Excalibur Completes Third Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - Excalibur Resources Ltd. (the "Company") (CNSX:XBR)(FRANKFURT WKN:A0MMDH) announces that, further to its news releases dated December 1 and 15, 2010, it completed the third tranche of a private placement on December 31, 2010 and issued 1,780,000 Flow-through Units at $0.15 per Unit, for gross Flow-Through proceeds of $267,000. Each Unit consists of one Flow-Through common share and one share purchase warrant exercisable at $0.25 per share in the first year and at $0.30 per share in the second year. The Company paid an aggregate of $3,150 in finder's fees. The shares, and any shares issued on exercise of the warrants, are subject to a hold period until May 1, 2011.

Proceeds from the financing will be used for drilling programs at the Silver King Property in British Columbia and at the Sturgeon Lake Property in northwestern Ontario.

Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious and base metal mineral resources.

On behalf of the Board of Directors:

Tim Gallagher, Chairman