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Excalibur Mining [ASX: EXM] - Successful completion of RC drilling at Tennant Creek, NT

Excalibur Mining Limited (ASX: EXM) announces further drilling results from the Tennant Creek (Northern Territory, Australia) reverse circulation (RC) drilling program.

The RC drilling campaign is part of Excaliburs plans to upgrade the existing resource base prior to commencing engineering and feasibility studies early next year.

Highlights:

� Revised resource estimate to follow current analysis
� RC program completed with 118 holes for 6,673m
� Successful drilling campaign overall with:
* Rising Sun � 6m @ 22.19g/t Au from 32m
* NM4 � 6m @ 7.79g/t Au from 22m
- including 3m @ 13.23g/t Au from 25m
* Nobles Nob Tailings 2m @ 5.69g/t Au from 12m
� A number of targets remain open at depth
� Preliminary testing of the Nobles Nob tailings completed
� Diamond drilling continuing at Juno

Excalibur Managing Director Mr Tim Lagdon said that the successful drilling campaign would now allow the company to prioritise the next stage of exploration and drilling, with a more focused concentration of activity and resources as the project moves towards pre-feasibility.

�Excalibur will announce a new resource estimate for the near surface assets following a more detailed analysis of the drilling results.

We have also commenced a more comprehensive drilling program on the tailings to quantify the parameters and value of that asset now that we have established that they contain significant grade,� Mr Lagdon said.

Please view the attachment for details.

For further information, please contact:

Tim Lagdon
Managing Director
Ph: +61 8 9322 8000

Media enquiries:
Fortbridge
Ph: +61 2 9331 0655
Luke Dean
Mob: +61 414 535 433