Excelsior Mining Provides Update on Mining Activities at Gunnison and JCM Copper Projects
NEWS RELEASE
Excelsior Mining Provides Update on Mining Activities at Gunnison and JCM Copper
Projects
October 23rd, 2023
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the “Company”)
is pleased to provide an update on the mining camp encompassed by the Gunnison Copper Project
(Gunnison), the Johnson Camp Copper Mine (JCM) and Strong and Harris, located in Cochise County,
southeastern Arizona.
Nuton – JCM Update
In addition to the favorable drilling results which were previously announced on September 14,
2023 and October 16, 2023, Nuton related activities are progressing according to plan and remain
on budget and on schedule. Nuton has begun running leaching tests with the Nuton TM
technologies.
Should Nuton elect to move to Stage 2 of the project, then construction is anticipated to
commence in H1 2024.
Gunnison Copper Project Update
Additional well stimulation modelling has recently been completed, which supports the results of
prior modelling, indicating well stimulation has the potential to greatly improve flow, connectivity
and permeability, thereby improving sweep efficiency and gas bubble removal. See October 18th
2022 News for prior modelling.
Contractors have been identified for certain aspects of the well stimulation trails and long-lead
item equipment has been acquired or ordered.
Trials are subject to work plan approvals and additional working capital.
Mining Camp
Excelsior is taking a broader and more integrated view of the entire mining camp under its control,
including the potential for a large centralized processing facility taking advantage of the recent
advances in sulfide leaching technology, like that provided by Nuton, combined with more
traditional mining approaches like large open pit mining.
Well stimulation at the Gunnison Copper Project remains the primary focus; however, the results
of Excelsior’s review may indicate favorable economics for open pit mining of Excelsior assets.
The resource estimate the Gunnison Copper Project compares favorably to other proposed open
pit mining operations in Arizona in terms of grade and tonnage.
The concept of a larger, centralized processing facility being fed by traditional mining activities
would benefit the nearby Strong and Harris project, which is located only 2 miles (3.2 km) north
of Johnson Camp.
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“There are relatively few large copper development projects in safe jurisdictions around the world that
have our permitting track record and near-term production potential. That makes us very excited by the
future of our mining camp. JCM, Strong and Harris and Gunnison have the combined potential for over
150 million pounds of copper per year assuming full production ramp up is achieved, which would make
Excelsior a top 10 copper producer in Arizona” states Stephen Twyerould, President and CEO.
About Excelsior Mining
Excelsior “The Copper Solution Company ” is a mineral exploration and production company that owns
and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost,
environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds
per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and
a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.
Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, Fellow of
AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould
has reviewed and is responsible for the technical information contained in this news release.
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.
Shawn Westcott
T: 604.365.6681
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 intention to deploy the Nuton® technology at the Johnson Camp mine and future
production therefrom; (ii) the aim to commence construction at Johnson Camp in H1 2024; (iii) the benefits of well
stimulation and the Company’s plans for well stimulations; (iv) ) future production and production capacity from the
Company’s mineral projects; (v) the prospects of mining and leaching predominantly sulfide copper mineralization
in partnership with Nuton; and (vi) the potential for a large centralized processing facility taking advantage of the
recent advances in sulfide leaching technology, like that provided by Nuton, combined with more traditional mining
approaches like large open pit mining.
In certain cases, forward-looking information can be identified 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 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,
expectations and anticipated impact of the COVID-19 outbreak, 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 (including the price of acid), the availability of labour, material and acid
supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance
coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and
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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 and operation 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 be sustained
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, risks related to increased
competition in the market for copper and related products, risks related to current global 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 or mining process, regulatory
risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and
liquidity 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-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 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.