DGAP-News: EXCELSIOR MAPS OUT PATH TO 2012 PRE-FEASIBILITY
(firmenpresse) - DGAP-News: Excelsior Mining Corp. / Key word(s): Miscellaneous
EXCELSIOR MAPS OUT PATH TO 2012 PRE-FEASIBILITY
05.03.2012 / 14:42
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Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF)
('Excelsior') is pleased to announce the details of its 2012 work program
for the Gunnison Copper Project, located in southern Arizona. Building on
the strong positive results from the Preliminary Economic Assessment (PEA),
the proposed $7.3 M program is aimed at completing a pre-feasibility study
this year and will include:
* 5 diamond drill holes for metallurgical testing, with up to 10 column
leach tests
* 5 percussion holes (wells) for base line environmental studies
* Up to 6 large diameter percussion holes for hydrological test wells
* Extensive geophysical testing for hydrology
* Approximately 18 diamond drill holes for structural, geological and
resource definition
* Engineering studies for the pre-feasibility study
'After a very successful 2011, we are excited to kick-off our 2012 work
program, with the goal of completing a pre-feasibility study by the end of
the year,' stated Stephen Twyerould, President and CEO of Excelsior. 'We
are confident that by initiating a number of the necessary activities
simultaneously, we will be able to maintain our proposed timeline for
completion of pre-feasibility in 2012.'
The program is designed to advance the project geologically, hydrologically
and metallurgically. The resultant data will be used to optimize well field
design, leaching solution composition, as well as provide critical
information for groundwater quality control and ultimately, project
reclamation. Optimizing all the various aspects of the project will enable
Excelsior to improve on the Gunnison Project's already impressive positive
PEA results.
Highlights of the North Star Gunnison Copper Project PEA include:
* After-Tax NPV of US$561.7 million (discounted at 7.5%, using US$2.50
copper price)
* After-Tax IRR of 30%
* Payback period of 3.6 years
* Initial capital costs of US$324.7 million (including SXEW plant,
Infrastructure and Acid Plant)
* Total operating costs of US$0.68 per pound (averaged over life of mine)
* Royalty of US$0.01 per pound
* Annual production rate of 85.65 million pounds of copper
* Commercial production commencing in 2015, with a mine life of 20 years
The PEA is preliminary in nature and includes inferred mineral resources
that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves. There is no certainty that the conclusions reached in the
PEA will be realized.
Project Summary
The Gunnison Copper Project is located approximately 65 miles southeast of
Tucson, AZ. The focus of the project is the North Star deposit, which
currently has a total NI 43-101 indicated resource of 3.21 billion pounds
of oxide copper (511 M tons at 0.31%) and an inferred resource of 0.88
billion pounds of oxide copper (159 M tons at 0.28%). This oxide resource
has the potential to be mined using in-situ recovery methods. The Gunnison
property also has the added benefit of being situated in a very remote
location, near an existing mining operation.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
About Excelsior
Excelsior is an exploration and development companywith a copper project
located within the copper porphyry belt of Arizona. The Gunnison Copper
Project is located close to the required infrastructure and its oxide
resource has the potential to be mined using in-situ recovery methods. The
Excelsior team consists of experienced professionals with proven track
records of advancing projects towards production. Excelsior's exploration
work on the Gunnison Property is supervised by Dr. Stephen Twyerould,
Fellow of AUSIMM, President and CEO of Excelsior, and a Qualified Person as
defined by NI 43-101. Dr. Twyerould has reviewed and approved the technical
information disclosed in this news release.
Further details about Excelsior can be found at:
http://www.excelsiormining.com. 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 Preliminary Economic
Assessment, NI 43-101 Technical Report' dated November 18, 2011.
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 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: +1 604-681-8030 x240
E: info(at)excelsiormining.com
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and
financial performance, and often contain words such as 'anticipate',
'believe', 'plan', 'estimate', 'expect', and 'intend', statements that an
action or event 'may', 'might', 'could', 'should', or 'will' be taken or
occur, or other similar expressions. All statements, other than statements
of historical fact, included herein including, without limitation;
statements about the details of the 2012 work program, the completion of a
pre-feasibility study, the mineral resource estimate, the future
exploration on and the development of the Gunnison Project and the ability
to mine Gunnison using in-situ recovery mining techniques are
forward-looking statements. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following risks: the need for additional
financing; operational risks associated with mineral exploration;
fluctuations in commodity prices; title matters; environmental liability
claims and insurance; reliance on key personnel; issues in obtaining
required permits; the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects; the absence
of dividends; competition; dilution; the volatility of our common share
price and volume and the additional risks identified in the management
discussion and analysis section of our interim and most recent annual
financial statements or other reports and filings with the TSX Venture
Exchange and applicable Canadian securities regulations. Forward-looking
statements are made based on management's beliefs, estimates and opinions
on the date that statements are made and the company undertakes no
obligation to update forward-looking statements if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable securities laws. Investors are cautioned against attributing
undue certainty to forward-looking statements.
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.
End of Corporate News
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Datum: 05.03.2012 - 14:42 Uhr
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