Business
Excelsior Mining Provides Corporate Update
Phoenix, Arizona--(Newsfile Corp. - March 26, 2020) - Excelsior Mining Corp. (TSX: MIN) (FSE:...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Excelsior Mining Provides Corporate UpdatePhoenix, Arizona--(Newsfile Corp. - March 26, 2020) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) (\"Excelsior\" or the \"Company\") announces that the previously announced retrofit and wellfield upgrades have been successfully completed (See Excelsior news release March 11, 2020). However, in response to the unfolding global COVID-19 pandemic, the Board of Directors has determined that the most responsible decision in terms of prioritizing employee health and safety is to place the Gunnison Copper Project on temporary suspension. With the completion of the retrofit and wellfield upgrades, the Company is well positioned to re-commence operations quickly and efficiently once circumstances are deemed to be optimal. During this period, Excelsior will continue to maintain the wellfield in accordance with all state and federal permit requirements, while ensuring that the wellfield and production facilities are ready for the inevitable re-start. \"Our priority is the safety and health of our employees and their families, and as such we have implemented a response plan that allows for the temporary suspension of operations as we wait for clarity in these very uncertain times,\" said Stephen Twyerould, President and CEO. \"We will take advantage of the inherent flexibility of the in-situ mining method and preserve cash as we wait for this global crisis to abate.\" About Excelsior MiningExcelsior \"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 of US$ 807 million and an IRR of 40% using a US$ 2.75 per pound copper price and a 7.5% discount rate. 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.Additional information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar....