Excelsior Mining Provides Operations Update
26427809.2
NEWS RELEASE
Excelsior Mining Provides Operations Update
April 9, 2020
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("E xcelsior" or the “Company”)
is providing an update on its temporary suspension of operation s (see Excelsior news release dated
March 26, 2020 – Excelsior Provides Corporate Update). As the d uration of the suspension remains
unknown at this time, Excelsior is taking steps to conserve cas h and maintain a robust balance sheet.
Excelsior is reducing its workforce, while retaining the personnel necessary to maintain the facilities and
sustain environmental monitoring and compliance requirements. T he Gunnison Copper Project will be
maintained in a safe care and maintenance state; thereby, allow ing Excelsior the ability to restart the
wellfield when timing is deemed optimal.
In order to provide additional liquidity during this period, Ex celsior has also now received the second
US$5 million loan installment from Natural Resources Credit Fun d I LP (see Excelsior news release
dated November 1, 2019 – Excelsior Mining Secures Credit Facility).
“The Company’s focus remains employee health and safety, as wel l as maintaining a strong balance
sheet during these challenging times,” said CEO, Stephen Twyero uld. “Excelsior is retaining the
flexibility to restart production at the Gunnison Copper Project once the uncertainty caused by the global
pandemic passes.”
Excelsior is also restructuring its Chief Financial Officer pos ition by appointing Mr. Greg Duschek as
Interim Chief Financial Officer. After a short transition perio d, Mr. Duschek will take over the role from
Mr. Roger Baer. Mr. Duschek is currently General Manager at the Gunnison mine site and through this
role has excellent insight into operational and financial matte rs. Mr. Duschek is a CPA, CA who began
his career with Ernst & Young. Throughout his career, Mr. Dusch ek has held senior accounting roles
with several operating mining companies including Kinross Gold and Detour Gold.
About Excelsior Mining
Excelsior “The Copper Solution Company ” is a mineral exploration and production company that owns
the Gunnison Copper Project in Cochise County, Arizona. The pro ject is a low cost, environmentally
friendly in-situ recovery copper extraction project that is per mitted to 125 million pounds per year of
copper cathode production. The Feasibility Study projected an a fter-tax NPV of US$ 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.
26427809.2
2
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 production and first copper cathode
sales; (iii) the details of the care and maintenance operation plan; (iv) the Company’s cash forecast; (v) the timeline
to re-start operations; (vi) the Company’s liquidity position; and (vii) 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, 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, 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
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, 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.
26427809.2
3