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NEWS RELEASE
Excelsior Files Feasibility Study
January 18, 2017
Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce that it has filed a National Instrument (“NI”) 43-101 Technical Report dated effective December 17, 2016 on SEDAR at www.sedar.com. The Report is with respect to Excelsior’s Feasibility Study (“FS”) on the Gunnison Copper Project in southern Arizona; the results of which were announced in a December 5, 2016 news release.
Highlights of the Feasibility Study (United States dollars)
- Net Present Value (“NPV”) of $1.173 billion pre-tax and $807 million post-tax
- at 7.5% discount rate using a life of mine (“LOM”) copper price of $2.75/lb;
- Internal Rate of Return (“IRR”) of 48% pre-tax and 40% post-tax;
- Initial construction capital costs of $46.9 million
- includes 15% contingency, 16% EPCM, freight, mobile equipment, owner’s costs and capital spares;
- Payback period for initial capital of 2.3 years pre-tax and 2.8 years post-tax;
- Average life of mine operating costs of $0.65/lb;
- All-In Cost (LOM capital costs plus operating costs) of $1.23/lb;
- 42 million pounds of copper added to the Probable Mineral Reserve, with the total Probable Mineral Reserve now 4.5 billion pounds of copper (782 million short tons grading 0.29%);
- Life of Mine: 24 years of commercial production;
- Staged production profile: initial production rate of 25 million pounds of copper cathode per annum using the existing Johnson Camp Mine (“JCM”) facilities, followed by an intermediate expansion stage to 75 million pounds per annum and final expansion stage to full production of 125 million pounds per annum (includes the construction of an acid plant at full production).
Post-Tax Sensitivity Analysis*
Acid Plant
Non-Acid Plant
Cu Price
$3.25
$3.00
$2.75
$2.50
$2.25
$3.25
$3.00
$2.75
$2.50
$2.25
IRR
51%
45%
40%
35%
29%
51%
46%
41%
35%
28%
NPV*
$1,086
$947
$807
$664
$522
$972
$831
$691
$548
$405
*million $ at 7.5% discount rate
Commenting on this news, Stephen Twyerould, President and CEO, said, “The Feasibility Study confirms the industry-leading economics that have always been the hallmark of the Gunnison Copper Project. With the successful completion of this final technical milestone, Excelsior remains on schedule for commercial production in 2018. The Company continues to work closely with the federal and state agencies to develop safe and workable permits in a timely manner.”
Qualified Person
Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & 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.
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018.
Additional information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 43-101 Technical Report, Feasibility Study” dated effective December 17, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
"Stephen Twyerould"
President & CEO
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604-681-8030 x240
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 estimation of mineral resources and mineral reserves; (ii) the robust economics and potential returns associated with the Gunnison Project, (iii) the technical viability of the Gunnison Project; (iv) the market and future price of copper; (v) expected infrastructure requirements; (vi) the results of the FS including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines, permit timelines and production timelines for the Gunnison Project, (vii) expected acid consumption rates; (viii) the use of Johnson Camp infrastructure; (ix) the commencement of commercial production from the Gunnison Project; and (x) the ability to mine the Gunnison Project using in-situ recovery mining techniques.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "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" or "will be taken", "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, 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, the availability of necessary financing and materials to continue to develop and construct the Gunnison Project in the short and long-term, the progress of development activities, the receipt of necessary regulatory approvals, the completion of the permitting process, 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 exploration and development 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 commence at the Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from current exploration and development activities, 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 and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, 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 development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.
It's nice to see our old Prodigy play moving forward!
Argonaut Gold Announces Successful Result from its 2016 Drill Campaign at Magino
Toronto, Ontario - (January 11, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to release the final assay results for the remaining 123 reverse-circulation (“RC”) holes of a 350-hole program completed at its 100%-owned Magino Gold project in Ontario. The RC drilling program was designed to reclassify mineral reserves from Probable to Proven within the proposed starter pit at Magino. These drill results, including those that were released December 5, 2016 (see press release dated December 5, 2016), will be incorporated into a feasibility study, which is expected to be completed during the second half of 2017.
