October 27, 2016
VANCOUVER - Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ('Excelsior' orthe 'Company') is pleased to announce the results of the Company's Annual General Meeting of Shareholders held on October 27 in Vancouver (the 'AGM'), including the approval of the US$14 million financing. Excelsior is also pleased to provide an update on the permitting process for the Gunnison Copper Project in Cochise County, Arizona ('Gunnison Project').
AGM Results
On September 29, 2016, Excelsior announced a US$14 million Private Placement and Royalty financing (the 'Financing') with an affiliate of Greenstone Resources L.P. ('Greenstone') (See Excelsior News Release September 29, 2016). This Financing required approval from the Company's shareholders and the Company confirms that at the AGM shareholders (excluding Greenstone) approved a resolution permitting the Company to proceed with the Financing.
The Company is working to satisfy all of the outstanding closing conditions associated with the Financing. Assuming all closing conditions are satisfied, the Company intends to close the Financing during the first half of November 2016.
Shareholders at the AGM also passed resolutions approving the election of the nominees listed in the management information circular for the AGM, the re-appointment of the Company's auditors and amendments to the Company's stock option plan.
Permitting Update
Excelsior has been working with the Arizona Department of Environmental Quality ('ADEQ') towards the issuance of the Aquifer Protection Permit ('APP') for the Gunnison Copper Project. As part of the ADEQ's technical review process, Excelsior received a 'Comprehensive Request for Information' from the ADEQ on June 17, 2016. Since this time, Excelsior's permitting team has worked diligently to provide a detailed response to the ADEQ's request and this has now been successfully submitted. This represents a major milestone in the advancement of Excelsior's APP application.
In parallel, Excelsior is working towards the issuance of the Underground Injection Control ('UIC') Permit with the US Environmental Protection Agency ('EPA'). The UIC permit application is under technical review and the Company is pleased with the current EPA process.
Excelsior expects draft permits to be issued for public review in early 2017. Excelsior considers its permitting timetable to be on schedule and the Company anticipates initial production from the Gunnison Project in 2018.
Commenting on this news, Rebecca Sawyer, VP Sustainability, said, 'The ADEQ and the EPA continue to demonstrate their proficiency as we move into the advanced stages of the permitting process. We remain confident that the efficiency of the state and federal permitting procedures, combined with the straightforward aspects of the Gunnison Copper Project, will result in the timely issuance of operating permits that ensure compliance with environmental standards.'
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. 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.
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.