3. Mining Properties and Interests

12 Months Ended

May 31, 2013

Extractive Industries [Abstract]

3. Mining Properties and Interests

Uranium

Excalibur owns various royalty and other interests in patented and unpatented lode mining claims and mineral leased acreage located in the Powder River Basin, Johnson and Campbell Counties, Wyoming. Future earned royalties are subject to offset by the amount of certain advance minimum royalty revenues. These properties were assigned a value of $347,032 following the acquisition of Mountain West by Excalibur. Various acreages have been dropped during the past years as such acreage was determined to be of no value. The capitalized costs of these properties have been reallocated to the remaining acreage still retained by Excalibur. The Board of Directors determined that a more realistic value should be placed on the books and elected to reduce the reporting value for financial statement purposes by $247,032.

A summary of capitalized costs of the above properties as of May 31, 2013, 2012, and 2011 follows:

	2013		2012		2011
Uranium	$	100,000	$	100,000	$	100,000