DGAP-News: Excelsior Mining Corp.: EXCELSIOR COMMENCES ITS 2012 DRILLING PROGRAM AT GUNNISON
(firmenpresse) - DGAP-News: Excelsior Mining Corp. / Key word(s): Miscellaneous
Excelsior Mining Corp.: EXCELSIOR COMMENCES ITS 2012 DRILLING PROGRAM
AT GUNNISON
29.03.2012 / 15:24
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EXCELSIOR COMMENCES ITS 2012 DRILLING PROGRAM AT GUNNISON
March 29, 2012 (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF)
Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF)
('Excelsior') is pleased to announce that it has commenced its 2012
drilling program on the Gunnison Copper Project, located in southern
Arizona. The program has begun with the utilization of both a diamond drill
rig and a reverse circulation drill rig. The first series of drill holes
are being completed in order to acquire additional metallurgical data.
Subsequent drilling will focus on additional hydrological and geological
data acquisition, with the goal of the entire 2012 program being the
completion of a pre-feasibility study by year's end.
'We are excited to be back drilling on Gunnison again,' stated Stephen
Twyerould, President and CEO of Excelsior. 'We have set an ambitious
program for 2012 and, now that it is underway, we are looking forward to
making significant progress in advancing the Gunnison project as quickly as
possible.'
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, all of which will be essential as the project moves forward in
the permitting process.
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 indicated mineral resource of 3.21 billion pounds of
oxide copper (511 M tons at 0.31%) and an inferred mineral resource of 0.88
billion pounds of oxide copper (159 M tons at 0.28%). This oxide mineral
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 company with 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: 604-681-8030 x240
E: info(at)excelsiormining.com
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 estimation of inferred and
indicated mineral resources; (ii) success of exploration activities; (iii)
statements about the details of the 2012 work program; (iv) the completion
of a pre-feasibility study; (v) the future exploration on and the
development of the Gunnison Project; (vi) the permitting process and (vii)
the ability to mine Gunnison using in-situ recovery mining techniques are
forward-looking statements.
In certain cases, forward-looking information can be identified by the use
of words such as 'plans', 'expects' or 'does not expect', 'is expected',
'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' or 'will be taken', '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, the realization of resource estimates,
iron ore and other metal prices, the timing and amount of future
exploration and development expenditures, the estimation of initial and
sustaining capital requirements, the estimation of labour and operating
costs, the availability of necessary financing and materials to continue to
explore and develop the Gunnison Project in the short and long-term, the
progress of exploration and development activities, the receipt of
necessary regulatory approvals, the completion of the environmental
assessment process, 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
exploration and development 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 Project, risks relating to variations in mineral resources, grade
or recovery rates resulting from current exploration and development
activities, 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 iron ore and related products and
in the mining industry generally, risks related to current global financial
conditions, uncertainties inherent in the estimation of mineral resources,
access and supply risks, 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
development process, regulatory risks, including risks relating to the
acquisition of the necessary licenses and permits, financing,
capitalization and liquidity risks, including the risk that the financing
necessary to fund the exploration and development activities at the
Gunnison Project may not be available on satisfactory terms, or at all,
risks related to disputes concerning property titles and interest,
environmental risks and the additional risks identified in the 'Risk
Factors' section of the Company's Annual Information Form for the most
recently completed financial year or other reports and filings with
applicable Canadian securities regulations.
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. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information. 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.
Readers are cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking information contained in this news release
is expressly qualified by this cautionary statement. Except as required by
applicable securities laws, the Company does not undertake any obligation
to publicly update or revise any forward-looking information.
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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