Pete Dougherty, President and CEO commented: “One aspect of Magino that has over-shadowed its economic potential is the perception that the continuity of gold mineralization, especially the higher grade areas, required further definition. Therefore, we designed a definition-drilling program focused on the initial two years of production with the aim of accomplishing three goals: upgrade this portion of the resource to a Proven Reserve category, test our existing model and de-risk the first two years of production, which is the estimated payback period for the project. The team was able to execute the program on time and on budget, and these results will play a fundamental role in the upcoming feasibility study.”
Tom Burkhart, Vice President of Exploration stated: “Drill results support the current block model and the interpreted geometry of mineralization. Within the system, there are lenses and stockworks of high-grade gold that are important to the economics of the deposit. It is impossible to know exactly where all these high-grade lenses lie, but what the recent 10 to 12 metre spaced drilling tells us is that the tighter we drill the Magino deposit, the more we validate that these high-grade lenses do occur and that their frequency is predictable. In addition, the successful result of the 2016 drilling campaign increases our confidence in the strength of the overall resource.”
Plan View Map of Key Highlight Hole Locations
Table 1 below illustrates key highlight holes from the drill program:
Table 1: Key Highlight Holes
Hole
Azimuth
Dip
From
To
Length
Grade
MA16-RC-066
164.13
-51.26
Interval
52
67
15
1.13
Interval
93
114
21
2.61
MA16-RC-088
165
-50
Interval
96
133
37
1.90
MA16-RC-093
165
-50
Interval
79
96
17
4.74
Interval
100
131
31
0.96
MA16-RC-171
164.49
-60.68
Interval
6
22
16
4.37
Interval
26
37
11
0.38
Interval
41
48
7
0.85
Interval
54
66
12
0.84
MA16-RC-198
166.49
-48.11
Interval
50
74
24
2.04
Interval
113
118
5
0.49
Interval
126
135
9
1.11
MA16-RC-214
165.04
-60.22
Interval
19
71
52
1.22
MA16-RC-240
163.24
-48.97
Interval
26
37
11
0.36
Interval
45
63
18
12.83
MA16-RC-245
162.93
-48.75
Interval
28
64
36
1.04
MA16-RC-262
165.75
-48.67
Interval
24
33
9
0.47
Interval
62
74
12
5.68
Interval
140
147
7
1.55
MA16-RC-288
165.8
-48.37
Interval
15
22
7
0.35
Interval
27
33
6
0.41
Interval
44
58
14
2.46
Interval
92
100
8
0.48
Interval
126
136
10
14.31
Interval
150
163
13
7.26
MA16-RC-303
164.16
-49.93
Interval
19
23
4
1.15
Interval
28
49
21
0.99
Interval
55
78
23
3.42
Interval
106
113
7
0.79
MA16-RC-312
168.09
-49.12
Interval
2
36
34
3.77
Interval
41
48
7
0.48
Interval
52
59
7
1.15
Interval
74
84
10
0.45
MA16-RC-323
162.35
-51.54
Interval
12
30
18
0.87
Interval
34
44
10
1.09
Interval
58
84
26
3.98
Interval
150
159
9
0.41
MA16-RC-327
170.01
-59.28
Interval
1
32.2
31.2
1.33
MA16-RC-330
165.22
-49.64
Interval
10
30.8
20.8
2.98
To view a table of all drill results, plan view maps and cross sections, please visit:
http://www.argonautgold.com/gold_operations/drill_results/
Qualified Person Comments / Quality Control Procedures
The preparation of this press release was supervised and approved by Thomas Burkhart, Argonaut Gold’s Vice President of Exploration and a Qualified Person under NI 43-101. Mr. Burkhart also reviewed the reverse circulation and on-site sample preparation procedures at Magino.
For sample analysis the Company utilizes a system of Quality Assurance/Quality Control that includes insertion and verification of standards, blanks and duplicates consistent with industry standards.
