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Excelsior secures US$14M to fund Gunnison copper project to construction

Excelsior Mining Corp. secured gross proceeds of US$14.0 million, resulting in the company being fully funded through to a construction decision on the Gunnison copper project in southeastern Arizona as well as the completion of the permitting process.

The company entered an agreement with a Greenstone Resources LP associate for a private placement of common shares priced at 45 Canadian cents apiece for US$10.0 million, as well as the sale of a 1% gross revenue royalty on the Gunnison project for US$4.0 million, the company said Sept. 29.

Final operating permits are expected in the second quarter of 2017, with construction scheduled to start in the third quarter of that year and commercial production anticipated in 2018.

As a result of the deal, Greenstone Resources will increase its stake in Excelsior from 40.11% to about 50.4%, while its gross revenue royalty on Gunnison increases to 3%.

A pre-feasibility study completed for the North Star deposit at Gunnison in February outlined an after-tax net present value of US$829 million, at a 7.5% discount rate, with a 45.8% internal rate of return, using a life-of-mine copper price of US$2.75 per pound.