PHOENIX, Nov. 3, 2021 /CNW/ - Excelsior Mining
Corp. (TSX: MIN) (OTC: EXMGF) (FSE: 3XS) ("Excelsior"
or the "Company") announces that it is aware of a civil claim
filed against the Company and certain of its officers and directors
in the Supreme Court of British
Columbia by MM Fund (the "Action"). The plaintiff seeks
certification of the Action as a class proceeding on behalf of a
class of all persons and entities, wherever they may reside or may
be domiciled, who purchased the securities of Excelsior offered by
the Company's Prospectus Supplement dated and filed on February 12, 2021 (the "Prospectus").
The plaintiff alleges that the Prospectus contained
misrepresentations related to the Company's anticipated timeline to
achieve a production rate of 25 million pounds per annum. The
plaintiff alleges that as a result of the misrepresentations in the
Prospectus, the securities of the Company were sold to the public
at an artificially inflated price. The plaintiff seeks an order
certifying the Action as a class proceeding, a declaration the
Prospectus contained a misrepresentation, unspecified damages, pre-
and post-judgment interest and costs.
Excelsior contends the allegations made against it in the Action
are meritless and will be vigorously defended.
About Excelsior Mining
For more information on Excelsior, please visit our website at
www.excelsiormining.com.
Cautionary Note Regarding Forward-Looking
Information
This news release contains
"forward-looking information" concerning anticipated developments
and events that may occur in the future. Forward looking
information contained in this news release includes, but is not
limited to, statements with respect to the outcome of the Action
and the Company's operations.
In certain cases, forward-looking information can be
identified by the use of words such as "plans", "expects" or "does
not expect", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might",
"occur" or "be achieved" suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Forward-looking
information contained in this news release is based on certain
factors and assumptions regarding, among other things, the Company
will successfully defend the Action, the estimation of mineral
resources and mineral reserves, the realization of resource and
reserve estimates, expectations and anticipated impact of the
COVID-19 outbreak, copper and other metal prices, the timing and
amount of future development expenditures, the estimation of
initial and sustaining capital requirements, the estimation of
labour and operating costs (including the price of acid), the
availability of labour, material and acid supply, receipt of and
compliance with necessary regulatory approvals and permits, the
estimation of insurance coverage, and assumptions with respect to
currency fluctuations, environmental risks, title disputes or
claims, and other similar matters. While the Company considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include the outcome of the Action; risks inherent in the
construction and operation of mineral deposits, including risks
relating to changes in project parameters as plans continue to be
redefined including the possibility that mining operations may not
be sustained at the Gunnison Copper Project, risks relating to
variations in mineral resources and reserves, grade or recovery
rates, risks relating to the ability to access infrastructure,
risks relating to changes in copper and other commodity prices and
the worldwide demand for and supply of copper and related products,
risks related to increased competition in the market for copper and
related products, risks related to current global financial
conditions, risks related to current global financial conditions
and the impact of COVID-19 on the Company's business, uncertainties
inherent in the estimation of mineral resources, access and supply
risks, risks related to the ability to access acid supply on
commercially reasonable terms, reliance on key personnel,
operational risks inherent in the conduct of mining activities,
including the risk of accidents, labour disputes, increases in
capital and operating costs and the risk of delays or increased
costs that might be encountered during the construction or mining
process, regulatory risks including the risk that permits may not
be obtained in a timely fashion or at all, financing,
capitalization and liquidity risks, risks related to disputes
concerning property titles and interests, environmental risks and
the additional risks identified in the "Risk Factors" section of
the Company's reports and filings with applicable Canadian
securities regulators.
Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information is
made as of the date of this news release. Except as required by
applicable securities laws, the Company does not undertake any
obligation to publicly update or revise any forward-looking
information.
SOURCE Excelsior Mining Corp.
