Excalibur Mining updates on Juno March 11, 2010

Excalibur Mining Corporation Limited (ASX: EXM) has an active program to advance its portfolio of Tennant Creek assets. This includes an ongoing drilling campaign and an external resource review, leading to a planned update to its resource position. The recent focus of the program has been a comprehensive analysis of the Juno resource estimate.

Highlights:

• Preliminary findings from independent review of Juno resource received
• Downgrade of Juno indicated resource category anticipated
• Downgrade does not impact Excalibur’s other projects at Tennant Creek, including Up Dip Juno, M10 or the Nobles Nob Shallows
• Drilling work at Juno is continuing and additional results are pending

At this stage, Excalibur does not have a new reportable resource position for Juno, but a substantial reduction in the indicated portion is anticipated.

Based on the initial findings, the previous mining at Juno had a larger impact on Excalibur’s resource than previously calculated. Excalibur’s earlier resource estimates were based on an electronic data-base inherited from the Normandy Group.

The preliminary findings of the Juno review and the resultant changes to drilling plans will delay the next resource statement from the previously planned March/April time frame.

Excalibur Managing Director, Tim Lagdon said, “This does not change our conviction as to the quality of Excalibur’s other Tennant Creek projects where, through our own drilling, we have demonstrated exceptional results”.

Click here to view the full announcement.

For further information, please contact:

Tim Lagdon
Managing Director
Ph: +61 8 9322 8000

Media enquiries:
Fortbridge
Ph: +61 2 9331 0655
Luke Dean +61 414 535 433
luke.dean@fortbridge.com