Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF) (“Excelsior” or the “Company”) is pleased to announce the results of a comprehensive Prefeasibility Study (“PFS”) on the North Star Deposit of the Gunnison Copper Project, located in southern Arizona. The PFS was completed by M3 Engineering & Technology Corporation (“M3”) of Tucson, AZ and is effective as of January 13, 2014. The National Instrument (“NI”) 43-101 compliant Report (the “Report”) summarizing the results of the PFS will be filed on SEDAR and Excelsior’s website within 45 days of this news release. Results of the PFS disclosed in this press release are in USD and pre-tax (except where otherwise indicated).
The mineral resource estimate for the North Star Deposit is based on results from 88 drill holes totalling 129,272 feet (ft). The estimate is consistent with the CIM definitions referred to in NI 43-101. Mr. Herb Welhener, RM-SME, of Independent Mining Consultants, Inc. (“IMC”) of Tucson, Arizona is a Qualified Person as defined by NI 43-101 and is responsible for reviewing and approving the mineral resource and mineral reserve estimates and the QA/QC associated with the estimates. Mr. Welhener is independent of the Company. He has verified, reviewed and approved the technical disclosure contained in the ‘Mineral Resources and Mineral Reserves’ section of this news release and the underlying sampling, analytical and test data. The mineral resource estimate has been prepared using a 0.05% Total Cu cut-off grade and is effective as of January 13, 2014.