Ann: December 2008 Quarterly Report , page-2

This is very encouraging.

Following the 2008 drilling programme, which increased gold resources at the Tennant Creek Project to more than 1.2Moz, the Excalibur Board appointed the Oyster Consulting Group to scope out some development alternatives. The preliminary draft presented a number of possible options that require further work
before a decision can be made to commence full feasibility. The Oyster study includes commercially sensitive information which will be necessary for any
negotiations with potential joint venture parties. The Excalibur Board will release its 2009 programme after full consideration of the results of these studies.