Phoenix, Arizona--(Newsfile Corp. - October 16, 2018) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS)
(OTCQX: EXMGF) ("Excelsior" or the "Company") announces that the Class III Underground Injection Control Area Permit for
the Gunnison Copper Project (the "UIC Permit") is now active and good for production of up to 125 million pounds of pure copper
cathode per annum. All required state and federal operating permits have now been successfully obtained.
Stephen Twyerould, President & CEO, said, "I'm extremely proud of our team that have worked so diligently with regulatory
agencies, community and stakeholders to deliver this significant milestone. It represents a tremendous value-creation step as we
continue moving towards production in what will be one of the most environmentally friendly and cost-effective copper projects in
North America."
The Chairman of Excelsior Mining, Mark Morabito, added, "With the appeal process officially exhausted, we now have a fully
permitted project that is genuinely on the cusp of achieving low cost copper production through the most environmentally friendly
process available within the industry today. I congratulate the entire Excelsior team on achieving this positive outcome, and I
look forward to seeing Excelsior unlock the true value of this tremendous asset."
To recap Excelsior's permitting process, in September, 2017, the Arizona Department of Environmental Quality ("ADEQ") issued an
Aquifer Protection Permit for Gunnison Copper Project; this completed the Arizona State permitting process. On June 22, 2018 the
Environmental Protection Agency (the "EPA") issued Excelsior the UIC Permit with an effective date of August 1, 2018. An appeal
(the "Appeal") of the UIC Permit was subsequently filed by a coalition of non-governmental organizations (the "Petitioners") (See
Excelsior Mining news release dated August 6, 2018 — "Excelsior Provides Permitting Update"). All appeals are reviewed by the
Environmental Appeals Board (the "EAB"). Excelsior announced on October 5, 2018 that a Settlement Agreement (the "Agreement") had
been concluded that would result in the dismissal of the Appeal. As per the terms of the Agreement, Excelsior, the EPA, and the
Petitioners submitted to the EAB a joint motion to dismiss the Appeal (see Excelsior news release dated October 5, 2018 —
"Excelsior Mining Confirms Agreement to Dismiss UIC Permit Appeal"). The EAB has now accepted the joint motion dismissing the
Appeal, and the EPA has lifted the stay, thereby resulting in the UIC Permit becoming effective. The permitting process is now
completed with all key operating permits in place and effective.
Excelsior will be ready to commence construction upon the completion of its project financing plan. The Gunnison Copper Project
remains on-track to be the next new copper producer in the United States, with initial production scheduled for 2019.
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. 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.
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: 604 723 1433
E: info@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) economic benefits from the Gunnison Project; (ii) the commencement of commercial production from the
Gunnison Project; and (iii) the ability to mine the Gunnison Project using in-situ recovery mining
techniques.
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 and mineral
reserves, the realization of resource and reserve estimates, copper and other metal prices, the timing and amount of future
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 develop and construct the Gunnison Project in the short
and long-term, the progress of development activities, the receipt of necessary regulatory approvals, 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
and reserves, 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 copper 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, 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 reports and filings with
applicable Canadian securities regulators.
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. 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. Except as required by applicable
securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking
information.
