Annual Technical Report Nobles Nob period 1 January 2011 to 31 December 2011

Abstract

During this reporting period Excalibur commissioned SRK Consulting to carry out an evaluation of gold prospects across its Noble Nob tenements in the Tennant Creek region and to develop a 3D model of the possible mineralisation. The area consists of several historically shaft mined prospects and the open pit called Nobles Nob. The first version of modelling and targeting was released in February 2011 and from this Excalibur carried out works as recommended by SRK. This included a structural mapping exercise, a database compilation and amalgamation, a ground EM program and testing of shallow targets by way of 10 RC drill holes. Updated versions of the model then took place to define target sights. As part of ongoing rehabilitation measures, a full site environmental audit was completed by Environ Consulting across the tenement package. Rehabilitation work was initiated based on the Environ report but site weather conditions prevented its completion. This work will be completed during a planned drilling campaign in 2012.