Excalibur Resources Closes Financing with the Mineralfields Group and Pinetree Resource Partnership

FOR IMMEDIATE RELEASE Toronto CNSX: XBR May 3, 2010 Frankfurt WKN: A0MMDH

EXCALIBUR RESOURCES CLOSES FINANCING WITH THE MINERALFIELDS GROUP AND PINETREE RESOURCE PARTNERSHIP

Excalibur Resources Ltd. (the “Company”) is pleased to announce that, further to its news release of April 12, 2010, it has completed the first tranche of a non-brokered private placement through the sale of 1,999,999 flowthrough units (“FT Units”) at $0.175 per Unit to the MineralFields Group, for gross proceeds of $349,999. Each FT 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.

Limited Market Dealer Inc. was paid a 5% cash finder’s fee totaling $17,500 and granted an option to acquire 199,999 Units on the same terms as the FT Units.

We are very pleased to be entering into this relationship with MineralFields Group”, said Jim Kendall, President and CEO. “This is an important milestone in the growth of Excalibur Resources Ltd. and we look forward to working with MineralFields Group as we develop our holdings in the Nelson, BC and the Sturgeon Lake, Ontario regions.”

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flowthrough limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

The Company has also completed the first tranche of a non-brokered, Non-Flow through financing with Pinetree Resource Partnership, consisting of 1,500,000 Units at $0.15 per Unit for gross proceeds of $225,000. Each Unit consists of one common share and one share purchase warrant. Each Warrant is 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.

Proceeds from the Flow-through financing will be used to further the Company’s exploration programs on the Silver King Property near Nelson, British Columbia and the Sturgeon Lake Property in northwestern Ontario. Proceeds raised from the Non-Flow through financing will be applied towards general working capital.

The Company expects to close a second tranche of both the Flow-through and Non-Flow-through financing shortly.

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.

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