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Mackie Research Updates Coverage and Speculative Buy Recommendation for Excelsior Mining - Video Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 26, 2013) - Investment firm Mackie Researc...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\nMackie Research Updates Coverage and Speculative Buy Recommendation for Excelsior Mining - Video Posted on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - July 26, 2013) - Investment firm Mackie Research has updated coverage on Excelsior Mining (TSXV: MIN) (OTCQX: EXMGF) (Frankfurt: 3XS). Following the announcement that the company had entered into a Share Purchase and Royalty \nOption Agreement with Callinan Royalties Corporation (TSXV: CAA), analyst Barry Allan re-iterated his speculative buy rating, dropping his target price to $1.50 from $2.00, a healthy premium of 838% to the $0.16 price the day the report \nwas issued. \n\nInvestmentPitch.com has produced a \"video news alert\" based on this report. If this link is not enabled, please visit \nwww.InvestmentPitch.com and enter \"Excelsior” in the \nsearch box. \n\n\n\nIf you cannot view the video above, please visit: \nhttp://www.investmentpitch.com/video/0_uujzsfjq/Mackie-Research--Updated-Coverage--Excelsior-Mining-TSXV-MIN-OTCQX-EXMGF \n\nExcelsior’s principal asset is its flagship Gunnison Project, located within the Copper Porphyry Belt of Arizona. The North Star deposit contains a NI 43-101 compliant measured and indicated resource of 3.2 billion pounds of oxide copper, and \nan inferred resource of 830 million pounds of oxide copper. The Gunnison Copper Project is situated close to the required infrastructure and its oxide copper resource has the potential to be mined using in-situ recovery methods. \n\nWith respect to the Share Purchase agreement, Excelsior will issued 6.25 million shares to Callinan at $0.16 per share, for gross proceeds of $1 million. Under the Royalty Option arrangement, Callinan will acquire 0.5% gross revenue royalty \non the Gunnison project for consideration of $2 million. The closing of this $3 million initial investment is expected to occur by July 31, 2013\n\nCallinan will also have the option to acquire addition gross revenue royalties of 1.5% for consideration of $9 million based on the successful completion of development milestones, and 1.0% for $10 million, which would be used as part of the \ncapital required for mine construction. \n\nThe Chairman of Excelsior, Mark Morabito, stated, “This transaction stands as confirmation of the financial viability of the Gunnison Copper Project.”\n\...