Excalibur Releases Report on Sturgeon Lake Property

TORONTO, ONTARIO--(Marketwire - March 16, 2012) - Excalibur Resources Ltd. ("Excalibur" or the "Company") (CNSX:XBR)(FRANKFURT WKN: A0MMDH) is pleased to announce that it has added to its web-site (www.excaliburresources.ca) a report on its Sturgeon Lake Property written by Dr. James Franklin, a distinguished geologist and recognized expert on volcanogenic massive sulfide-type (VMS) deposits. The western boundary of the Northwestern Ontario property is located approximately 10 km east of 5 past-producing VMS deposits within the Sturgeon Lake Mining Camp. This camp was active during the 1970s through to the 1990s, producing approximately 19 million tons of high-grade zinc-copper-lead-silver-gold ore. The principal stratigraphic elements associated with those mines extend onto the Excalibur claims making them, in the western end of the property, prospective for VMS-type mineralization. In addition, a regional banded iron formation (BIF) and associated sedimentary rocks which forms the top of the overall Sturgeon lake sequence, occurs on the eastern end of this claim group and may be prospective for gold.

Work completed on the 107 square kilometre property to-date includes geophysical and soil geochemical surveys and drilling which combined with Dr. Franklin's knowledge of the area has helped him prioritize the eastern shore of Glitter Lake as the focal point for further VMS exploration efforts.

Excalibur's Chairman, Mr. Gallagher, commented, "2011 was a very busy year for Excalibur which is nearing completion of a 250 tpd gold plant with its jv partner in Mexico, as well as an exploration project on its Silver King/Cariboo property near Nelson, BC. With the expected near term completion of the gold plant and the cash flow produced from it we hope to restart the Sturgeon Lake property program and we thank Dr. Franklin for his expert guidance."

James Franklin, PhD, FRSC, P Geo. is a "Qualified Person" for the purpose of National Instrument 43-101, and has reviewed and verified the contents of this news release.

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