Excelsior Mining Corp (EXMGF)

[LCP77]

I spent a day on site at the project this week and have a decent understanding of how it's done. Comparing this to Florence is not a fair comparison. That said I do believe Florence will be permitted.

Florence has:
part of the project zoned commercial - its virtually in town.
parties have water right at the site - so they have to keep the water table above the deposit pristine.
Native issues.

Excelsior has:
No Native issues - the site has been surveyed by an archaeologist and a report done. The county has no bands.
No water user issues.
Very favorable geology.
It's remote while at the same time having great infrastructure.
The containment of the acid (it's weak like vinegar)is a readily understood and a simple methodology. Many ISL mines are operating in Arizona.
An extremely strong technical team.

$16MM in cash and no debt.
after tax NPV of $825MM as per the pre fease report.
$0.68 cents a lb. copper cost.
Compared to CUV's take out by Taseko MIN should be well over a dollar. CUV has about $25MM in debt as well.