April 28, 2016
Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ('Excelsior' or the 'Company') is pleased to announce the appointment of Mr. Mark Distler as Chief Financial Officer. Mr. Distler has replaced Carlo Valente who had served as the Company's CFO since December, 2014. The Company thanks Mr. Valente for his invaluable contributions during his tenure. This change is part of an ongoing transition of the Company's management to its Phoenix office as the Gunnison Project reaches an advanced stage.
Mr. Distler brings more than 30 years of experience in the mining industry focusing on financial strategies, regulatory compliance, and core internal operations. He began his career with Phelps Dodge Corporation and has held senior financial positions for a host of major resource companies including Agnico Eagle Mines (Senior Financial Manager), Mercator Minerals (CFO), Curis Resources (Operations Controller) and Frontera Copper Corporation (CFO). A graduate of Pennsylvania State University and is a CPA, Mr. Distler's exceptional skill set in terms of financial structuring and strategic planning will serve Excelsior well as the Company moves through the project financing stage and into commercial production.
Excelsior has granted Mr. Distler, under the terms of its stock option plan, options to purchase up to 200,000 common shares at a price of C$0.36 per share. The options are subject to vesting over a two year period and have an expiry date of April 27, 2021.
Callinan Royalty Option
The final development milestone under the royalty option agreement with Callinan Royalties has been met with the successful administrative review of the Aquifer Protection Permit and the Underground Injection Control and Aquifer Exemption Permit. This resulted in the Company providing notice to Callinan with respect to its option to exercise the final development royalty option. In response, Altius, on behalf of Callinan, provided notice that it will not be exercising the third royalty option.
As noted in Excelsior's October 8, 2015 news release, in May 2015, Altius completed a plan of arrangement whereby Altius acquired all of the issued and outstanding common shares of Callinan and Callinan became a wholly owned subsidiary controlled by the Board and management of Altius. The business model of Altius is to acquire royalty interests in producing mines and to generate its own projects that it then advances through various partner-funding arrangements. Excelsior's Gunnison Project is not yet a producing mine and is a project that was not generated initially by Altius, and as a result it falls outside of the current Altius business model. Altius, through Callinan, continues to hold a 1% Gross Revenue Royalty ('GRR') in the Gunnison Project and holds the remaining option to acquire up to an additional 0.5%GRR for C$5,000,000 based on the remaining Construction Milestone GRR.
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 that is scheduled for commercial production in 2018.
Further 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, Prefeasibility Study Update' dated effective January 28, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
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 44 Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604-681-8030 x240
E: [email protected]
www.excelsiormining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.