Excelsior Mining Corp. (TSX
VENTURE:MIN)(OTCQX:EXMGF)(PINKSHEETS:EXMGF)(FRANKFURT:3XS)
("Excelsior") is pleased to announce the results of an Economic
Impact Study ("EIS") of the Gunnison Copper Project, located in
southern Arizona. The study, completed by researchers at the L.W.
Seidman Research Institute, W.P. Carey School of Business, Arizona
State University, Tempe, AZ, illustrates that the project would
generate significant positive economic benefit at both the State
and County level.
Highlights of the Gunnison Copper Project EIS include:
-- Creation of an average of 704 jobs annually state-wide
-- 131 direct, on-site jobs; 573 in-direct or "secondary" jobs
-- US$2.35 billion added to Arizona's Gross State Product
-- US$214 million in additional State revenue generated directly from the
project
Note: the numbers and dollar values quoted above are all based
on Excelsior building its own acid plant and span the entire 28
year life of the project.
"As this Economic Impact Study indicates, the robust financial
outcomes of the Gunnison Project's PEA show significant benefit to
local and state communities, not just in job creation but overall
wealth creation," stated Stephen Twyerould, President and CEO of
Excelsior. "We are very happy with the outcome and look forward to
moving the project forward."
Using the data from the Gunnison Project's Preliminary Economic
Assessment ("PEA") (see news release dated December 1, 2011), this
Economic Impact Study examined two scenarios, one in which
Excelsior builds its own acid plant and one in which it acquires
acid from a commercial supplier for the life of the project.
As highlighted in Tables 1 & 2 below, the EIS illustrates
that either scenario could create significant positive benefits for
the State, as well as Cochise County. Table 1 displays the
significant employment benefits that the project should generate.
During the project's 28 year life span, it is forecast to create an
average of 704 jobs per year in the "acid plant" scenario and 715
jobs per year in the "base case" (no acid plant) scenario,
state-wide. With respect to the annual average of 704 jobs created
in the "acid plant" scenario, 131 jobs are direct employment
on-site and the remaining 573 are "secondary" jobs created in
support of the project or due to the economic benefits the project
brings to the State and the County. Thus, every direct job created
by Excelsior creates an average of 4 indirect jobs in other sectors
of Arizona's economy.
As illustrated in Table 2, the State and County would both see a
significant increase in revenue over the 28 year life span of the
project. The model estimates that the Gunnison Copper Project would
contribute US$2.4 billion to Arizona's Gross State Product (GSP) in
the "base case" scenario and US$2.35 billion in the "acid plant"
scenario. GSP is defined as a state's contribution to the nation's
Gross Domestic Product (GDP). Cochise County's GSP is the
contribution of Cochise County economic activity to Arizona GSP,
and hence to U.S. GDP. With respect to state revenues, in the form
of taxes and fee collection, the project would add an additional
US$221 million to the State Treasury in the "base case" and US$214
million with an "acid plant". Cochise County alone would see an
average annual increase in its revenues of US$3.2 million in the
"base case" scenario and US$3.1 million in the "acid plant"
scenario.
Both scenarios used the following parameters over the 20 year
production life of the project.
-- annual production rate of approximately 85 million pounds of copper
-- copper selling price of US$2.50 per pound
-- state tax rate of 6.97%, and
-- a federal tax rate of 35%.
Table 1. Employment Highlights of the Economic Impact Study for the Gunnison
Project.
----------------------------------------------------------------
Annual Average Employment by Phase
------------------------------------------------------------
Reclamation/ Annual Average
Impact Pre-Production Production Closure Employment
Category Phase Phase Phase Entire Project
----------------------------------------------------------------------------
2012 - 2014 2015 - 2034 2035 - 2039 2012 - 2039
----------------------------------------------------------------
Acid Acid Acid Acid
Base Plant Base Plant Base Plant Base Plant
Case Case Case Case Case Case Case Case
----------------------------------------------------------------------------
Arizona 528 715 830 785 364 373 715 704
----------------------------------------------------------------------------
Cochise
County 203 331 290 286 105 70 248 252
----------------------------------------------------------------------------
Source: REMI Model of Arizona and Cochise Co. economies
Table 2. Revenue Highlights of the Economic Impact Study for the Gunnison
Project.
----------------------------------------------------------------------------
Cumulative
Reclamation/ Totals
Impact Pre-Production Production Closure Entire 28 years
Category Phase Phase Phase of Project
----------------------------------------------------------------------------
Gross State Cumulative Gross State Product by Phase GSP
Product (US millions) (US millions)
----------------------------------------------------------------------------
2012 - 2014 2015 - 2034 2035 - 2039 2012 - 2039
-----------------------------------------------------------------
Acid Acid Acid Acid
Base Plant Base Plant Base Plant Base Plant
Case Case Case Case Case Case Case Case
----------------------------------------------------------------------------
Arizona $138.5 $187.8 $2,013.5 $1,903.7 $258.6 $264.1 $2,410.6 $2,355.6
----------------------------------------------------------------------------
Cochise
County $ 36.2 $ 59.5 $ 464.9 $ 442.7 $ 49.0 $ 35.6 $ 550.1 $ 537.7
----------------------------------------------------------------------------
State Cumulative State Revenue by Phase State Revenue
Revenue (US millions) (US millions)
----------------------------------------------------------------------------
Arizona $ 13.2 $ 18.0 $ 176.6 $ 165.6 $ 31.5 $ 30.8 $ 221.3 $ 214.4
----------------------------------------------------------------------------
Cochise
County $ 8.1 $ 11.9 $ 71.3 $ 65.5 $ 10.3 $ 9.0 $ 89.7 $ 86.4
----------------------------------------------------------------------------
Source: REMI Model of Arizona and Cochise Co. economies
The economic forecasts used in this study are based on an
Arizona-specific version of the Regional Economic Models Inc.
