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NOTE 2

9 Months Ended

Feb. 29, 2012

Notes to Financial Statements

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Equipment includes capitalized acquisition costs of $2,354 at February 28, 2003 and at November 30, 2002.

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Excalibur and its subsidiary, Mountain West Mines, Inc., have acquired various mining properties, leaseholds, patented claims, and mineral rights interests. These assets are carried at their cost of acquisition unless, in the judgment of the Directors, a lesser amount is felt to be more appropriate because of a permanent decline in value. The Board of Directors has determined that a more realistic value should be placed on the books for financial reporting and has elected to reduce the reporting value for financial statement purposes to $108,106.

Ÿ	Values for purposes of this financial statement as of February 28, 2003 and November 30, 2002.

Property and Equipment		$	2,354
Mining Equipment			1,347
Interest in Mining Properties			108,106
Accumulated Depreciation			(3,661	)

TOTAL		$	108,146

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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