Mr. Stephen Twyerould reports
EXCELSIOR MINING ANNOUNCES POSITIVE INITIAL WELLFIELD RESULTS AT THE GUNNISON COPPER PROJECT
Excelsior Mining Corp. has provided an update on operations at the Gunnison copper project in southern Arizona.
Initial copper recovery grades are exceeding feasibility study expectations. Pregnant leach solution (PLS) grade is currently measuring 0.15 gram per litre (gpL) copper in the primary recovery pond; this milestone is ahead of schedule and keeps Excelsior on pace for copper production this quarter.
"We have the newest, most orderly and technologically advanced in situ recovery well field on the planet, and to date, it is functioning better than anticipated," stated Stephen Twyerould, president and chief executive officer. "We look forward to updating the market on our progress as we complete the transition to producer status."
Acid injection is being steadily increased and is currently at approximately 50 per cent of the full production rate. The 41 injection and recovery wells that comprise the production well field will continue to circulate mining solutions (over a cubic area of approximately 400 feet by 400 feet by 700 feet) in a closed-loop system until the concentration of copper held in solution warrants processing. Once this grade is achieved, mining solutions will then be treated through the Johnson camp processing facilities to extract copper and produce LME grade copper cathode sheets. First copper cathode sales are expected in Q1 2020.
About Excelsior Mining Corp.
Excelsior, the copper solution company, is a mineral exploration and production company that owns 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. The feasibility study projected an after-tax NPV (net present value) of $807-million (U.S.) and an internal rate of return of 40 per cent using a $2.75-(U.S.)-per-pound copper price and a 7.5-per-cent discount rate.
Excelsior's technical work on the Gunnison copper project is supervised by Stephen Twyerould, fellow of AUSIMM, president and 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 entitled "Gunnison Copper Project, NI 43-101 Technical Report, Feasibility Study" dated effective Dec. 17, 2016.
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