Caribou King Resources Ltd.: EM Targets Identified on Calumet Graphite Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR)(OTCBB:CBULF) is pleased to announce that EM conductors are present on the Calumet property, identified from an airborne VTEM survey conducted by Canada Carbon (TSX VENTURE:CCB) on their Miller Mine graphite project in Quebec (see Canada Carbon news release, October 8, 2013). The northeastern portion of the Calumet claims adjoins the eastern block of the Miller Mine. Overlap from the airborne survey reveals that anomalies of similar magnitude and dimension are present on the northeastern portion of the Calumet claims.

To the west of the Calumet claims, the western block of the Miller Claims also exhibits a high number of EM targets. All of the Calumet claims lie between these two blocks. Man-made features on the Calumet property itself inhibit the usefulness of an airborne survey, but a ground-based HLEM survey is presently being considered. A beep mat survey and prospecting is also planned for Calumet, following the discovery of graphitic marble on the property (see news release, September 18, 2013).

Michael England, CEO & Director states, "The Calumet property shares a similar lithology with the neighbouring Miller Graphite Mine and is highly prospective for large flake graphite mineralization. Combining these recently identified airborne EM targets with the graphitic marble boulders previously discovered at Calumet, a high potential for discovery exists in the area and more graphite mineralization is likely to be found. Calumet is yet another positive result to add to our highly prospective graphite portfolio, and is not the only one in close proximity to historic and operating graphite mines."

The technical contents of this release were approved by Dr. Michel Boily, P. Geo., qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. Boily has not verified the technical data disclosed in this release.

About Caribou King Resources

Caribou King Resources Ltd. (TSX VENTURE:CKR) is a publicly-listed, Canadian junior exploration company that holds a portfolio of highly prospective mineral properties located throughout Canada, including its seven newly-acquired graphite projects.. These include: Mulloy and Nezen in Ontario that are near to or adjoin the Zenyatta Ventures Ltd. Albany graphite project; TAC in Quebec with historic drilling including 9.86% Cgf over 46.75 meters; Lac Vert in Quebec with graphite intersections in three historic drillholes; Calumet in Quebec that is contiguous to the Canada Carbon (TSX VENTURE:CCB) Miller hydrothermal lump-vein graphite project; Buckingham that is located 750 meters west of the historic Walker Graphite Mine; St.Aime property that is contiguous with the Timcal Graphite Mine, currently Canada's only producing graphite mine. Caribou is advancing each of these projects through multiple active exploration programs now underway.

On Behalf of the Board of Directors

CARIBOU KING RESOURCES LTD.

Michael England, CEO and Director

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).