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Market:	ASX
Sector:	General Mining
EPIC:	EXM
Latest Price:	0.00 (100.00% )
52-week High:	0.00
52-week Low:	0.00
Market Cap:	5.22M

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Excalibur Mining

Excalibur Mining Corporation (ASX: EXM) is a resources company focusing on gold exploration and mining. Its major assets are in the Northern Territory.

Excalibur Mining Corporation continues new drilling at Juno Gold Project, NT

Friday, March 12, 2010

Excalibur Mining Corporation (ASX: EXM) has received results for recent drill holes that were part of the stope validation work currently being undertaken at Excalibur’s Juno Project at Tennant Creek, Northern Territory.

Highlighted intersections include: EJRD053B 11m @ 14.66 g/t from 284m down the hole, EJD065 7m @ 17.75 g/t from 275m down the hole and 6m @ 14.34 g/t from 295m down the hole.

Today's results, which include mineralised intersections of over 10 g/t from the majority of the reported holes, will provide further substantiation of Excalibur’s revised model of the previous mining and reinforce the Company’s model for the remaining material.

Excalibur Managing Director Tim Lagdon said, "the results of the new drilling at Juno underpin the potential of the asset. While the expected downgrade of the Juno resource will impact our timetable, the recent drilling results, including those in the open areas previously reported, tells us we are in the right area to discover more high-grade mineralisation.”

Excalibur’s current Juno drilling program at Tennant Creek has 3 objectives:

- to define the extent and magnitude of the recent Up-Dip discovery at Juno;

- to identify and test inferred areas and extensions around Juno not yet included in the
project's current resource assessment; and,

- to validate current stope positions.

The drilling is part of an overall program to advance Excalibur’s 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 preliminary findings of the Juno resource estimate were announced earlier in the week, when Excalibur advised that the Company expected a substantial reduction in the indicated portion of the Juno resource when the review is finalised.

Recent drilling, including that of today’s announcement and the February announcement advising of Juno being open down-plunge, confirms that the project remains prospective for high grade gold.

The Cube Consulting analysis, which forms the basis of the review that is underway, has not yet incorporated results from Excalibur's drilling for the last 4 months.

The company will move to drilling the pillars between the modeled stopes with a view to confirminga number of critical areas of high grade material, the results of which are expected to be announced next quarter.

Excalibur Mining Corporation shares rose 8% to 1.3 cents in trading today.

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