Excalibur Resources Ltd.
CNQ : EXBR

Excalibur Resources Ltd.

May 06, 2008 17:54 ET

Excalibur Resources Ltd. Completes Drilling Program in Nye County, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) -

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Excalibur Resources Ltd. (the "Company" or "Excalibur") (CNQ:EXBR)(Frankfurt WKN: A0MMDH) reports that in late March 2008, the Company completed a 22 diamond drill-hole program representing 1,535.9 meters on its Needles Property in Nye County, Nevada. The drill program targeted portions of the Arrowhead Lineament Fault which extends for over 3 km on the property. Drilling was primarily conducted along the NNW-trending Arrowhead Lineament Fault in four zones that are designated (from southwest to northeast) the Gladius, Arrowhead, Argenta and Whopper Junior Zones.

Arrowhead Mine Area

A total of five drill holes were completed around the Arrowhead Mine area (N-52, and N-61 through N-64). As reported in a previous News Release dated March 11, 2008, drill-hole N-61 reported a silver value of 721.69 g/t and a gold value of 2.34 g/t over a true width of 4.30 meters.

The results of the three additional holes N-52, N-62 and N-64 are reported below. Drill holes N-62 and N-64 were drilled on the same setup as N-63. N-62 intersected the following zone:



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Needles - 62
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From To Interval Au Ag
(m) (m) (m) (ppb) (g/t)
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19.23 20.82 1.59 14 6.3
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20.82 22.01 1.19 218 57.8
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22.01 23.53 1.52 51 17.5
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23.53 24.78 1.25 7 1.6
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24.78 26.15 1.37 143 25.2
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26.15 27.01 0.86 624 228.0
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Average 7.78 142 43.45
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N-63 (-75 degrees) entered a void at the bottom which is most likely a stope from the old Arrowhead Mine. N-64 (-90 degrees) drilled from the same setup intersected only geochemical levels of gold and silver mineralization.

N-52 (-60 degrees) was drilled 10 m south of the collars of drill holes N-61 through N-64, and intersected highly-altered volcanic rocks with 27.4 g/t Ag over 6.74 m.



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Needles - 52
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From To Interval Au Ag
(m) (m) (m) (ppb) (g/t)
------------------------------------------------------------------
31.70 32.58 0.88 76 40.9
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32.58 33.41 0.83 18 4.3
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33.41 34.59 1.18 8 5.2
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34.59 35.20 0.61 3 34.0
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35.20 36.64 1.44 32 48.7
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36.64 37.31 0.67 135 25.8
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37.31 38.44 1.13 27 27.3
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Average 6.74 39 27.4
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Whopper Junior Zone ("WJZ")

The WJZ is located on the Arrowhead Lineament Fault 1.3 km NNW from the Arrowhead Mine area. Four holes (N-71, N-72, N-72A, and N-73) were completed on the WJZ and intersected broad zones of disseminated pyrite and quartz stock-work that is highly anomalous in gold, silver and other geochemical pathfinders including arsenic, antimony and sulfur. The following table summarizes the average geochemical values for each of the drill holes:



--------------------------------------------------------------------------
Drill Hole From To Interval Au Ag As Sb S
Number (m) (m) (m) (ppb) (ppm) (ppm) (ppm) (ppm)
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Needles-71 124.3 151.7 27.4 116 1.8 1991 27.6 10,528
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Needles-72(i) Hole - - - - - -
Lost
--------------------------------------------------------------------------
Needles-72A (UL) 63.9 99.9 36.0 42 1.5 3505 60.1 12,018
--------------------------------------------------------------------------
Needles-72A (LL) 126.9 148.7 21.8 22 1.0 1176 19.3 8,035
--------------------------------------------------------------------------
Needles-73 (UL) 48.1 52.7 4.6 66 1.0 486 13.3 9,600
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Needles-73 (LL) 95.8 102.4 6.7 38 1.2 739 18.0 8,100
--------------------------------------------------------------------------

(i) - Drill hole lost at 55.4 m due to bad ground conditions
UL equals "Upper Lens"
LL equals "Lower Lens"


Area Southeast of Arrowhead Mine

Five drill holes were drilled on two sections south of the Arrowhead Mine. One section was located 137 m south-southeast of the Arrowhead Mine (N-68 & N-70). The other section was located 280 m south-southeast of the Arrowhead Mine (N-54A, N-66 & N-67). Drill-hole N-66 (-45 degrees) intersected 2.0 g/t Au / 1.92 m.



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Needles - 66
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From To Interval Au Ag
(m) (m) (m) (g/t) (g/t)
------------------------------------------------------------------
29.93 31.85 1.92 2.0 trace
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Drill holes Needles-54A (-60 degrees) and Needles-67 (-90 degrees) drilled from the same setup intersected only trace levels of gold and silver.

Area East of the Arrowhead Mine

Drill hole (N-65) was completed on an induced polarization anomaly located 265 m east of the Arrowhead Mine. N-65 intersected a widespread zone of disseminated pyrite, but only trace levels of gold and silver accompanied the sulphide mineralization.

Argenta Mine

Drill Hole N-69 (-70 degrees) was completed adjacent to the Argenta Mine Shaft, and was terminated early (51.15 m) owing to intense clay alteration which caused difficult drilling conditions. N-69 potentially is a very important hole since it is the only hole drilled between the WJZ and the Arrowhead Mine, and intersected anomalous gold content in all 22 samples of the drill core.



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Needles - 69
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From To Interval Au Ag
(m) (m) (m) (ppb) (g/t)
------------------------------------------------------------------
19.20 42.00 22.80 15 trace
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Recommendation by Company Consultants

The recent drilling program has demonstrated that epithermal precious metal deposits at Needles are hosted along the NNW-trending Arrowhead Lineament Fault ("ALF"); and occur in close proximity to epithermal quartz veins that have been emplaced along the ALF. The recent drilling program has also demonstrated that the ALF is a high-angle normal fault that dips steeply to the west and truncates 2 major, flat-lying volcanic cycles; a lower fragmental series of intermediate composition and an upper tuffaceous series of felsic composition. Wide zones of epithermal veining are more prone to formation at the contact between the two volcanic cycles where the ALF crosscuts the stratigraphy such as the Whopper Junior Zone.

The area between the Whopper Junior Zone and the Arrowhead Mine exposes 1.4 km of intense hydrothermal alteration that has only been tested by one drill hole to date (N-69) that intersected a wide zone of anomalous gold content before being abandoned. The area is covered by volcanic rocks of the upper cycle, and the prospective target horizon lies at relatively shallow depths below the surface (less than 250 m). Based on the intense hydrothermal alteration seen at surface, and persistent low levels of gold/silver mineralization seen at surface, this area could host a large epithermal precious metal deposit that is currently not exposed at surface.

It is highly recommended that a grid be installed on the area between the Arrowhead Mine and the Whopper Junior Zone on 100 m line spacing and that soil sampling, and geophysics be undertaken to identify quartz-veining and disseminated sulfide mineralization that frequently accompany precious metal mineralization at Needles. Targets generated in this area are considered a high-priority, and should be tested by diamond drilling. Please refer to a schematic longitudinal section of the Arrowhead Lineament Fault in the corporate presentation illustrating the above discussion that can be found on the Company's website, www.excaliburresources.ca.

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.

We seek safe harbour.

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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