EXM - Excalibur Mining Corporation

I would not be suprised if we dont receive the announcement today.

Waited long enough for the results, whats an extra day!

Announcement in:

Highlights
· Nobles Nob West - 6m @ 37.50g/t Au from 63m
· Rising Sun – 16m @ 1.23g/t Au from 40m
· Diamond drilling continuing and second round of RC will commence
at end of January 2008
· Placement of $7.8M completed over-subscribed. Issue of new shares
and options likely to be concluded by the end of January 2008.
Excalibur Mining Corporation Limited (ASX : EXM) today announced preliminary
results for some of the early round of RC drill holes at Nobles Nob West in its
Tennant Creek Project.
Managing Director Mr Alex Bajada said “We are very excited about these results
as it is the first confirmation we have of the high grades previously discovered”.
“Excalibur’s ongoing drilling programme is focused on both confirming the
historical drill results as well as targeting new anomalies.”
Excalibur released part of its database to the market on 19 September 2007
“Tennant Creek Drilling Programme”, which showed Nobles Nob West having
significant drill results.
Interim results have been released because of the significantly high grades
discovered. Further information and results will be announced in relation to the
holes outlined as they become available.
Nobles Nob West
Initial holes were planned to infill existing drilling which previously defined gold
mineralisation. These historical holes had intersections of up to 12.8m @ 5.44g/t
Au from 127.4m and 7.31m @ 6.6g/t Au from 118m. A total of 11 holes were
drilled in the current programme on 20m spaced lines and the following table lists
the significant results from 2 of the initial 9 holes. These holes were designed to
target various depths between approximately 50 and 200m.
The significance of the new results is that the discovery is at only 63m depth and
will demand further drilling
Hole Easting Northing From To m Au g/t
ENWRC005 424647 7820117 161 164 3 9.91
including 162 163 1 25.70
ENWRC009 424718 7820047 63 69 6 37.50
including 64 67 3 67.40
and 68 72 eoh 4 1.68
Note Hole ENWRC009 ended in mineralisation. This hole will be extended via
diamond drilling.
This mineralisation occurs over a strike length of at least 100m and remains open
down dip and also along strike to the west. This area will be subject to additional
RC and diamond drilling with a view to establishing a JORC compliant resource.
Rising Sun
Initial holes were planned to test the down dip extensions of previously defined
gold mineralisation. A total of 5 holes were drilled on 100m spaced lines and the
following table lists the significant results. These holes were designed to target
depths up to 150m.
Hole Easting Northing From To m Au g/t
ERSRC003 427491 7819845 40 56 16 1.23
and 96 104 8 1.49
Note these results are 4m composite results only.
The next round of drilling at Rising Sun will infill the existing drilling with a view of
defining a JORC compliant open pittable resource.
Nobles Nob East
Diamond drilling has commenced on the NE4 electromagnetic anomaly along
strike from the Nobles Nob open pit. The hole has yet to reach target depth.
For further information, contact Alex Bajada, Managing Director, on telephone
08 9486 1122.

Yep doesn't look like its going to happen today guys

I was at work looking on the net with my phone every 30min trying not to miss the ann release.

Personally I'm not in EXM for the long term, I'm aiming for that pump and dump you are talking about

Hey..dont blame me...my holiday this year depends on it!!:bananasmi
I did set a stop loss today also as i too have noticed over my small about of time in the stock market, that all too often traders were hoping for SO much more...and the stock tanks!

So do people belive that the Mkt Cap of EXM is starting to get high? I thought I read that somewhere.
I know little about Mkt Caps so it doesn't mean a whole lot to me.

Hhaha I was beating while typing...oh well.. now I can go read the ann



I know they are just exploring and aren't producing but is $51Mil getting high??
Thx and I hope we all do well from the announcement.

Ok..well I know nothing about gold, but some of those hits at Nobles Nob looked awesome!!! am i right?

Rising Sun looked pretty disappointing though.
\Still I should be a good day tomorrow.

A very well timed report by EXM to take advantage of the gold price!

Go Nuke said:

Ok..well I know nothing about gold, but some of those hits at Nobles Nob looked awesome!!! am i right?

