Excelsior Announces Strategic Partnership and US$10 M Financing with Greenstone Resources - Seite 2

Commenting on the transaction, Stephen Twyerould said, "One of our primary goals for 2014 was to secure a financing partner; we have exceeded our objective by creating a partnership with a firm that has vast knowledge of the mining industry; Greenstone fully intends to apply their wealth of experience to help advance the Gunnison Project successfully into production."

As part of the transaction, Greenstone will have the right to nominate two directors to the Excelsior Board. The first director will be nominated on or before the closing of the first tranche of the private placement. The second director will be nominated on or before the closing of the second tranche of the private placement.

A Project Steering Committee will be formed to enable Excelsior to take full advantage of Greenstone's industry experience. The Steering Committee will be responsible for assessing and reviewing the overall progress of the project. Chaired by Excelsior's CEO, the Project Steering Committee shall meet on a regular basis.

The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities, and the receipt of shareholder approval for the second tranche of the private placement.

The net proceeds of the offering will be used for the continued development of the company's Gunnison Copper Project and for working capital and general corporate purposes. Excelsior will pay a finder fee in accordance with the rules and policies of the TSX Venture Exchange.

About Greenstone

Greenstone is a private equity fund specialising in the mining and metals sector. The Greenstone team has over 80 years of experience in the sector covering all aspects of mining project development. Further details on Greenstone can be found at www.greenstoneresources.com.

Greenstone is acquiring the securities in the offering described herein for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Excelsior or continue to hold its current position.

About Excelsior

Excelsior is a mineral exploration and development company that is advancing the Gunnison Copper Project. The Excelsior management team consists of experienced professionals with proven track records of advancing mining projects into production. 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, NI 43-101 Technical Report, Prefeasibility Study" dated February 14, 2014.