Excalibur Resources Ltd.
CNSX : XBR

Excalibur Resources Ltd.

September 24, 2010 14:54 ET

Excalibur to Invest in Gold Production Company in the Pinos Gold District of Mexico

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2010) - Excalibur Resources Ltd. (the "Company" or "Excalibur") (CNSX:XBR)(FRANKFURT WKN: A0MMDH) reports that it has signed an agreement with Minera Apolo S.A. de C.V. ("Minera Apolo") under which the companies will form a 49%/51% joint venture company called Minera Catanava S.A. de C.V. The joint venture's purpose will be to develop and commence gold production on the 133 hectare Catanava property within the Municipality of Pinos, State of Zacatecas, Mexico.

Under the terms of the agreement, Minera Apolo will provide the Catanava property to the joint venture company and Excalibur will provide financing for a 250 tpd plant. Upon production each party will participate based upon their pro-rata share in the joint venture. Procurement and construction of the plant has commenced and it is expected to be completed in 2011. 

The Pinos Gold District is approximately 3,000 hectares in size and hosts four known high grade gold vein systems with consistent strike lengths of over 4 km each. The Pinos District was discovered by the Spanish in 1546 and mined until 1810. The Cornish mined the property until the Mexican revolution in 1910. The only modern day mining occurred from 1935 to 1941 by a small individual miner. Most historic gold production was within the first 100 meters from surface. Old reports and physical evidence indicates that the water table was at approximately 100 meters and impeded further mining.

Catanava is a step-out area at the northern end of the Pinos Gold District that was largely not mined previously. It occurs where three of the four vein systems come together and also includes the richest of the bonanzas which was only mined to the water table.

Excalibur also announces the resignation of Andrew Thomson as a director of Company. In addition the Company has accepted the resignation of President and CEO, James D. Kendall, effective October 20, 2010. The Board appreciates their involvement with the Company and wishes them well in their future endeavours.

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 & CFO

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

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