Caribou King Resources Ltd.

TSX VENTURE : CKR
FRANKFURT : CB8


Caribou King Resources Ltd.

November 08, 2012 11:16 ET

Caribou Expands Nursey Gold Project Adjacent to SGX Resources in Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce it has expanded its Nursey Project land holdings to include property immediately adjacent to the west boundary of SGX Resources Inc. ('SGX') Caribou has signed an option agreement with Nebu Resources Inc. (TSX VENTURE:NBU) to acquire 960 hectares of claims, most of which adjoin four kilometers of shared boundary with SGX's Timmins South Project, which recently intersected 57.4 g/tonne gold over 3.3 meters and 1.42 g/tonne gold over 54 meters on its Edleston gold zone (see SGX news release, September 18th, 2012).

The Nursey Project is located approximately 75 kilometers south of Timmins Ontario, Canada's largest gold camp, along the western extension of structural features that host gold mineralization in the Kirkland Lake gold camp. The new claims cover the western portion of a major northeast-trending structural zone interpreted by the Ontario Geological Survey, proximal to both the Edleston gold zone and a new area currently being evaluated by SGX known as the Bud target (SGX press release dated August 27th, 2012), located approximately 1000 meters northeast of the shared claim boundary. The Edleston Gold Zone discovery is approximately three kilometers northeast of the new Nursey claims. The Nursey Project now encompasses 150 claim units covering nearly 2,400 hectares. A map of the new property position can be seen on the Caribou website at www.caribouking.com.

To earn 60% of the claims from Nebu Resources Inc., the Company will provide cumulative cash payments of up to $40,000 and issue up to 1,200,000 shares over a period of up to five years or until such time as a National Instrument 43-101 compliant resource of 1.5 million ounces gold using a 1.5 g/t cutoff is reported (the "Report Date"). Additional Advance Royalty payments of $15,000 per year will apply after the fifth year anniversary and up to the 15th anniversary or the "Report Date", whichever is earlier. Caribou shall incur $50,000 in work expenditures per year commencing on the one year anniversary date of the closing.

This transaction is subject to TSX Venture Exchange approval.

The technical contents of this release were approved by Dr. Tom E. McCandless, P.Geo., President and a Director of Caribou and a qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

Caribou's mission is to identify, acquire and advance high potential industrial minerals and base and precious metal prospects. For more information, visit the website at www.caribouking.com.

ON BEHALF OF THE BOARD

Michael England, CEO, Caribou King Resources Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Caribou King Resources Ltd.
    Michael England, CEO
    1-604-683-3995 or Toll Free: 1-888-945-4770
    604-683-3988 (FAX)
    www.caribouking.com