🕐22.03.10 - 03:53 Uhr

Excalibur Mining [ASX: EXM] - Drilling results



ASX: EXM Press Release 22 March 2010
ACN 008 021 118
Ground Floor, 14 Outram Street, West Perth, WA 6005
PO Box 1779, West Perth, WA 6872 | Tel +61 8 9322 8000 | Fax +61 8 9322 3005
| www.excaliburmining.com.au 1
EXCALIBUR MINING (ASX: EXM)
www.excaliburmining.com.au
ASX ANNOUNCEMENT - 22 March 2010
Excalibur Update: Northern Territory Investment & Strategy Seminar
Geoscience Exploration Seminar (AGES 2010)
Excalibur Mining Corporation Limited (ASX: EXM) will be presenting the following to delegates
of the Northern Territory Investment and Strategy Seminar, part of this year"s Annual Geoscience
Exploration Seminar (AGES) in Alice Springs.

The Company is continuing to build on its foundation
of high grade assets at Tennant Creek in the Northern Territory.
Following updates earlier in the month, Excalibur has received new drill results that were part of
the stope validation work being undertaken at Excalibur"s Juno Project at Tennant Creek.
The list of the new drill results with assays from Juno and Juno Up-Dip is included in the table
attached.

Highlighted intersections include:
• EJRC066: 5.5m @ 5.87 g/t from 271m down the hole including 0.5m @ 26.9 g/t
• EJRC034: 11m @ 3.50 g/t from 167m down the hole including 2m @ 12.17 g/t
The current results follow last week"s announcement of mineralised intersections of more than
10 g/t from the majority of reported holes, which included 11m @ 14.6 g/t from 284m down the
hole, 7m @ 17.75 g/t from 275m and 6m @ 14.34 g/t from 295m.

A long section of Excalibur"s
recent drilling and some of the results are below.
A step out hole, EJD079, intersected significant ironstone and chlorite alteration from 362.7 to
375m down hole.

This lies approximately 50m down plunge from Juno and supports the
Company"s view that Juno remains open down dip.

The closest drill hole to this intersection is
EJDT017, which intersected 4m @ 31.39g/t Au.

Assays from this new drill core are awaited.
Excalibur Managing Director Mr Tim Lagdon said, "Its clear we are drilling in the right area.

The
new drill results at Juno and Up-Dip Juno continue to confirm the potential of the projects.

Juno
is not yet closed off and looks like it will expand as we drill".
The recent drill holes were designed to locate the previous stopes and also test mineralisation
within and adjacent to the previously defined resource.

Hole 79 was a diamond hole that was
originally targeting a pillar between two stopes.
The drilling is part of an overall program to advance Excalibur"s portfolio of Tennant Creek
assets which, with an external resource review, is leading to a planned update to its resource
position in the 2nd quarter of 2010.
ASX: EXM Press Release 22 March 2010
ACN 008 021 118
Ground Floor, 14 Outram Street, West Perth, WA 6005
PO Box 1779, West Perth, WA 6872 | Tel +61 8 9322 8000 | Fax +61 8 9322 3005
| www.excaliburmining.com.au 2
ASX: EXM Press Release 22 March 2010
ACN 008 021 118
Ground Floor, 14 Outram Street, West Perth, WA 6005
PO Box 1779, West Perth, WA 6872 | Tel +61 8 9322 8000 | Fax +61 8 9322 3005
| www.excaliburmining.com.au 3
A copy of the Company"s presentation to the Seminar is available through the Excalibur web site.
Hole N E From To M Au g/t Ag g/t Bi % Cu%
Validation Holes
EJRC003 7821325 420392 197 199 2 0.18 2.50 0.01 1.07
EJRC049 7821095 420385 227 228 1 -0.01 4.00 -0.01 1.23
EJRC066 7821430 420475 271 276.5 5.5 5.87 4.73 -0.01 -0.01
including 276 276.5 0.5 26.9 8.00 -0.01 -0.01
276.5 281.7eoh 5.2 Stope
EJRC076 7821422 420499 252 253 1 -0.01 13.00 0.02 1.26
Up-Dip Juno
EJRC034 7821299 420445 167 178 11 3.50 41.1 0.24 0.16
including 167 168 2 12.17 83.5 0.67 0.2
For further information, please contact:
Tim Lagdon
Managing Director
Ph: +61 8 9322 8000
Media enquiries:
Fortbridge
Ph: +61 2 9331 0655
Luke Dean 0414 535 433
Information in this report pertaining to mineral resources and exploration results was compiled by Mr MP Sullivan who is a member of
Aus.I.M.M.

Mr.

Sullivan has sufficient experience which is relevant to the style of mineralisation and the type of deposit that is under
consideration and to the activity that he is undertaking to qualify as a competent person as defined in the 2004 Edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr.

Sullivan consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
Cut off is 1g/t Au, maximum internal dilution is 2m at less than 1g/t Au.

All gold assays via 50 gram fire assay, other metals via Inductively
Coupled Plasma (ICP).

Assays on half split diamond drill core or riffle split RC samples.




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