$1,000,000 Private Placement

FOR IMMEDIATE RELEASE Toronto CNSX: XBR November 23, 2010 Frankfurt WKN: A0MMDH

$1,000,000 PRIVATE PLACEMENT

Excalibur Resources Ltd. (the “Company”) intends to raise up to $1,000,000 by way of a non-brokered private placement. A portion of this financing will be Units at $0.15 per Unit, each Unit consisting 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. The Flow-Through Shares forming part of the Units issued at $0.15 per Unit will qualify as Flow-Through Shares under the rules of the Canada Revenue Agency.

The second portion of this financing will be for Non-Flow-Through Units at $0.15 per Unit, each Unit consisting of one Common Share and one share purchase warrant exercisable at $0.25 per share in the first year and at $0.30 per share in the second year.

Proceeds from the Flow-Through portion of the financing will be used for the Company’s winter drill program at the Sturgeon Lake Property in northwestern Ontario. The balance will be used for the Company’s Catanava gold production project in Pinos Mexico, and for general working capital needs.

A finder’s fee may be payable on a portion of the proceeds raised.

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.