ann soon, page-7

Wiilbur

Going from the announcement on 23 Dec '09, it appears that it will be completed in March '10, with a resource restatement at the end of March '10.

"Cube Consulting (Cube) has advised Excalibur Mining that its independent geological review
of the resources at Juno is well progressed. The work undertaken to date shows the
mineralisation at Juno has not been closed-off by previous drilling.

As part of the independent review, Cube has recommended testing of additional targets
above, below and to the east and west of the primary Juno resource. In addition to testing
these new targets, verification drilling will be undertaken as part of the independent review.
This drilling will also provide additional metallurgical, geotechnical and geological data for the
future feasibility study as well as hydrological testing for pit and dewatering design.

Having Cube provide a second view of where to target additional resources has been a
bonus. Their review is progressing well as we head towards our resource restatement target
at the end of March 2010. This is a critical element of our plan as we transition from an
exploration company to a company focused on project development and then mining, Mr
Lagdon said."