Excelsior Mining Provides Update on Mining Activities at Gunnison and JCM Copper Projects

Rhea-AI Summary

Excelsior Mining Corp. provides an update on the mining camp encompassed by the Gunnison Copper Project, the Johnson Camp Copper Mine, and Strong and Harris in Arizona.

Positive

• Nuton activities are progressing according to plan and remain on budget and on schedule.
• Additional well stimulation modeling supports the potential for improved flow and connectivity at the Gunnison Copper Project.
• Excelsior is considering the potential for a large centralized processing facility in addition to well stimulation at the mining camp.
• The resource estimate at the Gunnison Copper Project compares favorably to other proposed open pit mining operations in Arizona.
• The mining camp has the potential for over 150 million pounds of copper per year, making Excelsior a top 10 copper producer in Arizona.

Negative

• None.

Phoenix, Arizona--(Newsfile Corp. - October 23, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to provide an update on the mining camp encompassed by the Gunnison Copper Project (Gunnison), the Johnson Camp Copper Mine (JCM) and Strong and Harris, located in Cochise County, southeastern Arizona.

Nuton — JCM Update

• In addition to the favorable drilling results which were previously announced on September 14, 2023 and October 16, 2023, Nuton related activities are progressing according to plan and remain on budget and on schedule. Nuton has begun running leaching tests with the Nuton^TM technologies.
• Should Nuton elect to move to Stage 2 of the project, then construction is anticipated to commence in H1 2024.

Gunnison Copper Project Update

• Additional well stimulation modelling has recently been completed, which supports the results of prior modelling, indicating well stimulation has the potential to greatly improve flow, connectivity and permeability, thereby improving sweep efficiency and gas bubble removal. See October 18^th 2022 News for prior modelling.
• Contractors have been identified for certain aspects of the well stimulation trails and long-lead item equipment has been acquired or ordered.
• Trials are subject to work plan approvals and additional working capital.

Mining Camp

• Excelsior is taking a broader and more integrated view of the entire mining camp under its control, including the potential for a large centralized processing facility taking advantage of the recent advances in sulfide leaching technology, like that provided by Nuton, combined with more traditional mining approaches like large open pit mining.
• Well stimulation at the Gunnison Copper Project remains the primary focus; however, the results of Excelsior's review may indicate favorable economics for open pit mining of Excelsior assets.
• The resource estimate the Gunnison Copper Project compares favorably to other proposed open pit mining operations in Arizona in terms of grade and tonnage.
• The concept of a larger, centralized processing facility being fed by traditional mining activities would benefit the nearby Strong and Harris project, which is located only 2 miles (3.2 km) north of Johnson Camp.

"There are relatively few large copper development projects in safe jurisdictions around the world that have our permitting track record and near-term production potential. That makes us very excited by the future of our mining camp. JCM, Strong and Harris and Gunnison have the combined potential for over 150 million pounds of copper per year assuming full production ramp up is achieved, which would make Excelsior a top 10 copper producer in Arizona," states Stephen Twyerould, President and CEO.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates 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. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release.

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 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
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) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the aim to commence construction at Johnson Camp in H1 2024; (iii) the benefits of well stimulation and the Company's plans for well stimulations; (iv) ) future production and production capacity from the Company's mineral projects; (v) the prospects of mining and leaching predominantly sulfide copper mineralization in partnership with Nuton; and (vi) the potential for a large centralized processing facility taking advantage of the recent advances in sulfide leaching technology, like that provided by Nuton, combined with more traditional mining approaches like large open pit mining.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "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", "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, expectations and anticipated impact of the COVID-19 outbreak, 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 (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, 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 construction and operation 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 be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, 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, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, 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 construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184750

FAQ

What is the update from Excelsior Mining Corp.?

Excelsior Mining Corp. provides an update on the mining camp encompassed by the Gunnison Copper Project, the Johnson Camp Copper Mine, and Strong and Harris in Arizona.

What progress has been made with Nuton activities?

Nuton activities are progressing according to plan and remain on budget and on schedule.

What does the additional well stimulation modeling suggest?

Additional well stimulation modeling supports the potential for improved flow and connectivity at the Gunnison Copper Project.

What is Excelsior considering in addition to well stimulation at the mining camp?

Excelsior is considering the potential for a large centralized processing facility.

How does the resource estimate at the Gunnison Copper Project compare to other mining operations in Arizona?

The resource estimate at the Gunnison Copper Project compares favorably to other proposed open pit mining operations in Arizona.

What is the potential copper production at the mining camp?

The mining camp has the potential for over 150 million pounds of copper per year, making Excelsior a top 10 copper producer in Arizona.