Excelsior is developing a low cost copper project within the copper porphyry belt of Arizona. Over 60,000 metres have been drilled to date on Gunnison, which has an NI 43-101 Measured and Indicated resource of 3.21 billion pounds of oxide copper (498 M tons at 0.32%) and an Inferred resource of 0.83 billion pounds of oxide copper (156 M tons at 0.27%). Mineral resources that are not mineral reserves do not have demonstrated economic viability. The oxide resource has the potential to be mined using in-situ recovery methods. This will allow the copper to be recovered at a much lower cost than conventional mining methods.