....Bluetick
Excelsior Mining Announces Sale of First Copper Cathode
Phoenix, Arizona--(Newsfile Corp. - January 28, 2021) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to announce the sale of first copper cathode from the Gunnison Copper Project in Cochise County, Arizona.
Highlights include:
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A total of 90,000 pounds of copper cathode were sold under the off-take agreement with Trafigura Trading LLC (see Excelsior news release dated March 11, 2020 - Excelsior Mining Completes Copper Cathode Offtake Agreement).
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Assays confirm that the copper content achieved 99.998%; copper purity is projected to achieve 99.999% ("five-nines copper") as per the feasibility design, for all future copper harvests.
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Excelsior anticipates achieving the nameplate production rate of 25 million pounds per annum later this year.
Stephen Twyerould, President & CEO, said, "Copper sales are expected to steadily increase as we advance the Gunnison ramp-up towards full production. I congratulate our entire team, and in particular the SX-EW operations crew on achieving this notable milestone. Our SX-EW processing facility has been on care & maintenance for several years; therefore, the initial high quality of the Gunnison Project cathode is remarkable and reflects our commitment to achieving technical excellence throughout all aspects of our business."
Excelsior also announces that it has exercised its option to extend the maturity date of the credit facility with Nebari Natural Resources Credit Fund I LP to March 23, 2022. For further details on the terms of the credit facility, please refer to Excelsior's press release dated November 1, 2019.
About Excelsior Mining
Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. The Feasibility Study projected an after-tax NPV of US$ 807 million and an IRR of 40% using a US$ 2.75 per pound copper price and a 7.5% discount rate.
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.
Additional 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, Feasibility Study" dated effective December 17, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
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: 604 723 1433
E:
info@excelsiormining.com ww