October 10, 2012
Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF) (“Excelsior”) comments on recent developments within the Arizona mining industry that demonstrate the ability of copper projects, and specifically in-situ copper projects, to successfully obtain operating permits.
On September 28th, 2012, Curis Resources Ltd. (TSX: CUV) (“Curis”) announced that the Florence In-situ Copper Project, located in Arizona, had received an Aquifer Protection Permit (APP) for their “Phase 1” in-situ copper recovery operation.
The APP, issued by the Arizona Department of Environmental Quality (“ADEQ”), represents one of the most significant permits in the lead-up to production. For in-situ recovery projects, this permit includes a number of operational, closure and post closure requirements that ensure all aspects of the injection/recovery wellfield and processing plants will be designed to meet the Best Available Demonstrated Control Technology guidelines provided by the ADEQ.
As a further validation of the improved permitting climate in Arizona, earlier this year, Augusta Resource Corporation (TSX: AZC) (“Augusta”) was also granted an Aquifer Protection Permit for the Rosemont Copper Project.
Commenting on these developments, Stephen Twyerould, the President and CEO of Excelsior stated, “These results are very positive for Curis, Excelsior and the larger community of copper miners in Arizona. We congratulate Curis and Augusta on receiving this key permit as we look to move our company into the same position in the near future. Given the recent issuance of these permits and the remote location of Excelsior’s Gunnison Project, we do not see permitting as a barrier to production for an in-situ copper project such as ours.”
Excelsior intends to begin collecting data later this year that will be supplied with applications to the federal and state agencies that are responsible for administering and issuing operating permits. To date, all state and federal permitting for drilling, pumping and hydrological studies at the Gunnison Project have been granted in a timely manner without objection.
Dr. Twyerould concluded, “The state of Arizona is clearly open for business. We have been very pleased with our experience in working with the various regulatory bodies and stakeholders when applying for our work program permits, and we look forward to navigating the rest of the permitting process.”
Commenting on these recent developments, the Chairman of Excelsior, Mark Morabito, added, “The essential components required to take our copper deposit into production are aligning at Gunnison. All of the geological data compiled to date indicates that we have an in-situ recovery project that has the potential to return positive economic results with minimal environmental impact. Our remote location is ideal, and with this recent granting of an operations permit for another in-situ copper project, we have proof that the state of Arizona remains one of the most attractive mining regions within the United States.”
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 its oxide resource has the potential to be mined using in-situ recovery methods. The Excelsior team consists of experienced professionals with proven track records of advancing projects towards production.
Excelsior’s exploration work on the Gunnison Project is supervised by Dr. Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior, and a Qualified Person as defined by NI 43-101. Dr. Twyerould has reviewed and approved the technical information disclosed in this news release.
Further details about Excelsior can be found at: http://www.excelsiormining.com. Further information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Gunnison Copper Project Preliminary Economic Assessment, NI 43-101 Technical Report” dated November 18, 2011.
ON BEHALF OF THE EXCELSIOR BOARD
President & CEO
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604-681-8030 x240
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 regarding future permits, economic results, environmental impact, the development of the Gunnison Project and the ability to mine Gunnison using in-situ recovery mining techniques 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: risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Gunnison Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year . Forward-looking 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.
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