Business
Excelsior Mining Announces Option Agreement with Nuton, a Rio Tinto Venture
Phoenix, Arizona--(Newsfile Corp. - July 31, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Excelsior Mining Announces Option Agreement with Nuton, a Rio Tinto VenturePhoenix, Arizona--(Newsfile Corp. - July 31, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) (\"Excelsior\" or the \"Company\") is pleased to announce that it has entered into an Option Agreement (the \"Agreement\") with Nuton LLC, a Rio Tinto venture, to further evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona. Under the Agreement, Excelsior remains the operator and Nuton funds Excelsior's costs associated with a two-stage work program at Johnson Camp. Nuton will provide a US$3 million pre-payment to Excelsior for Stage 1 costs and a payment of US$2 million for an exclusive option to form a joint venture with Excelsior over the Johnson Camp Mine after the completion of Stage 2.\"We are very pleased to be moving Johnson Camp forward with Nuton. With their support and technologies, we have the potential to realize the value of the sulfide resources at Johnson Camp in a way that is both economical and beneficial to the environment. Johnson Camp has the potential to progress towards cash-flow whilst we continue to develop our other assets, including progressing Gunnison towards well-stimulation trials later this year,\" comments Stephen Twyerould, President and CEO of Excelsior Mining. \"The strength of this agreement is that it allows both Gunnison and Johnson Camp to advance in parallel.\" Rio Tinto has developed the NutonTM Technologies, an extensive portfolio of advanced copper heap leaching technologies targeted at primary sulfide minerals (including lower grade mineral deposits), which could not otherwise be processed using traditional leaching or sulfide processing technologies. These technologies offer the potential to produce additional copper in a cost-effective manner that has significant environmental benefits and reduces waste from new and ongoing operations.Under the terms of the Agreement, the Stage 1 work program involves Excelsior completing diamond drilling, permitting activities, detailed engineering, and project execution planning. Nuton will complete mineralogy, predictive modelling, engineering and other test work. Based on the results of the Stage 1 work program, Nuton has the option to proceed to Stage 2. The Stage 1 work program is ...