Excalibur Resources Ltd.
CNSX : XBR

Excalibur Resources Ltd.

April 20, 2011 10:00 ET

Excalibur Files NI 43-101 Report on Silver King Property

TORONTO, ONTARIO--(Marketwire - April 20, 2011) - Excalibur Resources Ltd. (CNSX:XBR)(FRANKFURT WKN:A0MMDH) (the "Company") is pleased to announce that it has now received a NI 43-101 compliant technical report on its Silver King Property. The report is filed on the Company's web site www.excaliburresources.ca and on www.sedar.com.

This report was prepared as a listing requirement for the TSX Venture Exchange and does not include a NI 43-101 compliant resource estimate. The report's author, Linda Dandy, P.Geo, a qualified person, previously supervised geochemical, geophysical, mapping, trenching and diamond drilling programs on the Silver King Property.

The Silver King Property hosts the historic Silver King Mine, which was in continuous production from 1889 to 1913, then intermittently up to 1958 at an average grade of 684 g/t silver and 3.36% copper. The property also contains the adjacent Cariboo option, where significant gold and silver assay results were returned from limited trench sampling, including 24.86 g/t Au and 53.6 g/t Ag over 1.0 meter.

The report's conclusions include:

  • At current metal prices, the average grade of ore historically produced from the Silver King Mine makes for an attractive exploration target.
  • Exploration work completed to date shows that the Silver King Property has the potential to host economically feasible mineral deposits.
  • Additional diamond drilling is required in order to fully define the silver-copper and gold potential of this mineralized system.
  • Three key target areas for diamond drilling have been identified:
    1. the deep target below the existing workings,
    2. the down dip and strike extensions of the known veins (Main, King, Queen, Iroquois) and potentially mineralized structures, and
    3. under and adjacent to the Main pit to confirm the size and grade of remaining near surface mineralization.

A two phase exploration program is recommended for the Silver King Property. Phase I will consist of data compilation and computer modelling, trenching (up to 600 meters) of the Cariboo mineralized trend and initial diamond drilling of the "deep target" and the South Anomaly at or near the Silver King mine. This phase of drilling is designed to test areas beneath the mine workings and the South Anomaly (not previously drilled). A total of 2,250 meters of drilling is recommended.

Phase II will consist of continued diamond drilling of historic and newly identified vein structures. A total of 2,750 meters of diamond drilling is required to get additional drill results from drilling designed to systematically drill test near surface mineralization.

Excalibur's Chairman, Tim Gallagher, comments: "We are delighted to receive such a positive and informative report and we are looking forward to the summer field season so that we can get started on its recommendations, particularly, in a market with rising and record silver prices."

Linda Dandy, P.Geo., is a "Qualified Person" for the purpose of National Instrument 43-101, and has reviewed and verified the contents of this news release.

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

The CNSX has neither approved nor disapproved of the contents of this press release.

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