PHOENIX, Arizona–(Newsfile Corp. – July 31, 2023)– Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) (“Excelsior” or “Company”) is an option contract (“agreement“) Partnered with Newton LLC, a Rio Tinto venture, to further evaluate the use of Newton™ copper heap leaching technology at Excelsior’s Johnson Camp Mine in Cochise County, Arizona. Under this agreement, Excelsior will continue to be the operator, and Newton will fund Excelsior’s related costs.Newton will advance Excelsior’s US$3 million for the cost of the first phase of its two-phase work program at Johnson Camp, It will then pay US$2 million as an exclusive option to establish a joint venture with Excelsior over the Johnson Camp mine, Stage 2 completed.
“We are delighted to be working with Nuton to move Camp Johnson forward. Their support and technology has the potential to realize the value of Camp Johnson’s sulfide resource in an economically and environmentally beneficial manner. Johnson “We may make progress toward improving cash flow while continuing to develop other assets, such as advancing Gunnison for a full stimulus trial later this year,” said Camp. CEO Steven Twiard commented: “The strength of this deal is that both the Gunnison and Johnson campaigns can move forward in parallel.”
Rio Tinto develops NewtonTMs The technology is a broad portfolio of advanced copper heap leaching techniques targeting primary sulfide minerals (including low-grade deposits) that could not be processed using conventional leaching and sulfide treatment techniques. . These technologies offer the potential to produce additional copper in a cost-effective manner, with significant environmental benefits and reduced waste from new and ongoing operations.
Under the terms of the contract, the Stage 1 work program will include Excelsior’s completion of diamond drilling, permitting of activities, detailed engineering and project execution planning. Nuton completes mineralogy, predictive modeling, engineering and other testing 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 will begin in August and is expected to take six to nine months to complete.
If Newton proceeds to Stage 2, it will pay Excelsior US$5 million to use existing infrastructure at the Johnson Camp mine for the Stage 2 work program. Nuton will also be responsible for funding all Excelsior costs related to Stage 2. The full program of work for Stage 2 is expected to take up to five years, including engineering and mobilization, infrastructure and construction, mining, leaching, copper production and post-leaching cleaning. Mining is expected to start in Year 1. Once all milestones are complete, multi-year full-scale commercial production at Johnson Camp with Nuton will begin.TMs technology. The operating income will first be used to reimburse his Nuton for Stage 2 expenses and then credited to his Excelsior account.
Upon completion of Stage 2, Newton will have the right to establish a joint venture at Johnson Camp on mutually agreed terms, resulting in Newton’s initial 49% ownership and Excelsior’s initial 51% ownership. The purpose of the joint venture is to continue the development of the Johnson Camp Mine using Nuton.TMs technology. If Nuton does not exercise its joint venture rights, Nuton and Excelsior will negotiate in good faith regarding Excelsior’s continued use of his Nuton™ technology at Johnson Camp Mine, subject to certain licensing terms. Infrastructure development at Johnson Camp under this agreement is non-exclusive. During Stages 1 and 2, Excelsior may continue to use its Camp Johnson infrastructure to process Gunnison solutions and other copper sources unrelated to the Stage 2 work program as long as the capacity requirements of the Stage 2 work program are met. there is.
About Newton
Nuton is an innovative new venture aimed at helping Rio Tinto grow its copper business. At Nuton’s core is a portfolio of proprietary copper leaching-related technologies and capabilities that are the result of nearly 30 years of research and development. Nuton technology economically liberates known low-grade copper sulfide resources, copper-bearing waste and tailings, offers the potential to achieve higher copper recovery from oxides and transitional materials, and improves copper production outcomes. can be greatly improved. One of Nuton’s key differentiators is its potential to deliver superior environmental performance, including improved water efficiency, reduced carbon footprint, and the ability to regenerate post-mine sites by reprocessing mine waste. There is something.
About Excelsior Mining
Excelsior”Copper Solution Companyis a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. Cathode permits.Excelsior also owns a portfolio of exploration projects including the previously producing Johnson Camp mine and the Peabody Sill, Strong and Harris deposits.
For more information on Excelsior, please visit: www.excelsiormining.com.
For more information regarding this press release, please contact:
Excelsior Mining Corporation
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, Arizona, 85018.
Sean Westcott
Phone: 604.365.6681
E: This email address is being protected from spambots. JavaScript must be enabled to view.
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” regarding expected developments and possible future events. Forward-looking information contained in this news release includes, but is not limited to, statements regarding the following: (i) the potential for well stimulation to improve the performance of our mineral projects; (ii) the intention to install Nuton® technology at the Johnson Camp Mine and conduct future production from there; (iii) details of the two-phase work program and expected results; (iv) future production volumes and capacities of our mineral projects;
In some cases, forward-looking information is referred to as “planned”, “expected” or “not expected”, “budget”, “planned”, “estimate”, “forecast”, “intended” may be identified by the use of words such as “”, “expect”, “unexpected”, or “believe”, or variations of such words or phrases, or that a particular action, event or outcome “may”, “may” , “would”, “may”. “will occur” or “will be achieved” implying future results or other expectations, beliefs, plans, objectives, assumptions, intentions or statements regarding future events or performance. Forward-looking information contained in this news release relates, among other things, to the non-appeal of amended permits, the timely approval of the work plan, and the potential for funding to execute the company’s operational plans. Based on certain factors and assumptions. , mineral resources and mineral reserves estimates, realization of resource and reserves estimates, expectations and projected impacts of the COVID-19 pandemic, prices of copper and other metals, timing and amounts of future development spending, Estimated capital requirements for initial and ongoing development expenditures, estimates of labor and operating costs (including acid prices), labor availability, supplies of materials and acids, receipt of required regulatory approvals and permits and compliance, an estimate of insurance coverage, and the assumptions below. Exchange rate fluctuations, environmental risks, title disputes or claims, and other similar issues. Although we believe these assumptions are reasonable based on currently available information, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and our actual results, performance or achievements may differ from any future results, performance or achievements expressed or implied by forward-looking information. It includes other factors that can cause it to differ significantly. Such factors include the risks associated with changes in project parameters during ongoing redefinition of the plan, including the possibility that mining operations may not continue at the Gunnison Copper Project; the risks inherent in the construction and operation of the deposit; including risks associated with Amendments to permits that delay validity, risks associated with delays in approval of work plans, fluctuations in mineral resources and reserves, grades or recoveries, risks associated with the ability to access infrastructure, fluctuations in copper and other commodity prices risks associated with global supply and demand for copper and related products; risks associated with increased competition in the market for copper and related products; risks associated with current global financial conditions; Associated risks and the impact of COVID-19 on our business, the uncertainties inherent in our estimates of mineral resources, access and supply risks, and whether we will be able to access acid supplies on commercially reasonable terms. associated risks, reliance on key personnel, operational risks (including risks) inherent in conducting mining activities, accidents, labor disputes, increased capital and operating costs, the potential for encountering during the construction or mining process; regulatory risks, including the risk of certain delays or increased costs; the risk that permits may not be obtained in a timely manner or at all; financing, capitalization and liquidity risks; , environmental risks and additional risks identified in the “Risk Factors” section of our reports and applicable Canadian securities regulatory filings.
Although we have attempted to identify important factors that could cause our actual actions, events or results to differ materially from those set forth in the forward-looking statements, we do not believe that any action, event or result There may be other factors that cause it not to be expected, estimated, or as expected. was intended. Readers should therefore not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this news release. We undertake no obligation to publicly update or revise any forward-looking information, except as required by applicable securities laws.
