Excelsior Mining Confirms Agreement to Dismiss UIC Permit Appeal
NEWS RELEASE
Excelsior Mining Confirms Agreement to Dismiss UIC Permit Appeal
October 5, 2018
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”)
is pleased to announce that a Settlement Agreement (the “Agreement”) has been concluded that will
result in the dismissal of the appeal (the “Appeal”) filed with respect to the Company’s Class III
Underground Injection Control Area Permit (the “UIC Permit”) for the Gunnison Copper Project.
On June 22, the Environmental Protection Agency (the “EPA”) iss ued Excelsior the UIC Permit with an
effective date of August 1, 2018. An appeal of the UIC permit w as subsequently filed by a coalition of
non-governmental organizations (the “Petitioners”) (See Excelsi or Mining news release dated August 6,
2018 – “Excelsior Provides Permitting Update”). All appeals are reviewed by the Environmental Appeals
Board (the “EAB”). As per the terms of the Agreement, Excelsior , the EPA, and the Petitioners have
submitted to the EAB a joint stipulated motion to dismiss the A ppeal. It is anticipated that the EAB will
accept the joint motion to dismiss the Appeal which, subject to notice by the EAB, will prompt the EPA to
lift the stay, thereby resulting in the UIC Permit becoming effective with permanence.
The Agreement provides for additional monitoring wells and cert ain other matters. The Agreement does
not take the place of the extensive protective measures, monito ring and reporting requirements of the
Federal EPA UIC Permit and the State ADEQ Aquifer Protection Pe rmit. However, it does provide for
additional items that are a benefit to local stakeholders.
With all key permits in place and effective, Excelsior will be in position to commence construction upon
the completion of its project financing plan. Excelsior’s Gunni son Copper project remains poised to be
the next new copper producer in the United States.
About Excelsior Mining
Excelsior Mining “ The Copper Solution Company ” is a mineral exploration and development company
that is advancing the Gunnison Copper Project in Cochise County , Arizona. The project is an 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.
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ON BEHALF OF THE EXCELSIOR BOARD
"Stephen Twyerould"
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
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, stat ements with respect to: (i) economic be nefits from the
Gunnison Project; (ii) the commencement of commercial production from the Gunnison Project; and (iii) the ability to mine the Gunnison 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", "scheduled", "estimates", "forecasts ", "intends", "anticipates" or "does not anticipate", or "believes", or variation s of such words and
phrases or state that certain actions, events or results "may ", "could", "would", "m ight" or "will be taken", "occur" or "be ac hieved" suggesting
future outcomes, or other expectations, be liefs, plans, objectives, assumptions, intent ions or statements about future events o r performance.
Forward-looking information contained in th is news release is based on certain factor s and assumptions regarding, among other t hings, 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 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 fluct uations, environmental risks, ti tle disputes or claims, and other similar matters. Wh ile 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 imp lied by the
forward-looking information. Such factors include risks inherent in the exploration an d development of mineral deposits, including risks relating
to changes in project parameters as plans continue to be redefi ned including the possibility that mining operations may not com mence at the
Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from curren t exploration and
development activities, risks relating to the ability to access infrastructure, risks relating to changes in copper and other c ommodity 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 curr ent global financial conditions, uncertainties inherent in the estimation of
mineral resources, access and supply risks, reliance on key per sonnel, operational risks inherent in the conduct of mining acti vities, 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, , financing, capitalization and liquidity risks, including the risk that the financing necessary to
fund the exploration and development activities at the Gunnison Proj ect may not be available on satisfactory terms, or at all, risks related to
disputes concerning proper ty titles and interest, environment al 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 t hat could cause actual actions, events or results to differ m aterially from
those described in forward-looking information, there may be other factors 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 informati on is made as
of the date of this news release. Except as required by applicable securi ties laws, the Company does not undertake any obligati on to publicly
update or revise any forward-looking information.