Samples from the Magino RC drilling program are collected by Argonaut’s geologic personnel every one metre and transported by truck to either Activation Laboratories or Bureau Veritas with analytical facilities in Timmins, Ontario for sample preparation and assaying. All samples are analyzed for gold using a 50g fire assay charge with an atomic absorption finish. Samples that exceed 5 g/t Au are further processed using a standard metallic screen analysis designed to identify and analyze for coarse gold.
Please see below under the heading "cautionary note regarding forward-looking statements" for further details regarding risks facing Argonaut.
For further information on the Magino project please see the report listed below on the Company’s website www.argonautgold.com or on www.sedar.com:
Magino Gold project
Preliminary Feasibility Study Technical Report on the Magino Project, Wawa, Ontario, Canada dated February 22, 2016 (effective date January 18, 2016)
Creating Value Beyond Gold
Cautionary Note Regarding Forward-looking Statements
This press release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold Inc. (“Argonaut” or “Argonaut Gold”). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimation of mineral resources at mineral projects of Argonaut; success of exploration activities; the realization of mineral reserve estimates; the timing and amount of estimated future production; economics of production; estimated production and mine life of the various mineral projects of Argonaut; the future price of gold and silver; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in metal grades, variations in recovery rates, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Argonaut's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.
Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
About Argonaut Gold
Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production stage El Castillo mine and the construction stage San Agustin project in Durango, Mexico and the production stage La Colorada mine in Sonora, Mexico. Advanced exploration stage projects include the San Antonio project in Baja California Sur, Mexico, and the Magino project in Ontario, Canada. The Company also has several exploration stage projects, all of which are located in North America.
For more information please contact:
Argonaut Gold Inc.
Dan Symons
Vice President, Investor Relations
Phone: 416-915-3107
Email: dan.symons@argonautgold.com
This message was sent by Argonaut Gold Inc.. You may contact Argonaut Gold Inc. at:
Box 130, Toronto, Ontario, Canada M5X 1A4
775-284-4422
Info@argonautgold.com
December 19, 2016
Fellow Investors,
I want to start with the one word that I feel best encapsulates not just this past year, but our entire history as a company: “credibility”. We believe that the way to create genuine value is by setting realistic goals and then delivering on those goals. As we head into our final year of development, our business model will continue to reflect a company that knows exactly what needs to be done in order to achieve all of our goals.
At the start of 2016 we set ourselves some very significant targets. In every case, we achieved those targets and met our budgetary expectations, all of which proved accretive to our market capitalization.
Some of the significant milestones from this past year included:
- Full integration of the Johnson Camp Mine into our company; the facility remains in good working order and will allow us to commence production via a low-cost, staged, ramp-up;
- Filed state and federal permits that are progressing well through the regulatory process;
- Raised significant capital at a premium to our then market price; these funds are expected to see us well past the targeted construction decision;
- Completed an Updated Prefeasibility Study and a Feasibility Study; both of theses technical reports highlight the industry-leading low operating costs, low capital costs and small environmental footprint that should make our project one of the most attractive new copper mines in the world.
These accomplishments reflect the quality of our management team. We have the experience and business acumen necessary to take the Gunnison Copper Project into full production, and that is exactly what we intend to do.
The next big milestone ahead of us will be the receipt of operating permits. Permitting is one of the biggest issues facing a pre-production project, and we remain very confident that our operating permits will be received in keeping with our track record of achieving milestones on time and on budget. We are very proud of the quality of our community out-reach program, which we initiated over five years ago. Additionally, we know that our permitting team, led by VP Sustainability, Rebecca Sawyer, has the capacity and experience to deliver on this key milestone.
I offer my appreciation for all of our investors and stakeholders who have maintained their support. Heading into the New Year, our goals remain the same: we are working towards a resounding technical and market success. There is no reason why we cannot accomplish both and we will be satisfied with nothing less.
Kind Regards,
Stephen Twyerould
Present & Chief Executive Officer
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018.
Further information about the Gunnison Copper Project can be found in the Company’s news release dated December 5, 2016 filed on SEDAR at www.sedar.com. Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & 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 letter.
