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Excelsior raising C$26M for Gunnison copper project in Arizona

Excelsior Mining Corp. said Dec. 11 that it intends to raise up to C$26 million through a nonbrokered private placement of up to 26 million common shares priced at C$1 each.

The net proceeds will be used for the development, construction and maintenance of the company's Gunnison copper project in Arizona, including the acquisition of long-lead items, and for working capital requirements.

In October, the U.S. Environmental Protection Agency issued a draft operating permit for Gunnison, which is the last of three key permits required to allow the project to begin production.