Caribou Announces Financing and Board Change

OTTAWA, ONTARIO--(Marketwire - Feb. 3, 2011) - CARIBOU COPPER RESOURCES LTD. ("Caribou Copper" or the "Company") (TSX VENTURE:CKR) announces it has arranged a non-brokered private placement of up to 4 million units at a price of $0.10 per unit for gross proceeds of up to $400,000.

Each unit consists of one common share and one half non-transferable common share purchase warrant. Each full warrant entitles the holder to purchase an additional share at a price of $0.15 per share for 24 months. The proceeds from the private placement will be used for general working capital and potential property acquisitions. Finders fee's may be payable on this private placement.

The private placement is subject to the acceptance for filing of the TSX Venture Exchange.

The Company is also pleased to announce the addition of Dr. Tom McCandless to its Board of Directors. Dr. McCandless has more than 30 years of experience in the exploration industry, and was part of the Senior Management of Ashton Mining of Canada who discovered the Renard kimberlites in Quebec that are slated to become Quebec's first diamond mine. From 2008 to the present, Dr. McCandless has been a consultant to the industry through MCC Geoscience, Inc., for diamond and metals projects in North America, South America, Africa, and Scandinavia. Dr. McCandless also holds the position of Adjunct Professor at the University of Arizona and the University of Alberta, and has published extensively on the geochemistry of ore deposits. He currently sits on the board of Ashburton Ventures Inc. and is also a Qualified Person as defined by National Instrument 43-101.

The Company also announces the resignation of Paul Barbeau from the board to make available a seat for Dr. McCandless. The Company thanks Mr. Barbeau for the time and efforts he put into the Company since inception.

The Company further announces, effective immediately, director Michael England will now take over as CEO of the Company.

Caribou Copper's mission is to identify, acquire, and advance high potential base and precious metal prospects. 

ON BEHALF OF THE BOARD

Michael England, Director