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Excelsior Mining Provides Corporate Update

Mining News - Published on Fri, 27 Mar 2020

Image Source: excelsiormining.com
Excelsior Mining Corp announced that the previously announced retrofit and wellfield upgrades have been successfully completed . 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.

President and CEO Stephen Twyerould said "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. 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."

Excelsior "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.

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Posted By : Rabi Wangkhem on Fri, 27 Mar 2020
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