Toronto, Canada: Excalibur Resources Ltd. (“Excalibur” or the “Company’) is pleased to provide an operations update at its 49% owned subsidiary Minera Catanava de C.V., including the following:
In September 2013, a new cone crusher was installed.
In October and November 2013, 3 – 4 tons of ore were processed per hour or approximately 20 tons per day (based on 6 hours per day).
Two grades of concentrate have been internally estimated using the mine laboratory (43-101 Non-Compliant) inventoried as follows: (i) 1.6 tons grading between 544 g/t gold and 2,058 g/t gold and (ii) 0.46 tons grading between 146 g/t gold and 1318 g/t gold.
Mining operations have advanced more than 725 meters in 7 adits.
Currently focused on the new high grade Natas gold vein, the closest adit to the plant and another wider vein that can produce good grades and tonnages.
In October 2013, Excalibur entered into a second addendum with Minera Apolo S.A. de C.V. to increase the Company’s ownership in Minera Catanava de C.V. from 49% to 60%.
According to Don McLeroy, President of Minera Apolo, “Over the last few months, we have implemented key design, mechanical, repair and safety changes to the plant. As a result, the plant has been operating consistently at approximately 20 tons per day. Our goal is to increase production to 64 tons per day by extending hours and adding a second shift, the rate at which we will more than cover our costs. We expect to sell the first 2 tons of concentrate to a local buyer this month. We have identified an experienced person who has worked as a tilt and pour furnace operator and so will also be able to produce dore. In short, after a year of significant development, Catanava is now well positioned to operate as a low cost producer as we head into 2014.”
Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious metal mineral resources.
On behalf of the Board of Directors:
Chairman & CEO
For more information please contact:
Email: [email protected]
Neither the Canadian National Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.