For more information on Excelsior, please visit our website at 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 low-cost nature of the Gunnison Project; (ii) the commencement of commercial production from the Gunnison Project; (iii) the timelines associated with the permitting process; (iv) the issuance of permits for the Gunnison Project; (v) that the Gunnison Project will be environmentally friendly; and (vi) the ability to mine the Gunnison Project using in-situ recovery mining techniques.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "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" or "will be taken", "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, copper and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Gunnison Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the permitting process, 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 exploration and development 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 commence at the Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from current exploration and development activities, 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 and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, 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 development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.
Excelsior Releases Feasibility Study with Post-Tax NPV of $807 Million
December 5, 2016
Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce the results of a comprehensive Feasibility Study (“FS”) on the North Star Deposit of the Gunnison Copper Project, located in Cochise County, southeastern Arizona. The project is designed as a copper in-situ recovery (“ISR”) mine using solvent extraction-electrowinning (“SX-EW”).
Highlights of the FS (United States dollars)
- Net Present Value (“NPV”) of $1.172 billion pre-tax and $807 million post-tax
- at 7.5% discount rate using a life of mine (“LOM”) copper price of $2.75/lb;
- Internal Rate of Return (“IRR”) of 48% pre-tax and 40% post-tax;
- Initial construction capital costs of $46.9 million
- includes 20% contingency, 16% EPCM, freight, mobile equipment, owner’s costs and capital spares;
- Payback period for initial capital of 2.3 years pre-tax and 2.8 years post-tax;
- Average life of mine operating costs of $0.65/lb;
- All-In Cost (LOM capital costs plus operating costs) of $1.23/lb;
- 42 million pounds of copper added to the Probable Reserve;
- Life of Mine: 24 years of commercial production;
- Staged production profile: initial production rate of 25 million pounds of copper cathode per annum using the existing Johnson Camp Mine (“JCM”) facilities, followed by an intermediate expansion stage to 75 million pounds per annum and final expansion stage to full production of 125 million pounds per annum (includes the construction of an acid plant at full production). The staged production profile makes possible the funding of future expansions out of cash flow.
Sensitivity Analysis
PRE-TAX
Acid Plant
Non-Acid Plant
Cu Price
$3.25
$3.00
$2.75
$2.50
$2.25
$3.25
$3.00
$2.75
$2.50
$2.25
IRR
62%
55%
48%
41%
34%
63%
56%
48%
41%
33%
NPV*
$1,588
$1,380
$1,172
$963
$755
$1,396
$1,187
$978
$768
$559
AFTER-TAX
Acid Plant
Non-Acid Plant
Cu Price
$3.25
$3.00
$2.75
$2.50
$2.25
$3.25
$3.00
$2.75
$2.50
$2.25
IRR
51%
45%
40%
35%
29%
51%
46%
41%
35%
28%
NPV*
$1,086
$947
$807
$664
$522
$972
$831
$691
$548
$405
*million $ at 7.5% discount rate
Twyerould added, “Because of the special characteristics of the North Star deposit, and by extension our ability to employ the in-situ mining method, the project economics remain exceptionally strong even at low copper prices. As demonstrated in the table above, the high margin enjoyed by the Gunnison Copper Project is our critical advantage and the key to our risk management.”
The FS was completed by M3 Engineering & Technology Corporation (“M3”) of Tucson, AZ and is effective as of December 5, 2016. The technical report (the “Report”) summarizing the results of the FS, and prepared in accordance with National Instrument (“NI”) 43-101, will be filed on SEDAR and Excelsior’s website within 45 days of this news release. Results of the FS disclosed in this press release are in United States Dollars.
Financial Analysis
As highlighted in the tables below, the FS demonstrates excellent project economics. Based on an initial production rate of 25 million pounds per annum, the FS base case generates a post-tax NPV of $807 million (at a cash flow discount of 7.5%), an IRR of 40.1% and a payback period for initial capital of 2.3 years. This financial analysis is based on a number of assumptions which will be fully set out in the Report.
