Excalibur Resources Ltd.
CNSX : XBR

Excalibur Resources Ltd.

June 09, 2010 14:11 ET

Excalibur Resources Commences Exploration Program at Sturgeon Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2010) - Excalibur Resources Ltd. (CNSX:XBR)(FRANKFURT WKN: A0MMDH) (the "Company" or "Excalibur") has prepared, for the benefit of shareholders and the investment community, a progress report concerning the ongoing program at Sturgeon Lake in northwestern Ontario.

In March, 2010 the Company received positive results from a VTEM survey of its 88 km2 Sturgeon Lake property in northwestern Ontario performed by Geotech Ltd. of Aurora, Ontario. Geotech offers full-service airborne geophysical surveys worldwide using their proprietary low frequency and large dipole moment VTEM (Versatile Time-Domain ElectroMagnetics) system, which can penetrate over 300 meters below surface. The VTEM survey of the Sturgeon Lake property detected areas that have both high conductance and high magnetic anomalies. Results of this type are similar to the electromagnetic characteristics of Volcanogenic Massive Sulphide (VMS) deposits. The VTEM data was used to select 29 highly prospective targets based on their conductive and magnetic responses, as well as the geological data in the vicinity of each target. Geotech has further analyzed the VTEM data using Maxwell Modelling to calculate the size and dip of each of these targets. This data will be used to help define the drilling program.

Excalibur's Sturgeon Lake property is directly along strike and to the east of 6 VMS deposits that were mined between 1970 and 1991. A total of 19 million tonnes of ore was mined from these 6 VMS deposits with typical grades of 9% zinc, 1.5% copper, 140 g/tonne silver and 0.5 g/tonne gold. These 6 mines and the Sturgeon Lake property are all in the Sturgeon Lake Greenstone Belt. Another nearby past producing mine in the Sturgeon Lake Greenstone Belt is the St. Anthony Gold Mine that produced 63,310 ounces of gold at an average grade of 6.6 g/tonne.

On June 1, 2010 the Company commenced its exploration program of the Sturgeon Lake property. This program includes line cutting, geological mapping, geochemistry, which along with the Maxwell Modelling, will be used to define the drill program. There is 5,000 meters of drilling planned for the 2010 exploration season, which will be focused on the most promising of the 29 targets. The Company is having 15 km of road constructed to extend the existing logging roads to provide access to all of the exploration targets. All exploration staff and contractors will be housed in an exploration camp that the Company has constructed on its mineral claim.

Exploration activities on the Sturgeon Lake property are overseen by Dr. Hamid Mumin, Ph.D., P.Eng., P.Geo, a Qualified Person under the meaning of National Instrument 43-101. He has reviewed and approved the content of this press 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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