Mr. John Gilbert reports

EXCALIBUR METALS COMMENCES MAIDEN DRILLING PROGRAM AT SPYGLASS RIDGE

The phase 1 reverse circulation (RC) drilling program at the Spyglass Ridge gold-silver target is now under way at Excalibur Metals Corp.'s Bellehelen project in Nye county, Nevada.

Spyglass Ridge drill commencement

The drill contractor has mobilized to the site, and drilling has begun on the first of eight planned RC drill holes. The initial 3,000-metre program is designed to test high-priority gold and silver mineralization at depth, following up on surface sampling, alteration mapping and recent CSAMT (controlled-source audio-frequency magnetotelluric) geophysical survey that identified well-defined mineralized structures and coincident alteration consistent with a robust gold-silver epithermal system.

"Getting the rig turning at Spyglass is a major milestone for Excalibur," said John Gilbert, chief executive officer of Excalibur. "This has been the focus since the company's qualifying transaction was completed last fall. Many months of preparation followed to finalize our drill targets on the technical side. For some of us, it's been years in the making, and we're taking the project to the next stage. It's very exciting as Spyglass represents just the first of several high-priority zones at Bellehelen that we believe can develop into a major discovery."

Grant of incentive stock options

The company also announces that it has granted an aggregate of 2.4 million incentive stock options to certain directors, officers and consultants of the company, in accordance with the company's stock option plan. The options are exercisable at a price of 23.5 cents per share for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.

Qualified person

Technical information in this news release has been reviewed and approved by Richard Reid, CPG, technical adviser and a qualified person as defined by National Instrument 43-101.

About Excalibur Metals Corp.

Excalibur Metals is a Canadian company focused on exploring for precious metals within established mining areas in the Western United States. The company has acquired the option to purchase 100 per cent of the Bellehelen project in Nye county, central Nevada. The claims cover most of the historic Bellehelen mining district, where gold and silver were initially discovered and mined in the early 1900s. Excalibur has assembled an exceptional team with considerable exploration, developing and permitting experience within North America. Excalibur is traded on the TSX-V under the symbol EXCL.

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