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Excalibur Resources Ltd.: Production Commences at Catanava

Thu, 09/27/2012 - 4:40am
The Associated Press

Excalibur Resources Ltd. ("Excalibur" or the "Company") (Toronto, Canada) (CNSX:XBR)(FRANKFURT:X9CN) is pleased to announce that the explosives have been delivered to the site and startup production has commenced at surface on the Camino vein at its 49% owned subsidiary Minera Catanava S.A. de C.V. ("Catanava"). According to our JV partner, Don McLeroy, President of Minera Apolo, S.A. de C.V., "On the basis of two blasts and one shift per day, initial production is estimated at 40-60 tons per day. An adit on the Camino Vein has been started in the arroyo east of the plant. Once we are in the adit about 20 or 30 meters, we can put in a couple of raises and start shrinkage stoping, which will furnish enough ore for 3 shifts per day and then we will ramp up production from there."

From a construction perspective, several items have been completed recently including the installation of the roof, windows and doors at the plant, an ore bin for holding ore to be shipped to the plant, housing for mine personnel, a sample preparation building, the dryer in the concentration room and a temporary dore furnace. Installation of a hurricane fence with razor wire and new gates will commence shortly and additional guards will be employed.

"A year ago, we were just starting to pour the cement for the plant foundation, so it is extremely exciting to have completed construction of the plant and to begin underground mining. We look forward to an increasing production profile and to getting the results from initial production," commented Tim Gallagher, Chairman.

Excalibur is pursuing the micro-mining approach which is the search for small, near surface ore shoots that can be extracted at a low cost. The Catanava project is in the Pinos Gold District, in the State of Zacatecas, Mexico which was discovered by the Spanish in 1546 and mined until the War of Independence in 1810, by Cornish miners from 1870 to 1911, and most recently by an individual miner from 1935 to 1941. Recent exploration work was undertaken through a Penoles/Bethlehem Steel JV from 1975 to 1983, All-North Resources in 1993-4, Hecla Mining Company 1995-7, and by Romarco Minerals from 2006-7. Minera Catanava S.A. de C.V. is 51% held by Minera Apolo S.A. de C.V. which owns and is providing the land, mineral and mining rights and management of the project, and 49% is held by Excalibur which has provided the financing.

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 the Canadian National Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contacts: Excalibur Resources Ltd. Tim Gallagher Chairman 416-987-0298

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