PHOENIX, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) ("Excelsior" or the “Company”) is pleased to announce that the State of California Department of Business Oversight has confirmed the right of Excelsior to offer, sell and issue securities in the state of California (the “Blue Sky Exemption”). The acquisition of the Blue Sky Exemption aligns with Excelsior’s ongoing corporate strategy of laying the groundwork for a listing on a major US stock exchange once all qualification thresholds have been met. Copper production at the Gunnison Copper Project in Arizona is scheduled for 2018.
Broker-dealers and investment advisors are legally not permitted to recommend, solicit or discuss a security with a client unless that security is compliant with the Blue Sky laws of the state in which the investor resides. These laws are applied in addition to federal securities laws.
Prior to the issuance of the Blue Sky Exemption in California, Excelsior’s listing on the OTCQX already had established Blue Sky status in Alaska, Arkansas, Colorado, Delaware, Georgia, Idaho, Iowa, Indiana, Hawaii, Kansas, Maine, Mississippi, Nebraska, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Vermont, West Virginia, Washington, Wisconsin, and Wyoming.
With the addition of California, the most populous state in the United States, Excelsior now retains Blue Sky trading status in 28 American states.
Blue Sky laws do not preclude a broker from acting on specific unsolicited customer orders, although some firms may have a blanket prohibition on accepting orders in non-compliant securities. Blue Sky laws can impact how information, research and advice is distributed to a company’s investors:
- SECONDARY TRADING: Broker-dealers cannot recommend or give advice on a company’s stock when the company is not compliant with Blue Sky laws in the state in which the investor resides.
- LIQUIDITY: Companies that have Blue Sky compliance in more states have the opportunity to reach a wider group of investors and investment advisors.
- RESEARCH: Broker-dealers limit distribution of research reports unless a company’s stock has widespread Blue Sky compliance
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018. The 2016 Feasibility Study projected an after-tax NPV of US$ 807 million and IRR of 40% using a US$ 2.75 copper price and a 7.5 discount rate.
Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101. Mr. Twyerould has reviewed and approved the technical information contained in this news release.
Additional 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, Feasibility Study” dated effective December 17, 2016.
