Caribou Acquires Claims Adjoining Timcal Graphite Mine, Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/13 -- CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE: CKR)(FRANKFURT: CB8) is pleased to announce the acquisition of two new graphite projects in Quebec; St-Aime located adjacent to the Timcal border and approximately 1 km from the mill; and Calumet, which adjoins Canada Carbon Inc.'s (TSX VENTURE: CCB) Miller project where carbon-rich veins grab samples assayed up to 49.4 (% Cg) (see CCB news dated Feb. 21, 2013).
The St-Aime property consists of five claims covering 169 hectares and is contiguous to the Timcal property, Canada's only producing graphite mine at this time. The claims are located approximately 250 km north-west of Montreal, Canada and about 1 km from the Timcal Graphite Mill. The St-Aime property hosts similar rock types to that of the Timcal mine.
The Calumet property is situated approximately 96 km west of Montreal north of Grenville city in the Laurentian Hills. The property is located between the former Calumet Graphite Mine (460 m to the southwest) and the former Miller Graphite Mine (790 m to the east). The latter is now being explored by Canada Carbon. Graphite veins can be found in crystalline marbleized limestones associated with granitic and gneissic rocks. The area covering the old Calumet Mine is now under municipality jurisdiction.
Maps outlining all five recently acquired graphite properties can be viewed at the Company website located at www.caribouking.com.
To earn a 100% interest in these three properties, the Company is to issue 500,000 shares upon approvals and incur $50,000 in work expenditures over the next year, with an additional 1,000,000 shares to be issued in one year and an additional $100,000 in work expenditures to be incurred in the following year. A 2% royalty is payable to the vendor, and the Company is entitled to purchase 1% back for $1,000,000. The vendor is arm's length to the Company.
A finder's fee will be payable in accordance with TSX Venture policies.
This transaction is subject to TSX Venture Exchange approval.
The technical content of this release was approved by Michel Boily, M.Sc. Ph.D. P.Geo. Dr. Boily is a qualified person as defined by National Instrument 43-101.
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.
Contacts:
Caribou King Resources Ltd.
Michael England
CEO
1-604-683-3995 or Toll Free: 1-888-945-4770
www.caribouking.com
