Excelsior is developing the Gunnison Copper Project, a low cost in-situ recovery copper project located within the copper porphyry belt of Arizona.Based on an initial production rate of 25 million pounds per year, which will be processed through the adjacent Johnson Camp Mine, and using a US$2.75/lb copper price, the Updated Prefeasibility Study indicates a post-tax NPV (7.5% discount rate) of US$829 million, and an IRR of 45.8% with a payback period of initial capital of 2.6 years.Production would be staged, ramping up to 75 million pounds in Year 4, and then moving to full production of 125 million pounds of copper cathode in Year 7. Initial capital expenditures (including 20% contingency) are estimated at US$45.9 with an average life-of-mine direct operating cost of US$0.70/lb. These metrics are amongst the lowest per pound capital and operating costs for copper projects in North America. The North Star deposit has  Probable Mineral Reserves of 4.46 billion pounds (775 million tons at 0.29% copper) contained within the Measured and Indicated Mineral Resources of 4.95 billion pounds (866 M tons at 0.29%).  Please refer to the Projects page for further information on the mineral reserve and mineral resource estimates and results of the Updated Prefeasibility Study.