Excelsior Announces Stock Option Repricing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - Excelsior Mining Corp. (TSX VENTURE:MIN)(OTCQX:EXMGF)(FRANKFURT:3XS) ("Excelsior" or the "Company") announces that it will re-price 5,147,333 incentive stock options issued to directors, officers, employees and consultants of the Company. The options were originally granted between October 2010 and February 2012 at prices ranging from $0.50 to $0.73. The new exercise price for these options will be $0.30 per share. The re-pricing of the options is subject to the approval of the TSX Venture Exchange and no options may be exercised at the new price until such approval is obtained. In addition, as required by TSX Venture Exchange policies, the re-pricing of any options held by insiders is subject to disinterested shareholder approval. The Company intends to seek such disinterested shareholder approval at the Company's 2014 annual general meeting of shareholders and insiders may not exercise options at the new price until such approval is obtained.

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.

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 statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the advancement of the Company's mineral properties and disinterested shareholder approval for the repriced options being sought at the 2014 annual general meeting of shareholders are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Excelsior undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

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.