Caribou King Resources Ltd. Acquires Gold Project in Porcupine Mining Division Near Timmins, Ontario

VANCOUVER, 03/21/12 - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE: CKR)(FRANKFURT: CB8) is pleased to announce it has acquired seven contiguous unpatented block prospective mining claims in the gold-prolific Timmins Mining District. The Nursey Property is located in the Nursey Township, Porcupine Mining Division, and is made up of 92 claim units covering 1,440 hectares. The Nursey property is approximately 60 kilometers south of Timmins, Ontario, and five kilometers southwest of the Timmins South Project that is currently being drilled by SGX Resources, Inc., where consistent gold intersections have been encountered including 64.9m of 1.82g/t gold (see SGX Resources news release, February 23rd, 2012).

Geological maps of the area indicate that the Nursey claims are underlain primarily by mafic to intermediate and intermediate to felsic metavolcanic rocks. A sequence of ultramafic to mafic metavolcanic rocks extend through the claim block in a southwest-northeast orientation, and are believed to mark a horizon akin to the historic gold-producing Cadillac-Larder Lake fault zone. Similar metavolcanic lithologies are also found on the South Timmins property currently being explored by SGX Resources.

For 100% ownership in the property, the Company agrees to pay $20,000 and provide 750,000 shares on signing, with a $100,000 work commitment in year one of the agreement. Years two and three will each entail $200,000 in work and 500,000 shares, with the completion of a NI 43-101 technical report by the end of year two. A 3% NSR will be issued, of which the Company can buy back 2% for $2 million dollars.

The technical contents of this release were approved by Dr. Tom McCandless, P.Geo, 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.

The Company further announces that is has entered into a loan agreement (the "Agreement") with an arm's length lender to borrow an aggregate of $100,000 (the "Loan"). The Loan bears an interest rate of 10% per annum, calculated semi-monthly and is due and payable on or before June 30, 2012.

Pursuant to the Agreement, and as additional consideration for the Loan the Company will issue 200,000 common shares (the "Shares") in the capital of the Company to the lender at a deemed value of $0.10 per Share. The Shares will be subject to a four month hold period.

The proceeds of the loan will be used for general working capital.

The Agreement and the transactions contemplated therein are subject to TSX Venture Exchange approval.

Caribou King's mission is to identify, acquire, and advance high potential 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 Corp.



Forward-Looking Statement: Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Caribou King Resources Corp. Actual results may differ materially from those currently anticipated in such statements.

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.



Contacts:

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