Excelsior Mining Hires New General Manager and Provides Operations Update
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NEWS RELEASE
Excelsior Mining Hires New General Manager and Provides Operations Update
August 12, 2020
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("E xcelsior" or the “Company”)
is pleased to announce the hiring of Robert Winton as the new G eneral Manager and Senior Vice
President of the Gunnison Copper Project. In this role, Mr. Win ton will be responsible for all facets of
the mining operations at the Company’s in-situ copper project in southern Arizona.
“We are very pleased that Robert Winton has joined our team; Ex celsior will benefit from his proven
track record of developing teams that exceed expectations, and in his ability as a senior mining executive
to build a culture of personal empowerment and collaboration,” said, President and CEO, Stephen
Twyerould.
Excelling in the areas of strategic planning and leadership, Mr. Winton brings to Excelsior over 20 years
of management experience within the mining industry. Filling the General Manager position made vacant
by the appointment of Mr. Greg Duschek as Interim CFO (see Exce lsior news release dated April 9 –
Excelsior Provides Operations Update), Mr. Winton was most rece ntly the General Manager and
President of Nyrstar Clarksville, where he was responsible for the Clarksville Smelter, which is a 130
kiloton zinc refinery located in Tennessee. From 1997 to 2016, Mr. Winton enjoyed a diverse and
accomplished career with Hudbay Minerals, a diversified mining company that produces copper, gold,
silver and zinc from several operations throughout North and So uth America. Most notably, from 2014
to 2016, Mr. Winton was Vice-President of Hudbay Minerals, Manitoba Business Unit; in this role he was
responsible for an autonomous base-metal business unit that comprised three underground mines, three
mills, a zinc refinery, and over 1,400 employees. Mr. Winton is a registered Professional Engineer; he
graduated from the University of Saskatchewan in 1997 with a Bachelor of Science degree in Chemical
Engineering.
Operations Update
Despite continued uncertainty surrounding the COVID-19 pandemic , the Company is preparing for an
eventual restart with a targeted sustained production rate of 2 5 million pounds of copper per year.
Excelsior has recently begun injecting acid solution into a lim ited number of wells and then recovering
solution from adjacent wells. The purpose of these activities is to test the modified (retro-fit) wells under
small-scale operating conditions and to gain knowledge on the new “Push-Pull” operating procedures.
In 2019, Excelsior constructed three acid storage tanks with total capacity of 7500 tons of sulphuric acid;
these acid tanks are mostly full, and this supply will be used to facilitate these operations. Excelsior
estimates that the current supply of acid stored on site would last for several months, and the Company
expects to be able to source additional acid on a short-term basis.
At this time, these small-scale activities are preferred by the Company as the health risks to the
Company’s workforce related to COVID-19 continue, and any signi ficant interruption in the workforce
could negatively impact larger operations. The Company has put in place various procedures to mitigate
the risk of transmission of COVID-19 on site as the Health and Safety of our employees remains
Excelsior’s primary concern.
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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.
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 details of the operations plan; (iii) the timeline to
re-start operations; 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, t he realization of resource and reserve estimates,
expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and
amount of future development expenditures, the estimati on of initial and sustaining capital requirements, the
estimation of labour and operating costs (including the price of acid), the progress of construction activities, receipt
of and compliance with necessary regul atory 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 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
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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 gl obal financial conditions, risks related to current global
financial conditions and the impact of COVID-19 on the Company’s business, uncertainties inherent in the
estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on
commercially reasonable terms, 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 construction proc ess, regulatory risks, financing,
capitalization and liquidity risk s, risks related to disputes concerning pr operty 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.