NOTE 1

9 Months Ended

Feb. 29, 2012

Notes to Financial Statements

NOTE 1

Ÿ	The information in this report is unaudited and includes the consolidated financial information of Excalibur Industries and its wholly owned subsidiary, Mountain West Mines, Inc.
Ÿ	In the opinion of Management, the foregoing financial information fairly presents results of operations during the periods represented.

Ÿ   In the opinion of Management, all material adjustments have been recorded to arrive at the amounts reported, and all significant inter-company transactions have been eliminated from these statements.