Mr. Roland Goodgame reports

EXCELSIOR MINING ANNOUNCES FINAL ASSAY RESULTS FROM THE JCM INFILL DRILL PROGRAM

Excelsior Mining Corp. has released the final assay results from the infill drill program on the Johnson Camp mine pits (JCM) located in Cochise county, southeastern Arizona.

Drill Program

Due to successful drilling in the NE corner of Burro pit, additional holes were added and those with assays returned are reported below. The improved results will allow the Company to develop a mine plan that focusses on this new, higher-grade, mineralized zone. Permitting of the new leach pad to restart operations is in progress, however the additional drilling and metallurgical testing will push the Company's goal of restarting mining operations at JCM into 2023.

"These final assay results confirm that the infill drill results from the Burro pit are better than expected compared to existing data. Zones of significant thickness and grade have been intersected. The Company will now move into the final mine planning stages in order to make a decision on restarting mining operations at JCM," commented Roland Goodgame, Senior Vice President Business Development.

All assays have been returned for the 43 diamond hole program. Sequential copper assays have an average leaching potential exceeding 68% (excludes intervals that contain sulfide mineralization). Assay highlights are included in Table 1 below. Full assays are included in Table 2.

The leaching potential of copper mineralization is defined as acid soluble copper (AsCu) plus sodium cyanide soluble copper (CNCu) divided by total copper (TCu).

All samples are prepared from manually split or sawn PQ or HQ core sections on site in Arizona. Drill core samples are then sent to Skyline Assayers & Laboratories in Tucson, Arizona for Total Copper and Sequential Copper analyses. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program. Pulps and sample rejects are stored by Excelsior for future reference.

The Johnson Camp Mine has historically been an open pit, heap leach operation since Cyprus Minerals opened the property in the 1970's. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water, and communications).

New Chief Financial Officer Update

Excelsior also announces that effective October 10, 2022, Mr. Danny Heatherson will be appointed as the Interim Chief Financial Officer of the Company. Mr. Heatherson is the Company's current Corporate Accounting Manager. Mr. Heatherson has over eleven years accounting experience in roles as a controller, director and accounting manager. Mr. Heatherson is a CPA and holds a Bachelor of Science in Accountancy from Arizona State University, School of Global Management & Leadership and a Bachelor of Science in Management, Arizona State University, W.P. Carey School of Business.

Excelsior's current Chief Financial Officer, Mr. Greg Duschek, is relocating to pursue a new opportunity. The Board wishes to thank Mr. Duschek for his service to the Company.

Operations Update

Excelsior is also providing an update on operations and future plans. Excelsior's near-term focus is on the following:Using the newly collected data at the Johnson Camp mine to evaluate the potential for mining at in the old Burro open pit. As noted above, permitting of the new leach pad to restart operations is in progress and the Company's goal is to restart mining operations at JCM in 2023 assuming mine planning demonstrates an economic operation.Ongoing modelling, planning, and permitting for well stimulation trials, designed to determine the effectiveness of this technique to alleviate production problems at the Gunnison in-situ mine. Excelsior is presently engaged with EPA on well stimulation approvals. Well stimulation has the potential to reduce the need for raffinate neutralization or change the design criteria for the neutralization plant. As such, detailed work on the design and testing of neutralized raffinate will be delayed pending the results of the well stimulation trials. Excelsior is continuing its compilation and investigation of the Cochise Mining District (Johnson Camp Mine area) which has enjoyed a long history of underground and open pit operations (Cu, Zn, Pb and Ag).

QUALIFIED PERSON

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. Mr. Twyerould has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Twyerould has verified that the results were accurate from the official assay certificates provided to Excelsior.

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.

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