Excelsior Reports Indicated Resource of 3.2 Billiohttps://www.marketwire.com/press-release/excelsior-reports-indicated-resource-of-32-billion-pounds-oxide-copper-at-north-star-tsx-venture-min-1539561.htm
July 19, 2011 08:30 ET
Excelsior Reports Indicated Resource of 3.2 Billion Pounds Oxide Copper at North Star
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2011) - Excelsior Mining Corp. (TSX VENTURE:MIN)(OTCQX:EXMGF)(FRANKFURT:3XS) ("Excelsior") is pleased to announce a significant increase to the mineral resource estimate at the North Star Deposit. The oxide copper (Cu) mineral resource has increased from 2.86 billion pounds of Cu (404 million tons at 0.35% Cu) in the inferred category to an indicated copper resource of 3.21 billion pounds and an additional inferred resource of 0.88 billion pounds Cu (refer to table below for tonnage and grade details). The North Star Deposit is part of the Gunnison Copper Property located within the copper porphyry belt in southern Arizona.
The South Star Deposit was not drilled this year and remains unchanged with an inferred resource of 0.38 billion pounds of oxide Cu (62 million tons at 0.30% Cu at a cut-off of 0.1% Cu – see news release dated November 2, 2010).
"We are extremely excited about our updated resource as we not only moved the majority of the oxide resource from the inferred to the indicated category, but we also significantly increased the global resource," says Stephen Twyerould, President and CEO of Excelsior. "As our plan is to mine Gunnison using in-situ recovery mining techniques, our focus is the oxide component of the property, although the mixed and sulphide components have also significantly increased. This upgraded resource represents the first of several milestones that Excelsior aims to achieve over the coming months."