Excalibur Mining Corporation (EXM)

Shares / Stock Code

EXM

Stock Exchange / Sharemarket

Australian Securities Exchange

Excalibur Mining Corporation (EXM) is a gold exploration company, with several large projects in Victoria. EXM is a significant shareholder in St Barbara Mines Limited, Defiance Mining Corporation and Cell Aquaculture Limited. Exploration companies aim to discover and delineate occurrences of metals and minerals that can be economically mined and extracted. The company listed on the ASX on 12 December 1985. STT changed its name to Excalibur Mining (EXM) on the 2nd December 2005.

Its projects include Tennant Creek Project, Tanami Project and Yilgarn Project. Tenant Creek is located in central Northern Territory, approximately 980 kilometers south of Darwin along the Stuart Highway. The Tennant Creek Project tenement package includes the Juno and Nobles Nob mines, which together produces gold and copper. The Tanami Project area covers the eastern extent of both the Palaeoproterozoic Tanami Complex and Lower-Mid Proterozoic sedimentary rocks of the Birrindudu-Victoria Basin. The Yilgarn Project represents a total area of over 670 square kilometers in the Northern Yilgarn region of Western Australia, which is host to a number of Yeelirrie style calcrete uranium deposits. Its subsidiaries include Tennant Resources Pty Ltd and Tennant Gold Pty Ltd.

The company has recently assembled a portfolio of gold operations. Upon completion of transactions, EXM will have a 50% interest in the Tennant Creek Gold project, two significant joint venture interests in the Murchison goldfields of Western Australia and a share investment portfolio.

EXM does not have any customers yet as it is still exploring for gold. However, there are many competitors within the Western Australia region, all exploring for gold. Examples of threats include MDS (Midas Resources) and MEE (Metex Resources Limited).

Excalibur Mining Corporation History

Gold at Tennant Creek was discovered in the 1930s. Nobles Nob was opened up as an underground mine in the late 1940s and operated until 1965. From 1965 until 1986 the mine was developed as an open pit to a depth of approximately 100m. Nobles Nob has produced 1,110,000 ounces of gold from 1,996,000t at an average recovered grade of 17.3g/t Au. The mine was owned by Australian Development NL and subsequently sold to Poseidon Gold Ltd, before being acquired by Excalibur in 2004.

Juno was discovered in 1966 following persistent exploration of a magnetic anomaly, defined by a previous aeromagnetic survey. This mine was owned by Peko Mines who produced 815,000 ounces of gold between 1966 and 1977 from 452,000 tonnes with an average recovered grade of 56.1g/t Au. Juno was one of the highest grade gold mines ever operated in Australia. The mine was developed as an underground operation via a main shaft and several underground levels down to 274m (900 feet) deep. Excalibur acquired the project in 2004.

There are several other small mines discovered at about the same time as Nobles Nob, such as Weabers Find, Rising Sun, Kimberley Kids. These were small producers (less than 10,000 tones each) but have responded to modern exploration completed by Excalibur over the last two years.

Little exploration was completed since the 1990s, but Excalibur Mining has completed extensive exploration drilling on many areas in the last two years, resulting in a resource upgrade from 532,244oz to 1,177,637oz. Many targets remain lightly tested by drilling, and practically all resources defined to date remain open in at least one direction.

Excalibur Mining Corporation (EXM) Products and Services

  • Mineral exploration

Excalibur Mining Corporation (EXM) Locations and Subsidiaries

Excalibur Mining Corporation Head Office
Ground Floor, 14 Outram Street,
WEST PERTH, WA 6005
Phone: (08) 9322 8000
Fax: (08) 9322 3005

Excalibur Mining Corporation (EXM) Share Price

Submitted by ASX Listed Company on 21 March, 2010 - 03:27

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