The base case uses the following parameters over the 24-years of production:
- Copper selling price of $2.75 per pound;
- Total copper recovery of approximately 48% (based on a combination of metallurgical recovery and estimated sweep efficiency);
- Average of approximately 9.0 pounds of acid consumed for every pound of copper produced;
- Initial acid price of $100/ton for years 1 to 3, $125/ ton for years 4 to 6, declining to $46.19/ton as of year 7 (acid plant is built in year 6);
- State tax rate of 6.97% and a federal tax rate of 35%;
- Staged production commencing at 25 million pounds per annum, ramping up to 75 million pounds in year 4, and then to 125 million pounds per annum in year 7.
FINANCIAL ANALYSIS SUMMARY
Pre-Tax
Post-Tax
IRR
48.3%
40.1%
Initial Capital Payback (years)
2.3
2.8
NPV (million) @7.5%
1,172
807
Ratio of initial Capital of NPV7.5
0.04
0.06
COST METRICS
Million $
Cost/lb Copper
Direct Operating Costs
1,418
0.65
Royalties and Other Production Costs
461
0.22
Initial Capital Costs
46.9
0.02
All-in Cost (all capital + operating)
2,668
1.23
Taxes
995
0.46
The Company has also evaluated a secondary case without an Acid Plant. In this case the project retains strong economics, highlighted by a pre-tax NPV7.5 of $978 million and an IRR of 48.4% (post-tax: NPV7.5 of $691 million and IRR of 40.5%). Total initial capital expenditures remain the same as the “Acid Plant” scenario. Total sustaining capital costs over the life of the mine are $661 million, which includes production well-field expansion, SX-EW expansion and water treatment facilities. Average life-of-mine operating direct cash costs are estimated at $0.97/lb for the “No-Acid Plant” option with an All-In Cost of $1.50 per pound.
KEY PARAMETERS
Acid Plant
No-Acid Plant
Copper Cathode sold (million lb)
2,165
2,165
Copper Price ($/lb)
2.75
2.75
Gross Revenue (million $)
6,019**
5,954
Operating Costs
(million $)
Cost $/lb
(million $)
Cost $/lb
Production (Wellfield)
641
0.29
1,303
0.60
SXEW
497
0.23
512
0.24
Water Treatment Plant
113
0.05
113
0.05
G&A
167
0.08
167
0.08
Direct Operating Cash Costs
1,418
0.65
2,095
0.97
Royalties
272
0.13
272
0.13
Other Production Expenses
189
0.09
180
0.08
Initial Capital Costs*
(million $)
Cost $/lb
(million $)
Cost $/lb
Production (Wellfield)
14.6
0.01
14.6
0.01
SXEW + Infrastructure
26.8
0.01
26.8
0.01
Owners Costs
5.5
0.00
5.5
0.00
Sub-total Initial Capital Costs
46.9
0.02
46.9
0.02
Sustaining Capital Costs
(million $)
Cost $/lb
(million $)
Cost $/lb
Production (Wellfield)
396
0.18
396
0.18
Plant + Infrastructure
346
0.16
265
0.12
Sub-total Sustaining Capital Costs
742
0.34
661
0.30
All in cost (all capital + operating)
2,668
1.23
3,255
1.50
Taxes
995
0.46
754
0.35
* includes 20% contingency
** assumes sale of excess acid in some years
Mineral Resources and Mineral Reserves
Mineral Resource Estimate
North Star Resources (Oxide and Transition at 0.05% cut-off)
Category
Short Tons (million)
Total Copper %
Pounds of Cu (million)
Measured
199
0.36
1,427
Indicated
674
0.27
3,567
Total M&I
873
0.29
4,995
Inferred
187
0.17
630
All samples were prepared from manually split half-core sections on site in Arizona. Split drill core samples were then sent to Skyline Assayers & Laboratories (“Skyline”) in Tucson, Arizona, an independent laboratory, for Total Copper and Sequential Copper analyses. Skyline is accredited with international standard ISO/IEC 17025:2005 General Requirements for the Competence of Testing and Calibration Laboratories. Analytical results for Total Copper, Acid Soluble Copper, and Cyanide Soluble Copper were reported. Excelsior has no relationship with Skyline Labs other than Skyline being a service provider. 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.
