Excelsior Mining Corp (EXMGF)

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NEWS RELEASE

Link: Excelsior Provides Financing Update

VANCOUVER, BC--(Marketwired - November 14, 2016) - Excelsior Mining Corp. (TSX VENTURE: MIN) (3XS.F) (EXMGF) ("Excelsior" or the "Company") is pleased to provide an update on the previously announced US$14 million Private Placement and Royalty financing (the "Financing") with an affiliate of Greenstone Resources L.P. ("Greenstone"). For further details, please see Excelsior's News Release dated September 29, 2016.

The Company has satisfied all conditions for Greenstone to initiate its drawdown process and the parties have set November 25th as the closing date for the Financing. After the closing of the Private Placement, Greenstone will hold a total of 84,410,897 common shares, which will represent approximately 50.4% of Excelsior's issued and outstanding common shares (post-closing of the Private Placement). Upon the closing of the Royalty Financing and after taking into consideration Greenstone's existing 2% gross revenue royalty, Greenstone will own a 3% gross revenue royalty on the Gunnison Copper Project.

The Company also announces it has granted incentive stock options to purchase a total of 150,000 common shares of Excelsior at an exercise price of $0.52 per share to an investor relations consultant. The options have a term of five years.

About Excelsior Mining

Excelsior Mining "The Copper Solution Company" is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018.

Further information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: "Gunnison Copper Project, NI 43-101 Technical Report, Prefeasibility Study Update" dated effective January 28, 2016. Excelsior's technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

ON BEHALF OF THE EXCELSIOR BOARD

"Stephen Twyerould"

President & CEO