Mr. John Gilbert reports

EXCALIBUR METALS ACQUIRES NORTH TYBO PROJECT, EXPANDING WALKER LANE FOOTPRINT

Excalibur Metals Corp. has successfully acquired a 100-per-cent interest in the North Tybo project via direct staking of 50 unpatented lode mining claims. Located in the favourable mining jurisdiction of Nye county, Nevada, the project encompasses epithermal gold-silver mineralization along major regional structures. This geologic setting shares key similarities with AngloGold Ashanti's emerging Arthur project near Beatty, Nev., as well as Excalibur's flagship Bellehelen project located 40 kilometres to the south.

Project highlights:

• Direct staking acquisition: 100-per-cent ownership of 50 contiguous claims (approximately 1,000 acres) with no underlying royalties or property payments;
• Precious metals mineralization: epithermal gold-silver mineralization associated with widespread argillic alteration and silicification;
• Synergy with Bellehelen: strategic location nearby Excalibur's flagship Bellehelen project with an analogous geologic environment;
• Nearby mining and exploration activity: 60 kilometres southeast of Kinross' Round Mountain mine, adjacent to land positions held by Newmont at the historical Tybo and Keystone districts, and 25 kilometres north of AngloGold Ashanti's Midnight Star project, which has seen multiple consecutive years of early stage exploration drilling focused on an extensive epithermal alteration cell.

Management cautions that results from adjacent properties may not necessarily be indicative to the presence of mineralization at North Tybo.

"The acquisition of North Tybo via staking represents a high-value, low-cost entry position expanding into an area our team knows well -- in effect, it's our backyard," said John Gilbert, chief executive officer of Excalibur. "The presence of widespread epithermal-style alteration in a caldera setting is a key indicator for us. It suggests that a significant amount of mineralizing fluids were circulated through a major structural zone, and the core of the system appears unidentified. We are eager to apply modern, systematic exploration to North Tybo, as it has the right rocks, and good neighbours that are aware of this."

"We are excited to continue consolidating ground in this prospective and relatively underexplored sector of Nevada," said Eli Turner, vice-president of exploration for Excalibur. "When epithermal systems with large alteration footprints and highly anomalous precious metals coincide with major structural zones like caldera margins, it warrants a thorough technical evaluation and well-designed exploration program. In a mature, Tier 1 jurisdiction, this is as good of a discovery opportunity as you can find."

North Tybo

The North Tybo project is characterized by epithermal-style gold-silver mineralization on the margin of an approximately 30 Ma (million years ago) caldera complex within the Central Nevada volcanic field. Mineralization is associated with abundant jasperoids, formed by the silicification of carbonate rocks and illite-altered felsic intrusions. The project also hosts widespread argillic alteration within felsic tuffs that may indicate blind, undiscovered mineralized zones at depth. Excalibur considers the project to be prospective for a significant gold discovery, with multiple salient structural targets that can be efficiently evaluated, prioritized and tested.

Like North Tybo, Excalibur's Bellehelen project is also located near a major caldera margin within the Central Nevada volcanic field. Despite the fact that both of these projects exhibit widespread epithermal alteration and mineralization, the level of historical exploration work is limited compared to prospects located within caldera fields to the west and south, which include Tier 1 deposits such as Round Mountain and Arthur. Excalibur's technical team believes that the potential of the Central Nevada volcanic field is under-recognized despite the fact that it contains the key geological ingredients for significant epithermal gold-silver deposits.

Excalibur is finalizing a phase 1 exploration program at North Tybo focused on delineating drill targets through detailed geologic mapping and geochemical sampling.

Qualified person

Matthew Dumala, PEng, a consultant of the company, is a qualified person (QP) as defined by National Instrument 43-101. Mr. Dumala has reviewed and approved the technical information disclosed in this news release.

About Excalibur Metals Corp.

Excalibur Metals is a junior exploration company focused on the discovery of gold and silver deposits in the world-class mining jurisdictions of the Western United States. Led by an experienced management team, the company utilizes technical expertise to identify and secure high-leverage exploration assets. Excalibur is traded on the TSX Venture Exchange under the symbol EXCL.

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