Excalibur Resources Ltd. (XBR:CNX)

Excalibur Resources Ltd. (CNSX: XBR) is a junior exploration mining company focused on the discovery, development and mining of economically viable precious and base metal mineral resources. The Company intends to acquire a portfolio of properties through project acquisitions, joint ventures and alliances.
Excalibur Resources Ltd. continues to fulfill its mission of acquiring early to advanced stage exploration properties in North America. To date these include: The Silver King Mine property near Nelson BC, adjacent land positions on strike of the Silver King property, and volcanic massive sulphide targets comprising 8,816 ha. in N.W. Ontario.

Status of the Excalibur Resources 2010 Exploration Program

Sturgeon Lake

• Property located 300 km northwest of Thunder Bay, Ontario
• The Sturgeon Lake Greenstone Belt contains 6 Noranda (now Xstrata) past producing VMS mines 12 to 15 km to the west of Excalibur’s Sturgeon Lake property with typical grades of 9% zinc, 1.5% copper, 140 g/tonne silver and 0.5 g/tonne gold. The Sturgeon Lake Greenstone Belt also contains the past producing St. Anthony Mine located 20 km northwest of Excalibur’s property which produced 63,310 ounces of gold at an average grade of 6.6 g/tonne
• VTEM survey of 88 km2 property revealed areas of conductive and magnetic anomalies consistent with VMS deposits
• There are 100 km of anomalies that stretch in three bands across the 27 km width of the property. These anomalies follow the three rhyolite bands that stretch across the property
• VTEM data was used to select 29 targets for further analysis and drilling
• Geotech using VTEM data to do Maxwell modeling of 29 targets and 90 Resistivity Depth Image (RDI) cross sections in order to provide size and dip of conductors to direct drilling. As of June 17, 19 of the 29 Maxwell models and 54 of the 90 RDI cross sections are completed. It is expected that the Maxwell modeling will be completed by June 25
• On June 1 a 2 km2 property was claimed on the north central boundary of the Sturgeon Lake property because it contains an iron formation that is prospective for gold and copper. Total area of Sturgeon Lake property is now 90 km2
• Since June 1 there have been 4 geologists working full time on the Sturgeon Lake property taking soil samples for geochemistry and making geological maps. 155 soil samples have been sent for enzyme leach and soil gas hydrocarbon (SGH) analysis at Actlabs
• The results of soil geochemistry and Maxwell modeling will be used to select targets for diamond drilling among the 29 targets. 5000 m of drilling is planned for the summer of 2010 and is expected to start in mid July once results from soil geochemistry are obtained
• 45 km of line cutting is planned and 9 km is completed
• A 15 km road is being constructed to provide access to all 29 exploration targets, and 3 km is completed. An on-site aggregate pit is being permitted to provide gravel for the road.
• A camp for 23 people has been set up to accommodate all exploration staff and contractors

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Silver King and Cariboo

• Property located 7 km southwest of Nelson, British Columbia
• Past producing Silver King Mine on Excalibur’s Silver King property produced 4 million ounces of silver and 15 million pounds of copper with average grades of 640 g/tonne silver and 3.3% copper
• Excalibur’s 2009 drill program found grades as high as 657 g/tonne silver and 3.6% copper comparable to historical high grade ore
• Three new high grade near surface veins have been discovered in addition to the historically mined Silver King vein
• Samples from the adjoining Cariboo property have yielded grades as high as 12 g/tonne gold
• 2010 exploration will include resistivity and magnetic surveys to identify drill targets
• Trenching and drilling of the Cariboo property to explore for gold intersections
• Drilling Silver King property to extend previously identified high grade veins and provide data for a resource calculation
• 2600 m of drilling is planned
• Exploration program will begin in late June

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