Mr. Mark Morabito reports

EXCELSIOR ANNOUNCES CLOSING OF FIRST TRANCHE OF GREENSTONE FINANCING

Excelsior Mining Corp. has closed the first tranche of the $12-million (U.S.) financing that is being conducted in connection with the acquisition of the assets of Nord Resources Corp., as they relate to the Johnson Camp copper mine. An affiliate of Greenstone Resources LP has purchased 8,655,510 common shares at a price of 17.33 U.S. cents (23 cents) per common share in return for gross proceeds of $1.5-million (U.S.). For further information please see the company's previous news release dated Oct. 8, 2015.

The purchased shares represent approximately 6.98 per cent of Excelsior's issued and outstanding common shares. As a result of the closing of the first tranche of the Greenstone financing, Greenstone holds a total of 41,125,017 common shares, which represent approximately 33.17 per cent of Excelsior's issued and outstanding common shares. The common shares issued to Greenstone are subject to a statutory four-month hold period expiring on April 1, 2016. In addition Greenstone has agreed that it will not, for a period of one year, dispose of the common shares it acquires pursuant to the private placement except in limited circumstances.

The net proceeds of the first tranche of the Greenstone financing will be used for the consideration payable in the Johnson Camp transaction, and for working capital and general corporate purposes.

The second tranche of the Greenstone financing is expected to be completed concurrently with the closing of the Johnson Camp transaction. The second tranche of the Greenstone financing consists of a private placement of common shares for gross proceeds of $2.5-million (U.S.) and the sale of 2-per-cent gross revenue royalty on the Gunnison project for gross proceeds of $8-million (U.S.). The company obtained shareholder approval for the Greenstone financing at an extraordinary meeting of shareholders held on Nov. 17, 2015. The company is working to satisfy all of the outstanding closing conditions associated with the second tranche of the Greenstone financing and Johnson Camp transaction. Assuming all closing conditions are satisfied, the company intends to concurrently close both the second tranche of the Greenstone financing and Johnson Camp transaction during the first half of December, 2015.

We seek Safe Harbor.