MIN

Excelsior Mining Corp. (TSX VENTURE:MIN)(OTCQX:EXMGF)(FRANKFURT:3XS)
("Excelsior" or the "Company") is pleased to announce that it has closed its
previously announced Share Purchase and Royalty Option Agreement (the
"Agreement") with Callinan Royalties Corporation ("Callinan"). 


Excelsior has raised gross proceeds of $1.0 million through the issuance of
6,250,000 common shares at a price of $0.16 per common share. Concurrently,
Excelsior has raised $2.0 million through the sale of a 0.5% gross revenue
royalty ("GRR") on the Gunnison Project.


Callinan now retains the option to invest up to an additional $19.0 million into
Excelsior in exchange for a further 2.5% GRR on the Gunnison Project based on
development milestones (1.5%) and a construction option (1%). 


For the details of this transaction, please refer to news release dated July 23,
2013 (http://www.excelsiormining.com/index.php/news/news-2013). 


Proceeds from the transaction will be used by the Company for general and
working capital purposes to advance the Gunnison Project. 


Commenting on the close of the transaction, President and CEO, Stephen Twyerould
stated, "We are pleased to have concluded this arrangement with Callinan
Royalties, which allows for the advancement of the Gunnison In-situ Copper
Project. Our immediate focus will be to use this investment to finish the
pre-feasibility study. We anticipate the completion of this key milestone before
the end of the year." 


The common shares issued to Callinan are subject to a statutory four month hold
period expiring on December 1, 2013.


Project Summary

The Gunnison Copper Project is located in a remote section of Cochise County in
southeastern Arizona. The focus of the project is the North Star deposit, which
currently has a total Measured and Indicated mineral resource of 3.21 billion
pounds of oxide copper (498 M tons at 0.32%) and an Inferred mineral resource of
0.83 billion pounds of oxide copper (156 M tons at 0.27%). Mineral resources
which are not mineral reserves do not have demonstrated economic viability.
Located within Arizona's Copper Porphyry Belt, and in close proximity to road,
rail and power, this oxide mineral resource has the potential to be mined using
in-situ recovery methods. 


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.


About Callinan Royalties

Callinan Royalties is a Canadian company that creates and acquires mineral
royalties. The company uses its royalty income to provide alternative financing
options to mineral exploration and development companies with attractive
projects. Callinan's strategy is to create shareholder value over the long term
by generating a portfolio of profitable mineral royalties.


Excelsior's exploration work on the Gunnison Property is supervised by Dr.
Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior, and a
Qualified Person as defined by National Instrument 43-101 (NI 43-101). Dr.
Twyerould has reviewed and approved the technical information disclosed in the
"Project Summary" and "About Excelsior" sections of this news release. 


Further details about Excelsior can be found at: www.excelsiormining.com.
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 Preliminary Economic Assessment, NI 43-101 Technical Report" dated
November 18, 2011. 


ON BEHALF OF THE EXCELSIOR BOARD

Stephen Twyerould, President & CEO

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: (i) the estimation of inferred and indicated mineral
resources; (ii) production from the Gunnison Project; (iii) the completion of a
pre-feasibility study; (iv) the details of the transaction with Callinan; (v)
the use of proceeds from the transaction; and (vi) the ability to mine Gunnison
using in-situ recovery mining techniques are forward-looking statements.


In certain cases, forward-looking information can be identified by the use of
words such as "plans", "expects" or "does not expect", "is expected", "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" or
"will be taken", "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 estimation of mineral resources, the realization of resource
estimates, copper and other metal prices, the timing and amount of future
exploration and development expenditures, the estimation of initial and
sustaining capital requirements, the estimation of labour and operating costs,
the availability of necessary financing and materials to continue to explore and
develop the Gunnison Project in the short and long-term, the progress of
exploration and development activities, the receipt of necessary regulatory
approvals, the completion of the environmental assessment process, 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 risks inherent in the exploration and development 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 commence at the Gunnison Project, risks relating to variations in mineral
resources, grade or recovery rates resulting from current exploration and
development activities, 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 and in the mining
industry generally, risks related to current global financial conditions,
uncertainties inherent in the estimation of mineral resources, access and supply
risks, 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 development process, regulatory risks, including
risks relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks, including the risk that the
financing necessary to fund the exploration and development activities at the
Gunnison Project may not be available on satisfactory terms, or at all, risks
related to disputes concerning property titles and interest, environmental risks
and the additional risks identified in 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.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release, and no securities
regulatory authority has either approved or disapproved of the contents of this
release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Excelsior Mining Corp.
JJ Jennex
Vice President, Corporate Affairs
604-681-8030 x240
info@excelsiormining.com
www.excelsiormining.com

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