TORONTO, ONTARIO--(Marketwired - Dec. 5, 2013) - Excalibur Resources Ltd. ("Excalibur" or the "Company') (CNSX:XBR)(OTCQX:EXCFF)(FRANKFURT:X9CN) is pleased to provide an operations update at its 49% owned subsidiary Minera Catanava de C.V., including the following:
- In September 2013, a new cone crusher was installed.
- In October and November 2013, 3 - 4 tons of ore were processed per hour or approximately 20 tons per day (based on 6 hours per day).
- Two grades of concentrate have been internally estimated using the mine laboratory (43-101 Non-Compliant) inventoried as follows: (i) 1.6 tons grading between 544 g/t gold and 2,058 g/t gold and (ii) 0.46 tons grading between 146 g/t gold and 1318 g/t gold.
- Mining operations have advanced more than 725 meters in 7 adits.
- Currently focused on the new high grade Natas gold vein, the closest adit to the plant and another wider vein that can produce good grades and tonnages.
- In October 2013, Excalibur entered into a second addendum with Minera Apolo S.A. de C.V. to increase the Company's ownership in Minera Catanava de C.V. from 49% to 60%.
According to Don McLeroy, President of Minera Apolo, "Over the last few months, we have implemented key design, mechanical, repair and safety changes to the plant. As a result, the plant has been operating consistently at approximately 20 tons per day. Our goal is to increase production to 64 tons per day by extending hours and adding a second shift, the rate at which we will more than cover our costs. We expect to sell the first 2 tons of concentrate to a local buyer this month. We have identified an experienced person who has worked as a tilt and pour furnace operator and so will also be able to produce dore. In short, after a year of significant development, Catanava is now well positioned to operate as a low cost producer as we head into 2014."
Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious metal mineral resources.
On behalf of the Board of Directors:
Tim Gallagher, Chairman & CEO
Neither the Canadian National Stock Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.