Rising Sun looked pretty disappointing though.
\Still I should be a good day tomorrow.

A very well timed report by EXM to take advantage of the gold price!

Click to expand...

The important part of the announcement is the following statement by the CEO:
'Managing Director Mr Alex Bajada said “We are very excited about these results
as it is the first confirmation we have of the high grades previously discovered”.
“Excalibur’s ongoing drilling programme is focused on both confirming the
historical drill results as well as targeting new anomalies.”'

Also 37.5 g/t is awesome.

Having said that you might have some of the lunatic fringe sell out tomorrow judging by the rampers site. They were gunning for 200 g/t at 6m!! El Dorado...

The story has just begun IMO.

Bushman said:

The important part of the announcement is the following statement by the CEO:
'Managing Director Mr Alex Bajada said “We are very excited about these results
as it is the first confirmation we have of the high grades previously discovered”.
“Excalibur’s ongoing drilling programme is focused on both confirming the
historical drill results as well as targeting new anomalies.”'

Also 37.5 g/t is awesome.

Having said that you might have some of the lunatic fringe sell out tomorrow judging by the rampers site. They were gunning for 200 g/t at 6m!! El Dorado...

The story has just begun IMO.

Click to expand...

LOL i read that as well!!! Worst call ever. Seriously HC should be shutdown. The only thread worthy is PLV due to the fact the MD is on answering questions.

The grades are preliminary yes, and with more drills to come, i think the t+3 will exit and people serious about the position of EXM will accumulate. This stock has recovered good grades thus far, don't be fooled by people who expect 200g/t @ 6m (unless of course you live with Peter Pan =))

From the (admittedly little) reading I've done, it seems that a lot of profitable mines are in the 2-4g/t area. 37.5g/t has to be superb if it's of a decent size.

Hi all,

I am new to this stock, but excited about it, has anyone done some serious analysis yet about this ann,

can anyone quantify the effect on tomorrows SP, what are the likely scenarios.

good luck

Alex11

Hi Alex;

Today's announcement needs to be seen in context of EXM's 2008 drilling program over its Tenant Creek and Tanami project.

Tennant Creek project:

Drilling over two old producing mines and surrounding areas using modern drilling techniques. Project is currently under written by a JORC of 532k oz over the two sites. Drilling campaign is designed to test and confirm historical drilling data. Data was presented in a June 2007 investor presentation:

http://www.excaliburmining.com.au/IRM/Company/ShowPage.aspx?CPID=965&PageName=Investor Presentation

Key historical drill results include:
Weabers Find North (40.6m @ 3.55 g/t from surface)
Rising Sun (12m @ 23.7 g/t from 20m)
Rising Sun East (15.24 m @ 16.73 g/t from 108m)
Juno South (3.05m @ 18.67 g/t from 120m)
Nobles Nob West (8m @ 35.03 g/t from 248m)
Juno Deeps (13.4m @ 28.4 g/t from 253.6m)
Juno West (4.9m @ 18.22 g/t at 343m)
Juno East (2m @ 11.03 g/t at 356m).

Today's preliminary drill results at Nobles Nob (37.5 g/t at 63m) and Rising Sun must be seen in this context. Further, EXM mgt are excited by the prospect as for the first time they have current drill results that support the historical database. Drilling will continue and there should be extensive drill results released with the ultimate aim of extending the 500k oz resource to 2m + oz. In this context, today's announcement must be seen as a good start.

Note: presentation gives valuation of current JORC (532k oz) at in-ground value of $100 per oz at 4.4 cps. Current POG is $800+ per oz!

Tanami Project:
Rich goldfield that has produced 11m oz gold. EXM hold approx 12,000 km² in this region with a database of historical results inc a surface sample of 119 g/t. This will also be aggressively drilled. No idea what lies beneath but it is prime real estate.

SP -tomorrow. No idea. It is a much followed and traded stock. Many will not have researched the company and may have been expecting unrealistic grades and 2m oz JORC in this ann. So they might sell it down and move on to the next big thing. However over the life of the drilling campaign, SP should appreciate up to point where JORC is confirmed.

Much water to cross under the bridge and off course, exploration success is not guaranteed. However it is a great start - hence the trading halt.

