New Graphite Discoveries at Caribou's TAC Property in Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 3, 2013) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce that multiple graphite occurrences have been exposed on its 100%-owned TAC graphite property in Quebec. The graphite was exposed during road repair following logging activity in the area, and includes a massive graphite zone exposed over roughly one square meter at surface. The prospecting team sampled the massive graphite with a portable drill (Shaw Tool, Yamhill, Oregon) recovering 34 centimeters of graphitic schist followed by 30 cm of mostly graphite. Drilling stopped due to mechanical problems, terminating in graphite at 74 cm. The true thickness of the graphite zone is unknown, and efforts are underway to expose more of the graphite along strike. Both core samples, each roughly 25mm in diameter, have been sent for assay with results expected in the coming weeks.

The massive graphite exposure correlates with a conductor identified from ground geophysical surveys that were recently completed by the Company. The dipole-dipole induced polarization (IP) and magnetic surveys were conducted by Vision Exploration (Timmins, ON) with a total of 4.2 line-km of IP 4.8 km of magnetics completed on the property. Additional graphitic outcrops have been identified elsewhere on the property as follow-up to the surveys and these are also being sampled. Permitting for line cutting and drilling has also been applied for, with further geophysics to define targets for drilling in the coming weeks. Historical drilling on the property in the 1980's returned a weighted average graphite content of 9.86% Cgf over 46.75 meters (see Reconnaissance géologique et campagne de forage 1989-1990, Propriété TAC, Canton Mousseau by Ressources Graphicor, GM51068).

Maps of the TAC property and images of the massive graphite exposure can be found at:

TAC & LacVert Map: http://caribouking.com/wpsite/graphite/tac-lac-vert/

Michael England, CEO and Director states, "The discovery of a massive graphite exposure at TAC during basic road repair is very exciting. Combined with our recently completed geophysics and the historic drilling, we are well-positioned to make further discoveries in the coming weeks. Our TAC property is surrounded by a number of companies who are actively exploring for graphite, and the area is quickly emerging into a new graphite district."

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.

The Company also announces the resignation of David Lajack as a Director of Caribou King Resources. Caribou thanks Mr. Lajack for his time spent as a director.

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 seven newly-acquired graphite projects. These Graphite projects include: Mulloy and Nezen in Ontario that are close to and adjoin the Zenyatta Ventures Ltd. (TSX VENTURE:ZEN) 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 drill holes; 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-Aimé 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

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.