Excelsior Mining: Altius Exercises C$5 Million Royalty Option
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NEWS RELEASE
Excelsior Mining: Altius Exercises C$5 Million Royalty Option
December 5, 2018
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”)
is pleased to announce that Altius Royalty Corporation (“Altius”) has exercised the final royalty option
under the Share Purchase and Royalty Option Agreement dated July 19, 2013 between the Company
and Altius. As a result of the exercise of the final option, Altius has paid the Company C$5.0 million and
in return received a n additional gross revenue royalty (“ Construction GRR”) on the Gunnison Copper
Project.
“This investment by one of the mining industry’s foremost royalty companies is another significant
endorsement for the Gunnison Copper Project,” said Excelsior’s President and CEO, Stephen Twyerould.
“As we transition into the next new copper producer in the United States , we do so from a position of
fiscal strength supported by excellent funding partners such as Altius.”
“We have been continually impressed by Excelsior’s ability to overcome challenging conditions and to
ultimately deliver the Gunnison Copper Project to this construction decision milestone. We offer our
sincere congratulations to the team and look forward to Gunnison becoming the 16th paying royalty in our
portfolio,” said Brian Dalton, President and CEO of Altius.
The terms of the Construction GRR are Altius has paid C$5.0 million for a gross revenue royalty that is
equal to (i) 0.625% while the plant capacity of all the plants operated or constructed by the Company or
its affiliates for use in connection with the Gunnison Copper Project (“Plant Capacity”) is less than 75
million lbs. of copper per annum; and (i i) 0.5% while the Plant Capacity is greater than or equal to 75
million lbs. of copper per annum.
Combined with the GRRs that Altius previously acquired (see Excelsior news releases July 29, 2014 and
August 1, 2013) Altius now holds a 1.625% GRR on the Gunnison Copper Project while Plant Capacity
is less than 75 million lbs . of copper per annum and 1 .5% while the Plant Capacity is greater than or
equal to 75 million lbs. of copper per annum.
About Altius
Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15
operating mines. These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron
ore, potash and thermal (electrical) and metallurgical coal. The portfolio also includes numerous pre‐
development stage royalties covering a wide spectrum of mineral commodities and jurisdictions. In
addition, Altius holds a large portfolio of exploration stage projects which it has generated for deal making
with industry partners that results in newly created royalties and equity and minority interests
About Excelsior Mining
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Excelsior “The Copper Solution Company ” is a mineral exploration and development company that is
advancing the Gunnison Copper Project in Cochise County, Arizona . The pro ject is a fully-permitted,
advanced staged, low cost, environmentally friendly in -situ recovery copper extraction project . The
Feasibility Study projected an after-tax NPV of US$ 807 million and an IRR of 40% using a US$ 2.75 per
pound copper price and a 7.5% discount rate.
Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow
of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-
101. Mr. Twyerould has reviewed and approved the technical information contained in this news release.
Additional information about the Gunnison Copper Project can be found in the technical report filed on
SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 43-101 Technical Report, Feasibility
Study” dated effective December 17, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
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: 604 723 1433
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may
occur in the future. Forward looking information contained in this news release includes, but is not limited to,
statements with respect to: (i) the results of the Feasibility Study, including operating and capital cost estimates and
the economic benefits from the Gunnison Copper Project ; (ii) the timeline for commencement of construction and
commercial production from the Gunnison Copper Project; and (iII) the ability to mine the Gunnison Copper Project
using in-situ recovery mining techniques.
In certain cases, forward -looking information can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "sched uled", "estimates", "forecasts", "intends", "anticipates" or "does
not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
Forward-looking information contained in this news release is based on certain factors and assumptions regarding,
among other things, the estimation of mineral resources and mineral reserves, the realization of resource and
reserve estimates, copper and other metal prices, the timing and amount of future development expenditures, the
estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability
of necessary financing and materials to continue to develop and construct the Gunnison Copper Project in the short
and long-term, the progress of development activities, the receipt of necessary regulatory approvals, the estimation
of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or
claims, and other similar matters. While the Company c onsiders these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward -looking information. Such factors include risks
inherent in the exploration and development of mine ral deposits, including risks relating to changes in project
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parameters as plans continue to be redefined including the possibility that mining operations may not commence at
the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, 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 incre ased costs that might be encountered during the development process,
regulatory risks, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund
the exploration and development activities at the Gunnison Copper 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 reports and filings with applicable Canadian
securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward -looking information, there may be other f actors that cause
actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place
undue reliance on forward-looking information. The forward-looking information is made as of the date of this news
release. Except as required by applicable securities laws, the Company does not undertake any obligation to
publicly update or revise any forward-looking information.