Excelsior Mining Commences Mining Operations at the Gunnison Copper Project
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NEWS RELEASE
Excelsior Mining Commences Mining Operations at the Gunnison Copper Project
January 2, 2020
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("E xcelsior" or the “Company”)
confirms the successful commencement of mining operations at th e Gunnison Copper Project in
southern Arizona.
Following a comprehensive commissioning program that has been o ngoing for several weeks,
regulatory approval to commence mining operations through the injection of acid was recently received
from the Environmental Protection Agency (See Excelsior news re lease dated December 23, 2019).
Delivery of mining fluids to the copper orebody has commenced; fluids will now circulate through a
closed-loop system until the concentration of copper held in solution meets sufficient grade to be treated
through the Johnson Camp processing facilities to then extract copper and produce copper cathode
sheets. First copper cathode sales are expected in Q1, 2020.
Stephen Twyerould, the President & CEO, said, “Following on the heels of the successful completion of
the construction phase, mining operations at the Gunnison Copper Project are now underway. We remain
absolutely confident in our capacity to deliver low-cost copper production while maintaining our
commitment to safety and the environment.”
Mark J. Morabito, Excelsior’s Chairman said, “On behalf of the Board, I would like to congratulate the
entire Excelsior team for achieving the commencement of production. Your hard work and your dedication
have made possible this significant milestone, and we look forward to continuing the ramp up of existing
operations in 2020 and laying the groundwork for future expansion to Gunnison’s full production capacity
of 125 million pounds of production per annum.
About Excelsior Mining
Excelsior “The Copper Solution Company ” is a mineral exploration and production company that owns
the Gunnison Copper Project in Cochise County, Arizona. The pro ject is a low cost, environmentally
friendly in-situ recovery copper extraction project that is per mitted to 125 million pounds per year of
copper cathode production. The Feasibility Study projected an a fter-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 4 3-101 Technical Report, Feasibility
Study” dated effective December 17, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
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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 schedule for the commencement of production
and first copper cathode sales; (iii) future increases in production capacity; and (iv) the ability to mine the Gunnison
Copper Project using in-situ recovery mining techniques.
In certain cases, forward-looking information can be identif ied by the use of words such as "plans", "expects" or
"does not expect", "budget", "scheduled", "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", "occur" or "be achieved" suggesting fu ture 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 fa ctors and assumptions regardi ng, 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 de velopment expenditures, the estimation of initial and
sustaining capital requirements, the estimation of labour and operating costs, the progress of construction activities,
receipt of and compliance with necessary regulatory approvals, the estimation of insurance coverage, and
assumptions with respect to currency fluctuations, environm ental risks, title disputes or claims, and other similar
matters. While the Company considers 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 construction of mineral deposits, including 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 Copper
Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, 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, ri sks related to increased competition in the market for
copper and related products, risks related to current global financial conditions, uncertainties inherent in the
estimation of mineral resources, acce ss and supply risks, reliance on key pers onnel, operational risks inherent in
the conduct of mining activities, including the risk of acci dents, labour disputes, increases in capital and operating
costs and the risk of delays or increased costs that might be encountered during the construction process, regulatory
risks, financing, capitalization and liquidi ty risks, risks related to disputes concerning property titles and interests,
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-look ing information, there may be other factors that cause
actions, events or results not to be as anticipated, esti mated or intended. Accordingl y, 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.