Mr. Michael M. Gustin, with the independent firm Mine Development Associates (MDA) of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for this mineral resource estimate. He has verified, reviewed and approved the technical disclosure contained in this section of the news release. Mr. Gustin has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior.
Mineral Reserve Estimate
North Star Mineral Reserves (Oxide and Transition at 0.05% cut-off)
Category
Short Tons (million)
Total Copper %
Pounds of Cu (million)
Probable
782
0.29
4,505
Technical Report and Qualified Person
The Report will be filed on SEDAR and on Excelsior’s website within 45 days of the date of this news release. The Report will consist of a summary of the FS. The Report is being prepared under the supervision of Richard Zimmerman, SME-RM of M3 Engineering & Technology Corporation, Tucson, Arizona, who is a Qualified Person that is independent of the Company. The Report will also receive contributions from the following additional Qualified Persons, who are also independent of the Company:
- Dr. Ronald J. Roman of Leach, Inc., Tucson, Arizona (metallurgy and leaching recovery).
- Mr. Neil Prenn, of MDA of Reno, Nevada (mineral reserve).
- Mr. Michael M. Gustin of MDA of Reno, Nevada (geology and mineral resource).
- Mr. R. Douglas Bartlett, of Clear Creek and Associates of Phoenix, Arizona (hydrology, mining method, permitting and environment).
- Mr. Thomas L. Drielick, of M3 Engineering & Technology Corporation, Tucson, Arizona (recovery methods, capital and operating costs, and economic analysis).
Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that is relevant to their area of responsibility and verified the data underlying such technical information.
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018.
Prior to the release of the Report on the FS results, additional information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 43-101 Technical Report, Prefeasibility Study Update” dated March 23, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
"Stephen Twyerould"
President & CEO
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604-681-8030 x240
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 estimation of mineral resources and mineral reserves; (ii) the robust economics and potential returns associated with the Gunnison Project, (iii) the technical viability of the Gunnison Project; (iv) the market and future price of copper; (v) expected infrastructure requirements; (vi) the results of the FS including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines, permit timelines and production timelines for the Gunnison Project, (vii) expected acid consumption rates; (viii) the use of Johnson Camp infrastructure; (ix) the commencement of commercial production from the Gunnison Project; and (x) the ability to mine the Gunnison Project using in-situ recovery mining techniques.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "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" or "will be taken", "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, 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, the availability of necessary financing and materials to continue to develop and construct the Gunnison Project in the short and long-term, the progress of development activities, the receipt of necessary regulatory approvals, the completion of the permitting process, 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 exploration and development 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 commence at the Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from current exploration and development activities, 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 and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, 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 development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.
NEWS RELEASE
Excelsior Closes US$14 Million Financing
November 23, 2016
Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the“Company”) announces that it has closed the previously announced financing with an affiliate of Greenstone Resources L.P. (“Greenstone”), for total gross proceeds of US$14.0 million. The financing consists of a private placement of common shares (the “Private Placement”) at CDN$0.45 per share for gross proceeds of US$10.0 million and the sale of a 1% gross revenue royalty on the Gunnison Copper Project and Johnson Camp Mine (the “Royalty Financing”) for gross proceeds of US$4.0 million. For further details, please see Excelsior’s News Release dated September 29, 2016.
Based on its development plan and expected permitting timelines, Excelsior is now fully funded through to a construction decision on the Gunnison Project. Receipt of final operating permits is expected in Q2, 2017. Construction is scheduled to begin in Q3 of 2017, with commercial production anticipated in 2018. Additional financing will be required in order for Excelsior to commence construction of the Gunnison Project and ultimately achieve commercial production.
Pursuant to the Private Placement, Greenstone purchased, by way of a treasury offering, common shares of Excelsior at a price of CDN$0.45 per common share for total gross proceeds of US$10.0 million. Settlement occurred in United States dollars and the exact number of common shares issued was determined based on a CDN$/US$ exchange rate of CDN$1.00 being equal to US$0.77 (the “Exchange Rate”). Based on the Exchange Rate, upon closing of the Private Placement, Greenstone was issued 28,860,028 common shares (representing approximately 20.8% of Excelsior’s current issued and outstanding common shares). Greenstone now holds a total of 84,410,897 common shares, which represents approximately 50.4% of Excelsior’s issued and outstanding common shares. The common shares issued to Greenstone in the Private Placement are subject to a statutory four-month hold period expiring on March 26, 2017.
