Annual Technical Report Juno Project MLC 45, 46, 47, 68, 154, 155, 578, 579 and MCC 284 period 1 January 2012 to 31 December 2012

Abstract

During the reporting period, the company commissioned SRK Consulting to carry out a further evaluation of gold at Excalibur's Juno prospect in the Tennant Creek region. Through the findings of the review undertaken by SRK, Excalibur carried out a database compilation. No drilling activities was carried out on the Juno tenements during the reporting period. A whole new structural approach to Juno Mine Geology and outlying drilling was commenced in December and will be ongoing throughout the rest of the year. This will require extensive research and database reorganisation. Mapping is not an option at this time because all surface exposed geology has been destroyed by rehabilitation. No drilling has been carried out during the reporting period. A rehabilitation program was also completed after a full environmental audit was undertaken by Environ Consulting.