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Wow. ya, good luck with that. Been in receivership since November. Court hearing yesterday. Do your DD. BOD's let this one go.
Serious? have you not googled Nord? Not looking good at all.
You're wrong. No bankruptcy filings.
I agree. Only shipping worth it would be with sulfide ore shipping the concentrate, but that's not the case here, as far as I remember. Permitting will take some time, look at Rosemont, Florence, Excelsior. The one advantage is that Nord is fully permitted, logistics is out.
NORD is not bankrupt, just in receivership.
Really? Is that what his plan is? Good luck with that. Not sure what the ore grade is, but that's a lot of hauling for 1 to 2% copper, and with the leach pads already established, how do they differentiate between new copper and inventory that's been there since the Cyprus days?
You bet. I'll make it a point to go.
vmsr, I'm in the area and this one might be an interesting one to attend. These local meetings always turn into a shouting match. The insitu process is going to be a hard one to get approved. Florence project is a perfect example. All the locals see this as a Canadian copper company wanting to pump sulfuric acid in the ground without liners and jeopardizing their groundwater. The Dragoon community is a very liberal bunch. They will fight as hard as the people against Rosemont to keep this from getting permitted. Seems the biggest opportunity for Excelsior is having a fully permitted Johnson Camp Mine as neighbors.
Pretty sad when your next door neighbor sells for pennies on the dollar for $10 million and they don't even talk to sirg about buying their pos.
Better get in now, this is about to go nuts.
Mineral park going into care and maintenance and the layoff can't be good for SIRG.
I'm assuming that you people have seen the announcement from a few weeks ago about nrds being in receivership on their only property?
LCP, in regards to the Gunnison and Florence projects, they have a long road to haul, in my opiniion. The EPA approval for Florence is for a test/pilot plant. The problem that I see, is even though Gunnison is in an established mining friendly area, there is a lot of unknowns by the local community in Dragoon. All they understand is that the company is going to drill holes and pump sulfuric acid in the ground without a liner. They will fight tooth and nail to stop that from contaminating their water, even though the underground flow is completely in a different direction from Dragoon. I think Excelsior can learn from Florence, but its still going to take a plot of prodding of the government agencies to get these through, which will push them out for years to get fully pemitted. Rosemont is a perfect example of how tough the permitting process will be in today's world.
As for my comment, it was more geared towards the Johnson Camp property, your comment was that property is mined out and has environmental issues. As per the announcement, They are in receivership with Nedbank, which could turn out to be a blessing. This property is fully permitted, and not only , not mined out, but has a huge upside of non proven reserves, Oxide and Sulfide, which will only take drilling to prove out.
I'm not sure where you are, but you have no clue.
I forgot to add. Environment concerns? Really? Johnson camp is a fully permitted mine.
I agree on nrds, nedbank seems to be in control, but completely disagree on the mine itself being done, that mine has a huge upside, oxide ore body has years of inventory. Proof is in the excelsior 3d proven model on their website, which is right next to the Johnson camp property. That property is now very available and will be very lucrative for the right investor.
Opinions on the news???
News out on NRDS. volume went nuts, drastic down turn. C'mon AZ Copper.
Don't get me wrong, I'm a miner and very pro mining, but unless I'm wrong, there's no perating in situ leach mines in AZ. There is multiple water users around that area, with neighboring ranches, the town of dragoon, and the Johnson Camp mine. With the grupo Mexico catch pond spill in the past couple of months that has spilled into the San Pedro, these people in the area are very much against this. They will have the same or even more opposition than rosemont, because of the controversial process.
And down it goes. Wow.
Good read, but he has no clue on permitting. Insitu is in no way easier to get a permit than open pit. Florence project is a good example. People in the communities are completely against this concept. Even though it could be environementally lower impact, they only hear that someone is pumping sulfuric acid in the ground and pumping it back out without a liner.
Its not flooding in that area. Good rains, but not enough to affect any of this.
Scratch that. over 1.5 million now. Whats going on?
Wow. Over 800K volume.
Nord is one of the only fully permitted non-mining mines in the area. With Excelsior's news of getting funding, there could be some competition.
Looking Good.
