Excalibur Resources Ltd.
CNSX : XBR

Excalibur Resources Ltd.

February 23, 2011 11:35 ET

Excalibur Update on Catanava JV Project in Mexico

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - Excalibur Resources Ltd. (the "Company") (CNSX:XBR)(FRANKFURT WKN:A0MMDH) is pleased to report excellent progress in its 49% subsidiary called Minera Catanava S.A. de C.V. ("Catanava"). The Catanava Joint Venture ("JV") is 51% held by Minera Apolo S.A. de C.V. which is providing the property, mining asset and the management of the project, and 49% held by Excalibur which is providing the financing. The purpose of the JV is to build a gold mine and start production with a 250 tpd plant on the 133 hectare Catanava property, that is located in the Municipality of Pinos, in the State of Zacetecas, Mexico.

Since the signing of the JV agreement on September 24, 2010, several milestones have been achieved as follows:

  • Roads, tailings and foundation areas for the plant site have been excavated
  • Houses have been built for a lab, explosives and a watchman
  • Old adits have been cleared and expanded
  • Fences have been erected and work is ongoing
  • Electrical poles, wiring and a 540 kva transformer have been installed
  • 250 tpd ball mill has been refurbished and delivered to the site
  • Cone and jaw crushers have been delivered
  • A vibrating screen has been ordered
  • An environmental report has been commissioned
  • Metallurgical and recoveries test work

See http://www.excaliburresources.ca/s/CatanavaMexico.asp

The Catanava project is located in the northwest quadrant of the Pinos Gold District, where three of four vein systems crosscut and where it is most likely bonanza gold will be intersected. The Pinos Gold District was discovered by the Spanish in 1546 and mined until the Revolution in 1810, by Cornish miners from 1870-1911, and most recently by an individual miner 1935-1941. Exploration work was undertaken through a Penoles/Bethlehem Steel JV 1978-1981, All-North Resources 1993-94, Hecla 1994-1997, and most recently by Romarco 2006-7.

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

Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.

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