Excalibur Completes Second Tranche of Private Placement

FOR IMMEDIATE RELEASE Toronto CNSX: XBR June 2, 2010 Frankfurt WKN: A0MMDH

EXCALIBUR COMPLETES SECOND TRANCHE OF PRIVATE PLACEMENT

Excalibur Resources Ltd. (the “Company” or “Excalibur”) reports that, further to its news release dated May 3, 2010, it has completed the second and final tranche of its private placement announced on April 12, 2010. The Company has issued an additional 1,300,000 Non-Flow-Through Units at $0.15 per share and an additional 877,000 Flow-Through Units at $0.175 per share. Each Flow-Through Unit consists of one Flow-through Common Share and one Non-Flow through share purchase warrant exercisable at $0.25 per share in the first year and at $0.30 per share in the second year. If after four months and one day from the closing, the average trading price of the Common Shares on the Exchange (or any other stock exchange on which the Common Shares are then listed for trading) for a period of twenty (20) consecutive trading days exceeds $0.50, the Company may, within five (5) days after such an event, provide notice to the holders of the Warrants of early expiry and thereafter, the Warrants will expire on the date which is thirty (30) days after the date of the notice to the Warrant holders. The Flow-through Shares forming part of the FT Units will qualify as Flow-through Shares under the rules of the Canada Revenue Agency. Except for the Flow-Through features, the Non-Flow-through Units carry the same terms and conditions as the Flow-through Units.

The Company issued an aggregate of 5,676,999 Flow-Through and Non-Flow-Shares for gross proceeds of $923,474, which proceeds are being applied to an exploration program at the Company’s Sturgeon Lake project and to general and administrative expenses.

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: For more information please contact:

Tel: 416-987-0298

“Tim Gallagher” Email: [email protected]

Chairman Website: www.excaliburresources.ca

The CNSX has neither approved nor disapproved of the contents of this press release.