Excelsior Mining Corp. (TSX: MIN) confirmed Thursday it has commenced mining operations at the Gunnison copper project in southern Arizona.
Following a commissioning program that has been ongoing for several weeks, Excelsior received regulatory approval in late December to begin mining operations at Gunnison through the injection of acid. Delivery of mining fluids to the copper orebody has already commenced.
According to the company, the fluids will circulate through a closed-loop system until the concentration of copper held in solution meets sufficient grade to be treated through the Johnson Camp processing facilities to then extract copper and produce copper cathode sheets. First copper cathode sales are expected in the first quarter of 2020.
Excelsior plans to ramp up existing operations at Gunnison this year and lay the groundwork for future expansions, chairman Mark Morabito noted. At full capacity, the mine’s production could reach 125 million pounds of copper cathode per annum.
Excelsior’s share price was up 3% at midday Thursday. At one point the stock hit a three-month high of C$1.05 per share. The company has a market capitalization of C$245.8 million.
Written by Jackson Chen.
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