Excalibur Resources Ltd.

Excalibur Resources Ltd.

February 06, 2014 09:55 ET

Excalibur: Catanava Update

TORONTO, ONTARIO--(Marketwired - Feb. 6, 2014) - Excalibur Resources Ltd. ("Excalibur" or the "Company") (CSE:XBR)(OTCQX:EXCFF)(FRANKFURT:X9CN) provides an update on the progress at its 49% (60% pending completion of deal with Minera Apolo) owned subsidiary Minera Catanava de C.V. The concentrate testing work, including assay results from a commercial lab, has shown that we can produce a very good grade concentrate of between 300 and 500 grams of gold per ton and around 1 to 2 kilograms silver per ton. Two samples of 400 grams of concentrates were sent for fire analysis and plasma induction of 33 elements which were assayed at ERSA Global Labs of Torreón, Coahuila, México. The silver, as well as the gold recuperation, will increase when flotation cells are installed which is planned for later this year. "Given the anticipated amount and logistics of producing concentrates, it is preferable to pour dore, so a large tilt and pour dore furnace has been ordered," commented, Dr. Don McLeroy.

Mining development has advanced over 800 meters in 8 adits and the current focus is on the Natas and Penitas veins. The Company is in the process of developing a flexible mine plan combining the most optimum feed from the various underground mines. The Company continues its efforts to optimize mining methods in terms of mine dilution in order to improve margins per tonne.

Corporate Update

The Company is pleased to announce that Mr. Candelario Ramirez was hired as Plant Manager, replacing Mr. Jose Luis Vigil who resigned in December. The Company thanks Mr. Vigil for his contributions during 2013. The Company has reduced its corporate and investor relations expenditures and moved its head office in order to reduce overhead as much as possible in the current environment. The remaining 3.8 million warrants outstanding exercisable at $0.20 are due to expire on February 24, 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 Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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