Excelsior Announces Strategic Partnership and US$10 M Financing with Greenstone Resources
August 13, 2014
Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce that it has entered into an agreement with an affiliate of Greenstone Resources L.P. (“Greenstone”), whereby Greenstone will purchase, by way of a treasury offering, common shares of Excelsior at a price of C$0.34 per common share for total gross proceeds of US$10 million. Settlement will occur in United States dollars. It is estimated that upon closing, this transaction would represent approximately 28% of Excelsior’s shares issued and outstanding, estimated to be approximately 32 million common shares.
Details of the Transaction
The transaction is scheduled to close in two separate tranches. The first settlement will occur within 15 business days of this announcement. This first tranche will see Greenstone purchase 20,580,000 common shares, equal to approximately 19.9% of the issued and common shares of Excelsior, in return for gross proceeds of US$6,393,341.64.
The second tranche shall require shareholder approval under the rules and policies of the TSX Venture Exchange as it will result in the creation of a new “control person”. The Company intends to obtain shareholder approval for the second tranche at its annual and special meeting of shareholders currently scheduled for September 30, 2014 in Vancouver (the “Meeting”). Assuming shareholder approval is obtained, the second tranche is scheduled to close 15 business days after the Meeting. The second tranche will see Greenstone purchase US$3,606,658.36 of common shares of Excelsior at price of C$0.34 per common share. The exact number of common shares will be determined based on the noon US$/C$ exchange rate from the Bank of Canada exchange rate on the day of the Meeting.
Executive Chairman, Mark Morabito, stated, “To be able to do a common share transaction of this size at a premium to the market price, despite all the current challenges of junior mining market, is a notable endorsement of the strength of the Gunnison project and the quality of our management team. Coming on the heels of the $4 million bought-deal financing by Dundee Capital Markets, and the $3 million royalty-option execution by Callinan Royalties, Excelsior is now substantially funded as the project enters the feasibility and permitting stage of development.”
Commenting on the transaction, Stephen Twyerould said, “One of our primary goals for 2014 was to secure a financing partner; we have exceeded our objective by creating a partnership with a firm that has vast knowledge of the mining industry; Greenstone fully intends to apply their wealth of experience to help advance the Gunnison Project successfully into production.”
As part of the transaction, Greenstone will have the right to nominate two directors to the Excelsior Board. The first director will be nominated on or before the closing of the first tranche of the private placement. The second director will be nominated on or before the closing of the second tranche of the private placement.
A Project Steering Committee will be formed to enable Excelsior to take full advantage of Greenstone’s industry experience. The Steering Committee will be responsible for assessing and reviewing the overall progress of the project. Chaired by Excelsior’s CEO, the Project Steering Committee shall meet on a regular basis.
The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities, and the receipt of shareholder approval for the second tranche of the private placement.
The net proceeds of the offering will be used for the continued development of the company's Gunnison Copper Project and for working capital and general corporate purposes. Excelsior will pay a finder fee in accordance with the rules and policies of the TSX Venture Exchange.
Definitely not Nord. They're in the same boat.
Not looking good guys. 0 volume staying at .0005 . Its as bad as Ive seen in a while.
Curious, why is summertime good for miners? This is in Arizona. The ground does not freeze here. We mine all year round with no problem.
I'm thinking the same thoughts as on the board, being in the industry, I can't see whay anyone could and would come out with a drilling program unless youve already solidified the financial deal to back it. We should see another PR soon on an approved financing/investor. IMO
Question. At what point do they have to legally announce anything? LOI or does it have to be a definitive agreement?
NO News Tuesaday again. ooohhh yeeeeaaaaa. Look a butterfly. I hate them, I love them, I hate them, I love them. cuuckoooo cuckoooo.
It was probably sold for scrap as old as the plant was.
You have to be pulling copper out the ground before you can rely on the copper price.
I didnt hear that, but I wouldnt be privvy to any of that. I wouldnt see why they would. They have an established property that has unproven reserves that tehy havent touched yet. No need to expand into an area like that.
Not from what the vendors are saying that visit the Mercator property. They're saying that place is a ghost town.
Thats all good for the real permitted Arizona copper mines. Does nothing for an unpermitted has been of a garbage dump like this one. The infrastructure of this has been is so antiquated that the deposit isnt worth as much as what it would take to rebuild it back to production.