Excelsior to buy Arizona copper mine, raise $12 mln from Greenstone

Excelsior Mining Corp (TSX-V: MIN) has agreed to buy all of the assets of Nord Resources Corp as they relate to the Johnson Camp Copper Mine, which is adjacent to Excelsior's Gunnison Copper Project in southeastern Arizona. The deal, expected to wrap up in November, has a total consideration of US$8.4 million. Excelsior, a Vancouver-based mineral exploration and development company, said it will also receive US$12 million in financing from its existing backer Greenstone Resources, a British private equity firm. The funding consists of a private placement and the sale of 2 percent of gross revenue royalty on the company's Gunnison project.

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