Business
Excelsior Mining Provides Production Update
Phoenix, Arizona--(Newsfile Corp. - February 4, 2020) - Excelsior Mining Corp. (TSX: MIN) (FS...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Excelsior Mining Provides Production UpdatePhoenix, Arizona--(Newsfile Corp. - February 4, 2020) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) (\"Excelsior\" or the \"Company\") is pleased to provide an update following the first month of mining operations at the Gunnison Copper Project in Southern Arizona. Excelsior has collected a significant amount of data over the first month of operations and based on the data has identified optimization programs that are currently being implemented. Excelsior is initiating the following optimizations to the production wellfield: Improved preventative maintenance to limit pump and wellfield down-time; andInjection wells will be retrofitted with pumps allowing them to be used as recovery wells when needed; and Wellheads and related piping are to be reconfigured to allow for both injection and recovery operations in each well, this addition will make the wellfield entirely reversable in terms of fluid flow; thereby allowing for greater flexibility during operations.These upgrades were planned to take place over time once nameplate production had been achieved; however, the Company has decided to implement these changes now during the ramp-up period to assist with breakthrough and production optimization. These changes are not material in terms of capital outlays, but this work is expected to push first copper production to Q2, 2020. Stephen Twyerould, President & CEO, said, \"Our initial copper recoveries are highly encouraging; and the implementation of these improvement programs keeps us focused on achieving long-term, low-cost copper production as soon as possible.\"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....