Mr. Tim Gallagher reports

EXCALIBUR TO INVEST IN INTERNATIONAL EXPLORERS & PROSPECTORS INC.

Excalibur Resources Ltd. has received acceptance of its non-binding proposal to make a $2.5-million investment in International Explorers and Prospectors Inc. (IEP). The investment will be made by way of a two-year, 5-per-cent interest debenture plus warrants representing 19.9 per cent of IEP. Excalibur will issue 10 million two-year warrants priced at 10 cents to IEP as part of the proposed transaction. The investment is to be financed through a proposed debt offering currently being negotiated.

"IEP is excited to have established, with Excalibur, a financing partnership allowing us to further advance our unique portfolio of royalties and mining claims in the prolific Abitibi greenstone belt of Northern Ontario and Quebec," commented Lionel Bonhomme, president and chief executive officer of IEP.

"Gold demand remains solid due to an uncertain global economic outlook and continued low or negative interest rates for the foreseeable future. We believe this is an ideal time to be investing in a company with prospective gold royalty cash flow projects with a strong growth profile in the world-class Timmins camp," commented Tim Gallagher, chairman and chief executive officer of Excalibur.