TORONTO, ONTARIO--(Marketwire - July 15, 2011) - Excalibur Resources Ltd. (CNSX:XBR)(FRANKFURT WKN:A0MMDH) (the "Company") announces that it has re-priced a previously announced private placement announced on May 18, 2011 from $0.15 per Unit to $0.10 per Unit. A portion of this financing will be Units at $0.10 per Unit, each Unit consisting of one Flow Through Common Share and one Non-Flow Through share purchase warrant exercisable at $0.15 per share in the first year and at $0.20 per share in the second year. The Flow Through Shares forming part of the Units issued at $0.10 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 $0.10 per Unit, each Unit consisting of one Common Share and one share purchase warrant exercisable at $0.15 per share in the first year and at $0.20 per share in the second year.

Net proceeds will be used to further the Company's exploration programs on the Silver King Property near Nelson, British Columbia, the Sturgeon Lake Property in northwestern Ontario, and its Catanava gold production project in Mexico, as well as general working capital. 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:

Tim Gallagher, Chairman