Value Microcaps Junior Miners

[stills999]

EXMGF / V.MIN - Excelsior Mining.

Hi everyone - I'm a long-time casual lurker and very much appreciate and admire the thoughtfulness of this board.

Excelsior seems to me a very good long-term value, but this is not my expertise so I'd be very curious of opinions here.

Investor Presentation : http://www.excelsiormining.com/images/Presentations/min_ppt.pdf

NOV 2011 PEA:
• After tax NPV of US$562M (7.5% discount using $2.50 copper price)
• After tax IRR of 30%
• Initial costs of US$325M (Payback in 3.6 years)
• Operating costs = US$0.68 per pound
• Royalty = US$0.01 per pound
• Production of 85M pounds per year
• Life of Mine = 20 years

POSITIVES:
- Current copper price greater than $3.50 ... plug this number into the PEA and compare with the $20 million company valuation (assumes full-dilution) and the potential is quite staggering!!
- Is in an isolated part of mining-friendly Arizona, where the process seems permit-friendly. http://www.excelsiormining.com/index.php/news/news-201226/379-excelsior-comments-on-recent-permitting-in-arizona
- I could be wrong, but I recall that there is not a lot of copper supply coming online and some older mines are being depleted. Also, demand in China seems to be recovering and I would not be surprised to see inflation in the next few years due to all the monetary stimulous and strategy to keep interest rates low for the fragile US housing-market recovery.
- Subjectively, the chart seems bottoming.

NEGATIVES
- Pre-feasibility was originally scheduled for Dec 2012, but has been pushed back to Q2 2013.
- Change to options arragment signifying cash issues? (Cash is $2.5M as of Oct 2012)
http://www.excelsiormining.com/index.php/news/news-201226/387-excelsior-amends-gunnison-option-agreement
- Copper prices are unpredictable due to unknown China stockpile reserves and strategy.

Any thoughts about Excelsior as a longer-term investment are appreciated!