Excalibur Extends Silver King Option Agreement

FOR IMMEDIATE RELEASE Toronto CNSX: XBR June 29, 2011 Frankfurt WKN: A0MMDH

EXCALIBUR EXTENDS SILVER KING OPTION AGREEMENT

Excalibur  Resources  Ltd.  (“Excalibur”)  is  pleased  to  announce  that  it  has  renegotiated  and  signed  an Option Agreement that replaces a 2007 Option Agreement (as amended in August 2009).  Under the new agreement, in return for total cash payments of $192,243 over the next 3 years and the issuance of 140,000  shares,  Excalibur  has  the  option  to  acquire  a  100%  interest  in  the  mineral  rights,  title  and interest in 24 crown grants and 8 mineral claims located south of Nelson, BC.  In addition, Excalibur has the option to acquire a 100% interest in the land rights for a payment of $250,000. All option payments are to be completed before June 2, 2013, after which the only significant payments to be made are:

1) Upon receipt of a positive feasibility study, the one‐time issuance of shares equal to 1% of the then outstanding shares in the capital of Excalibur, and

2) An  Advanced  Royalty  of  $5,000  annual  indexed  payment,  to  be  deducted  from  a  2.5%  Net Smelter Royalty payment.

In addition, there are certain requirements contained in the agreement such as the payment of taxes and the filing of assessment work.

Excalibur’s Chairman, Mr. Gallagher, commented, “We welcome the signing of a new agreement, which extends the previous option period, reduces our cash payments and allows Excalibur to purchase 100% in both the land and mineral rights. It is our goal to outline a 43‐101 compliant resource in the next phase of drilling”.

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

Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.