Mr. Tim Gallagher reports

EXCALIBUR RESOURCES REPORTS HIGH GRADE SILVER INTERSECTIONS FROM UNDERGROUND SAMPLING AT SAN GIL

Excalibur Resources Ltd., through its 49-per-cent-owned subsidiary is continuing underground development and mining in four adits, which have now advanced a total of 360 metres at the Catanava property in Pinos, Zacatecas state, Mexico. Although, the lab on-site does testing on a daily basis, samples are periodically sent to commercial labs as part of an independent program as well as for National Instrument 43-101 purposes. The San Gil adit has advanced 83 metres underground and is located on the east side of the arroyo so is not part of the Cinco Estrellas vein system. Highlights of recent sampling are shown in the associated table.

                                     SAMPLE RESULTS

Mine/vein                Working       Sample No.           Au g/t           Ag g/t

San Gil                  Level 1                1             0.14           147.23
San Gil                  Level 1                2             0.27           159.27
San Gil                  Level 1                7             0.18           117.10
San Gil                  Level 1               26             0.50           206.81
San Gil                  Level 1               27             0.26           157.91
San Gil                  Level 1               33             0.89           317.43
San Gil                  Level 1               34             0.21           110.45
San Gil                  Level 1               35             0.75           378.93
San Gil                  Level 1               36             0.47           208.98
San Gil                  Level 1               37             0.16           110.90
San Gil                  Level 1               38             0.39           224.88
San Gil                  Level 1               39             0.19           175.93
San Gil                  Level 1               40             0.61           355.23
San Gil                  Level 1               41             0.61           527.26
San Gil                  Level 1               42             0.95           405.77
San Gil                  Level 1               48             0.17           135.49
San Gil                  Level 1               59             1.78           941.64
San Gil                  Level 1               66            18.51           105.08

Mineralogical analysis

In order to determine the ore characteristics of the material from the different areas which might affect processing, representative homogenized samples from each of four stockpiles were taken from San Gil, Camino, San Miguel and a dump called Candelaria. These will be further crushed, homogenized and reduced for both assaying by SGS Lakefield and analyzed by Terra Mineralogical Services under a scanning electron microscope (SEM). In addition, plant samples of feed and tails will be analyzed.

"Assay results from systematic sampling of the San Gil vein showed surprisingly high-grade silver mineralization along with mostly lower gold values except for sample No. 66 which generated 18.51 g/t Au. The new plant manager/metallurgist, who started in February, has been testing the various areas, stockpiles and tails on an ongoing basis. Based on the fine nature of the gold and good silver grades in the San Gil vein, he has recommended the addition of flotation cells and concentrators to the plant to increase recoveries as well as the replacement of the cone crusher to increase throughput. Given the variable nature of the ore at Catanava it is important to independently confirm the nature and the size of the gold and silver on an ongoing basis for plant optimization flowsheet and mine planning purposes," said Tim Gallagher, chairman and chief executive officer.

Sampling program description and QA/QC (quality assurance/quality control)

Sampling within the underground workings includes continuous channel sampling, taken in compliance with the company's QA/QC protocol. Samples are analyzed for gold, silver and trace elements at ActLabs. The vein exposures are sampled in channels perpendicular to the strike of the structure, with the widths of the individual samples determined by the mineralization and alteration. Sample stations include one to four continuous channel samples, with the hangingwall, vein and footwall mineralization separated into individual samples. Minimum sample width was 0.3 metre and maximum was 2.4 metres. Sample widths reported are true thicknesses except for horizontal crosscut samples which are approximately 80 to 100 per cent of true thickness. The laboratory's QA/QC results were reviewed and accepted prior to interpreting assay results.

Charles Beaudry, PGeo, is a qualified person for the purpose of National Instrument 43-101, and has reviewed and approved the technical contents of this news release.