As a result of the closing of the Royalty Financing, Greenstone now holds a 3% gross revenue royalty on the Gunnison Copper Project and Johnson Camp Mine after taking into consideration Greenstone’s existing 2% gross revenue royalty.
The net proceeds of the Private Placement and Royalty Financing will be used for the continued development of the company's Gunnison Copper Project, including: completion of permitting and the feasibility study, care & maintenance and deferred acquisition costs associated with the Johnson Camp Mine, and for working capital and general corporate purposes.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.
About Greenstone
Greenstone is a private equity fund specialising in the mining and metals sector. The Greenstone team has over 80 years of experience in the sector covering all aspects of mining project development. Further details on Greenstone can be found at www.greenstoneresources.com.
Greenstone is acquiring the securities in the offering described herein for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Excelsior or continue to hold its current position.
A copy of the early warning report required to be filed with the applicable securities commission in connection with the transaction will be available on SEDAR at www.sedar.com and can be obtained by contacting Jo-Anna Duquemin Nicolle and Sadie Morrisson at +44 1481810100. Greenstone's address is set out below.
Greenstone Contact Information:
Greenstone Resources L.P.
1st Floor, Royal Chambers
St Julian's Avenue
St Peter Port, Guernsey
GY1 3JX
Channel Islands
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018.
Further information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 43-101 Technical Report, Prefeasibility Study Update” dated effective January 28, 2016. Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
"Stephen Twyerould"
President & CEO
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604-681-8030 x240
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 anticipated use of proceeds from the Private Placement and Royalty Financing; (ii) the completion of funding through a decision to construct; (iii) timelines associated with the decision to construct and permitting process; (iv) the commencement of commercial production from the Gunnison Project; and (v) the ability to mine the Gunnison Project using in-situ recovery mining techniques.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "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" or "will be taken", "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, 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, the availability of necessary financing and materials to continue to develop and construct the Gunnison Project in the short and long-term, the progress of development activities, the receipt of necessary regulatory approvals, the completion of the permitting process, 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 exploration and development 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 commence at the Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from current exploration and development activities, 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 and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, 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 development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.
NEWS RELEASE
Excelsior Provides Financing Update
November 14, 2016
Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the“Company”) is pleased to provide an update on the previously announced US$14 million Private Placement and Royalty financing (the “Financing”) with an affiliate of Greenstone Resources L.P. (“Greenstone”). For further details, please see Excelsior’s News Release dated September 29, 2016.
The Company has satisfied all conditions for Greenstone to initiate its drawdown process and the parties have set November 25th as the closing date for the Financing. After the closing of the Private Placement, Greenstone will hold a total of 84,410,897 common shares, which will represent approximately 50.4% of Excelsior’s issued and outstanding common shares (post-closing of the Private Placement). Upon the closing of the Royalty Financing and after taking into consideration Greenstone’s existing 2% gross revenue royalty, Greenstone will own a 3% gross revenue royalty on the Gunnison Copper Project.
The Company also announces it has granted incentive stock options to purchase a total of 150,000 common shares of Excelsior at an exercise price of $0.52 per share to an investor relations consultant. The options have a term of five years.
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018.
Further information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 43-101 Technical Report, Prefeasibility Study Update” dated effective January 28, 2016. Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
"Stephen Twyerould"
President & CEO
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604-681-8030 x240
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 timeline for the closing of the Financing; (ii) the commencement of commercial production from the Gunnison Project; and (iii) the ability to mine the Gunnison Project using in-situ recovery mining techniques.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "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" or "will be taken", "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, copper and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Gunnison Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the permitting process, 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 exploration and development 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 commence at the Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from current exploration and development activities, 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 and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, 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 development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.