All IMO only. Off course, DYOR.

Cheers
Bushman

Have a look at the historical drilling results for this one from the 1930s to the 1970s.

Some of the gold grades per tonne were phenomenal.

Drilling in the old days was stopped when samples of 20 grams per tonne or less where hit. An areas left untouched due to this.

Now most mines work on grades of 2 to 3 grams per tonne and can make a profit form it.

The tenements that Exm have acquired where leases that where given up by a big miner about 2000.

That was when gold was about 260 to 270 US dollars a ounce. an it was then uneconomical to produce due to cost factors.

But look at gold today it has hit a record of $909 US dollars an ounce.
The grades are far more than 2 to 3 grams on average which in itself is good grades by today's standards.

Does not need infrastructure to produce as another company will process all the ore it can take for extraction and it is close by as well.

This company has a great future ahead of it.

It is also constantly drilling now for at least 18 months and that is till about April 2009 so more results and good grades and resources should be found over the coming months and year.

The shares will not be at these levels for long and the options EXMO are a steal

Many thanks guys, I think ( from the little research i did in the last few hours) that you are on it ...it looks like a good L term one to hold to if you are a LT investor, but also looks good for trading specially with the huge interest in it (and keeping it at arms length)

wish you all well

ALex11

Go Nuke said:

Hey..dont blame me...my holiday this year depends on it!!:bananasmi
I did set a stop loss today also as i too have noticed over my small about of time in the stock market, that all too often traders were hoping for SO much more...and the stock tanks!

Click to expand...

Agree the results are great - but the results looked much like the historical grades that they knew were there. I would be interested if they drilled in exactly the same spots or not, and what else they have around the tenement.

I think a good portion of the traders on this share are looking to pump and dump as well - so I hope who ever in on EXM does well on it tomorrow. Agree re the long term prospects look very good.

it's a pity HC has turned into a slanging frenzy, i do find it useful (at times)

my personal opinion is the results are very good, not great
i'm not sure why people are complaining about 6m @ 36 g/t from 63m

rising sun was disappointing, but historical drill results were as deep as 260m
so to find that amount of gold, 200m closer to the surface, yet people are saying it's no good, i'm not quite sure why

mind you there's a long way to go, with plenty of more results coming soon

I am new to trading.

The results seem positive and I might sell some of my shares to make a marginal profit.

Does anyone know how much of the exploration costs can be recovered by EXM's resources?

Thanks

Mrs Chippy said:

I am new to trading.

The results seem positive and I might sell some of my shares to make a marginal profit.

Does anyone know how much of the exploration costs can be recovered by EXM's resources?

Thanks

Click to expand...

Mrs Chippy, they are a long way from mining. Forget income for quite some time. They'll have to go to the market again for final drilling probably and PFS/BFS/Capex...

Well the results were in line with expectations. Nothing more or less. However the SP does seem to be to be doing a little better on opening then I expected given the shocking Wall Street lead.

We should all treat this as a bottom drawer stock. Lay down $5000 say and come back in 10 years time and your retirement might be paid for.

Well I'm a bit shocked really that it has ended the day down...though happy to see it didn't get dumped at the start of the day like everything else on my watchlist.

I really thought the sp would have gotten over that.04c range but it was not to be.

Can someone please tell what they mean by "diamond drilling the electromagnetic anomaly" at Nobles Nob East means?

Does it mean that there is no historical drilling to go by and there is just an unknown anomaly there...ie gold?

All in all I'm hopeing for a better day tomorrow but it looks as though .035 will act as support.

I would guess that the fact that they're using a diamond drill rig (more expensive than RC) indicates that they are fairly certain there is something there and they want accurate samples.

Hi Mate

Well it has been many years since I was working on a drill rig back in the days of CRA (Fieldy!!)

Diamond Drilling is the technique used to get the "Core" view of an anomoly. The core is long cylinders of rock!, it is measured, split and bagged.

RC is like a big blower that blows the dirt into a hurricane and then bagged on site.

Anyway I too am looking long term in EXM, and hope it all turns around someday

cheers

Pog

new report is out now 5pm!

Can someone transcribe?

Some Tanami electromagnetic survey report?

What does this mean for the sp?