("REMI") regional forecasting model to produce numeric estimates of
the impact of a business upon the economy. This is a dynamic
forecasting and analysis tool developed by Regional Economic Models
Inc., which is recognized by the business and academic communities
as the leading economic modeling tool available. REMI is also an
open model in that it explicitly accounts for trade and migration
flows in and out of the state, and between counties. The use of a
county level model enables a more detailed disaggregation of
results to occur, thereby estimating the economic impacts that
"leak" into other counties in Arizona. The version of the REMI
forecasting model used in this study is similar to the version
currently in use by the Arizona Department of Commerce, the Arizona
Joint Legislative Budget Committee, the Arizona Department of
Housing and Arizona State University.
A complete explanation of the model and discussion of the
empirical estimation of the parameters/equations can be found at
www.remi.com.
Further details regarding the PEA that the EIS is based on can
be found in Excelsior's news release dated December 1, 2011 and
filed on SEDAR at www.sedar.com. The PEA is preliminary in nature
and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that the conclusions reached in the
PEA will be realized.
Project Summary
The Gunnison Copper Project is located approximately 65 miles
southeast of Tucson, AZ. The project, which includes both the North
Star and South Star deposits, currently has a total NI 43-101
indicated resource of 3.21 billion pounds of oxide copper (511 M
tons at 0.31% at the North Star deposit) and an inferred resource
of 1.26 billion pounds of oxide copper (221 M tons at 0.29%; 159 M
tons at North Star and 62 M tons at South Star). These oxide
resources have the potential to be mined using in-situ recovery
methods. The Gunnison property also has the added benefit of being
situated in a very remote location, near an existing mining
operation. Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
About L.W. Seidman Research Institute
The L. W. Seidman Research Institute, which is independent of
Excelsior, serves as a link between the local, national, and
international business communities and the W.P. Carey School of
Business at Arizona State University. Utilizing a staff of
experienced economists, and tools that support sophisticated
statistical modeling and computer-based planning, the Institute
collects, analyzes, and disseminates information about local
economies, benchmarks industry practices, and identifies emerging
business research issues that affect productivity and
competitiveness. The Gunnison Economic Impact Study was co-authored
by Mr. Dennis Hoffman and Ms. Eva Madly, both of whom are
independent of Excelsior.
About Excelsior
Excelsior is an exploration and development company with a
copper project located within the copper porphyry belt of Arizona.
The Gunnison Copper Project is located close to the required
infrastructure and its oxide resource has the potential to be mined
using in-situ recovery methods. The Excelsior team consists of
experienced professionals with proven track records of advancing
projects towards production. Excelsior's exploration work on the
Gunnison Property is supervised by Dr. Stephen Twyerould, Fellow of
AUSIMM, President and CEO of Excelsior, and a Qualified Person as
defined by NI 43-101. Dr. Twyerould has reviewed and approved the
technical information disclosed in this news release.
Further details about Excelsior can be found at:
http://www.excelsiormining.com. 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,
Cochise County, Arizona, USA, Mineral Resource of the North Star
Deposit dated August 31, 2011, as revised October 25, 2011.
ON BEHALF OF THE EXCELSIOR BOARD
Stephen Twyerould, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about the timing and amount of future
production, future economic benefits from the Gunnison Project
including jobs, GDP, personal income and revenue forecasts, results
of the PEA, the future exploration on and the development of the
Gunnison Project and the ability to mine Gunnison using in-situ
recovery mining techniques are forward-looking statements. By their
nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; issues in obtaining required
permits; the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects; the
absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified
in the management discussion and analysis section of our interim
and most recent annual financial statements or other reports and
filings with the TSX Venture Exchange and applicable Canadian
securities regulations. Forward-looking statements are made based
on management's beliefs, estimates and opinions on the date that
statements are made and the company undertakes no obligation to
update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change, except as required
by applicable securities laws. Investors are cautioned against
attributing undue certainty to forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release, and no securities regulatory authority
has either approved or disapproved of the contents of this
release.
Contacts: Excelsior Mining Corp. JJ Jennex Vice President,
Corporate Affairs
604-681-8030info@excelsiormining.comwww.excelsiormining.com
Excelsior Mining (QB) (USOTC:EXMGF)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Excelsior Mining (QB) (USOTC:EXMGF)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024