PHOENIX, Nov. 18, 2021 /PRNewswire/ - Excelsior Mining
Corp. (TSX: MIN) (OTCQX: EXMGF) (FSE: 3XS) ("Excelsior"
or the "Company") announces that Arizona-based M3 Engineering & Technology
Corporation (M3) will prepare an updated technical report on the
Company's new operating plan for the Gunnison Copper Project and
Johnson Camp Mine that was
originally announced in the Company's press release of September 9, 2021.
M3 is a full-service, international engineering firm providing
engineering, procurement and construction management services to
the minerals industry. Founded in 1986 in Tucson Arizona, M3 has a diverse staff of over
600 people with project experience in over 30 countries. M3 has won
numerous awards including the prestigious AISC Engineering Award
for Excellence in 2005 and 2015, and the American Mining Hall of
Fame's 2007 Mining Foundation of the Southwest Industry Partnership
Award.
Roland Goodgame, SVP Projects and
Business Development comments, "With M3's diverse experience and
familiarity with the project, they were the best choice to prepare
an updated technical report for the new operating strategy. The
Company has been actively moving forward with operational planning
and permitting to re-start the Johnson Camp mine and implement
wellfield adjustments at the Gunnison Project. Once operational,
the cashflow from the Johnson Camp mine is expected to provide an
alternative to financing the capital costs of the neutralized
raffinate plant for Gunnison. The Company intends to operate
Johnson Camp for only a short period of time to support its much
larger and more environmentally friendly in-situ operation at
Gunnison."
The new technical report will focus on an operating plan for
both the Gunnison ISR Copper Project and Johnson Camp heap leach
component. With respect to Gunnison, the focus will be on flushing
the wells with neutralized raffinate, which does not require
additional water or evaporation infrastructure. This approach
should generate sustained improvement in injection and recovery
flow rates for individual wells. It will require additional
infrastructure such as a raffinate neutralization plant, additional
piping and pond modification.
The Johnson Camp operations will be focused on exposed copper
oxides within the existing Burro and Copper Chief open pits and
high-value oxides in local extensions. The only new required
infrastructure will be a new leach pad and minor piping and pumping
facilities. Operations could provide up to 5 years of copper
production at the 25 million pounds per annum capacity of the
existing SXEW plant. Excelsior expects that copper cathode
production from the Johnson Camp open pits could potentially
commence in the second half of 2022, subject to receipt of permits,
reclamation bonding, and construction schedules.
The Company is also planning to undertake well stimulation
trials in the first half of next year. Well stimulation has
the potential to clean out some of the CO2 bubbles,
improve flow rates, improve sweep efficiency, and increase
permeability and copper production. Data will be collected during
the trials to ascertain the effectiveness of the technique. The
trials will be subject to EPA approval.
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 technical work on the Gunnison Copper Project and
Johnson Camp MINE 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 related to the Gunnison Copper Project and Johnson Camp
mine, and underlying sampling, analytical and test data.
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 future development
plans for the Gunnison Project and its status as a low cost
environmentally friendly in-situ recovery copper extraction
project;(ii) future production of copper from the Gunnison Project
and Johnson Camp Mine; (iii) the
details of the Company's new operating strategy; (iv) the details
of the well stimulation trial and potential results therefrom and
(v) future financing requirements.
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 or Johnson Camp
Mine, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/excelsior-mining-awards-m3-engineering-of-arizona-the-contract-for-gunnison-and-johnson-camp-technical-report-update-301427942.html
SOURCE Excelsior Mining Corp.