories in Tucson, Arizona for Total Copper and Sequential Copper analyses. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program.
Excelsior’s exploration work on the Gunnison Property is supervised by Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release. Mr. Twyerould has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Twyerould has verified that the results were accurate from the official assay certificates provided to Excelsior.
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
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 timing for the upgraded resource estimate, expansion of the resource estimate, the potential to use in-situ recovery methods and the production potential of the Gunnison Copper Project 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. Forwardlooking 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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