Excalibur Resources Ltd.
CNQ : EXBR

Excalibur Resources Ltd.

March 11, 2008 09:49 ET

Excalibur Intersects 721.69 g/t Silver and 2.34 g/t Gold Over 4.30 m of True Width at Needles Property, Nye County, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2008) - Excalibur Resources Ltd. (the "Company") (CNQ:EXBR)(FRANKFURT WKN:A0MMDH) is pleased to provide an update of drilling activities on the Needles Property, located in Nye County, Nevada.

Arrowhead Mine Area: Two drill holes were completed in the Arrowhead Mine area, and these include drill holes N-61 and N-63. Drill hole N-63 was drilled at angle of -75 degrees and an azimuth of 60 degrees (ENE) and targeted the Arrowhead Mine deposit in an area that has not been tested previously. The intercept lies directly beneath a fault with intense argillic alteration within felsic porphyritic volcanic/intrusive rocks that exhibit sulphide stringers (both pyrite and argentite), small quartz veinlets and intense local vugging. The drill hole approximates the true width of the zone. It is interesting to note that the drill hole was stopped at a depth of 33.13 m when the hole encountered a void (possible stope) but the hole was still highly anomalous in silver. It is possible that this zone represents a previously unknown area of mineralization located in the hanging-wall of the old Arrowhead Mine workings.



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Needles-63
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From To Interval Au Au Ag
(m) (m) (m) (g/t)(1) (g/t)(2) (g/t)(3)
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25.27 25.54 0.27 0.048 0.039 13.6
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25.54 26.85 1.31 1.928 1.847 967.0
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26.85 27.74 0.89 1.013 0.969 226.0
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27.74 28.35 0.61 3.386 3.574 1,320.0
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28.35 28.96 0.61 7.380 7.400 1,350.0
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28.96 29.57 0.61 0.139 0.110 7.5
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Average 4.30 2.34 721.69
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1. Original gold fire assay (30 grams)
2. Repeat gold fire assay (30 grams)
3. Original silver determination done by ICP, and values greater
than 120 ppm determined by XRF


N-61 was drilled from the same setup as N-63 (-45 degrees) at an azimuth of 060 degrees and only intersected weakly anomalous gold and silver values. N-62 (-60 degrees) and N-64 (-90 degrees) were also drilled from the same setup at an azimuth of 60 degrees but analytical results have not been received from these drill holes.

Arrowhead - Southeast Extension

EXBR has also completed 5 short (less than 60 m depth) exploratory holes (N-55, N-56, N-57, N-58, N-59) south and east of the old Arrowhead Mine in close vicinity to where a number of old shafts are located and was previously unexplored by Taranis Resources Inc. The drill holes lie along a prominent NNW-trending fault named the Arrowhead Lineament Fault that is a potentially important control on precious metal mineralization at Needles. These drill holes encountered high levels of pyrite content and intense argillic alteration, but failed to intersect any significant zones of gold/silver mineralization. These five shallow scout holes were designed to identify near surface mineralization and represented an average depth of approximately 55 metres with the deepest hole 60 metres in length. This area of investigation represents less than 20% of the overall current drill program on the property. Drilling continues on the Whopper Junior zone to the NW of the Arrowhead Mine area and along the NW trending lineament fault. Needles is a classic Nevada Hot Springs type deposit similar to Florida Canyon.

Qualifications

Analytical work was completed by American Assay Laboratories of Reno, Nevada that is accredited to ISO/IEC 17025, and also has a Certificate of Laboratory Proficiency PTP-MAL, accredited by the Standards Council of Canada. American Assay Laboratories also participates in the Society of mineral analysts-Round Robin testing. Drill core was logged and cut and in half prior to sampling with a rock saw, and one-half is retained for further investigations if required. Exploration activities on the Needles property were overseen by John Gardiner (P. Geol.) and Jim Helgeson (P. Geo.), both Qualified Persons under the meaning of Canadian National Instrument 43-101.

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:

Anthony Garson, President

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

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