From the April 30 MD&A (maybe update via PR in the coming week ?):

"49%-owned Minera Catanava S.A. de C.V. - Mexico

In September 2010, the Company entered into an agreement with Minera Apolo S.A. de C.V. (“Minera Apolo”) under which the two companies would form a company (Minera Apolo 51% /49% Excalibur) called Minera Catanava S.A. de C.V. (“MCSA”). The purpose of MCSA is to develop and commence gold production on the 143 hectare Catanava property within the Municipality of Pinos, State of Zacatecas, Mexico.

Under the terms of the agreement, Minera Apolo provided the Catanava property to MCSA and Excalibur is providing the financing for a 150 tonne-per-day ball mill. Upon achieving commercial production each party will participate based upon its pro-rata share in MCSA. To date Excalibur has advanced $1,847,000 USD to the fund the construction and completion of the Mill.

The Pinos Gold District is approximately 3,000 hectares in size and hosts four known high grade gold vein systems with consistent strike lengths of over 4 kilometers each. The Pinos District was discovered by the Spanish in 1546 and mined until 1810. The Cornish mined the property from 1860 until the Mexican revolution in 1910. The only modern day mining occurred from 1935 to 1941 by a small individual miner. Most historic gold production was within the first 100 meters from surface down to the water table.

Catanava is a step-out area at the northern end of the Pinos Gold District that was largely not mined previously. It occurs where three of the four vein systems come together and also includes the richest of the bonanzas which was only mined to the water table.

Based on the previous exploration work of Bethlehem Steel, Hecla and Romarco and the erratic nature of the gold and silver grades, the logical approach to evaluating the potential of the area is to process extensive bulk samples which led to the production decision.

As at April 30, 2012, progress to production is as follows. The SEMARNAT EIS(environmental) permit was received in November 2011, which allowed the construction and installation of the plant. The ball mill, crushers and ore bins were installed in December. Conveyors and motors were installed and tested in January-February, however, some of the motors needed replacing. Both the plant office and the plant building which contains the wave table, concentrator and furnace rooms are nearing completion. The three Action Mining Micron Wave Tables have been installed and the batch testing of material of increasing size has begun in order to optimize the flow and the grind over the next quarter.

The tailings area is being cleared and the PVC pipe for the tailings trough has been delivered. Final items for completion of the plant include the installation of the roof, security doors, electricals, dore furnace etc.
The paperwork for the explosive permit has been completed and the official military inspection is expected in May."

$ 1M in cash going into production, TSX-V listing over the next 3 months, commercial production in H2 2012, Dividend to be paid from positive cash flow.

FANTOMAS