Excalibur Resources Ltd.

Excalibur Resources Ltd.

November 13, 2007 15:37 ET

Excalibur Resources Ltd.: First Tranche of Private Placement Closed, Second Tranche to Close Shortly

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2007) - Excalibur Resources Ltd. (CNQ:EXBR)(FRANKFURT WKN:A0MMDH) (the "Company") is pleased to announce that it has closed a first tranche of its private placement announced on October 15, 2007 and issued 9,083,759 Units at $0.06 per Unit for gross proceeds of $545,024.85. Each Unit consists of one common share and one Warrant. Each Warrant will entitle the holder to acquire an additional common share at $0.14 per share for a period of one year from issuance, subject to an accelerated exercise clause which provides that if the ten (10) day weighted average trading price of the Corporation's common shares for any ten (10) consecutive trading days is $0.25 or more (the tenth such trading day being the "Determination"), the expiry date of the Warrants will be accelerated to the thirtieth calendar day following the Determination (the "Accelerated Expiry Date"). In the event of acceleration, the Corporation will on the Determination immediately notify the holders of the Warrants of the Accelerated Expiry Date, and all Warrants not exercised by the expiration of the Accelerated Expiry Date shall be deemed cancelled without further notice to the holders. A finder's fee will be payable on a portion of the proceeds raised. The Company expects to close a second tranche of the private placement shortly.

Net proceeds of the total financing will be used to conduct a Phase I drilling program on the Company's Needles Property and an exploration program on the Company's Delamar Property, both located in the State of Nevada, USA; to carry out further work on the Company's Silver King Property near Nelson, British Columbia; and for general working capital purposes.

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 not in any way passed upon the merits of the transaction and has neither approved nor disapproved of the contents of this press release.

Contact Information