Caribou Confirms Several EM Conductors Over 600 Meters in Length at Mulloy Graphite Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 17, 2013) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to report that several significant electromagnetic (EM) conductors have been confirmed on its Mulloy graphite project, located roughly ten kilometers west of the Zenyatta Ventures Ltd. Albany graphite project in Ontario. Four electromagnetic (EM) conductors are confirmed, three of which have a strike length over 700 meters, with the fourth striking over 600 meters in length, and all conductors remain open along strike. Each of the conductors corresponds in part with magnetic lows that are believed to indicate graphite mineralization, and one conductor is supported in part by historical drilling that encountered several intervals of graphite mineralization as described in detail below.

Michael England, CEO & Director states, "Our Mulloy property continues to demonstrate a great potential for significant graphite mineralization. Just as we expected from our earlier reconnaissance geophysics, the EM conductors are much larger than initially indicated, with a good correlation between conductivity and non-magnetic character expected for graphite mineralization. Our drill permits are expected shortly, we have a drill ready, and most importantly, we have road access directly to our drill targets."

A total of seventeen line-kilometers of geophysics were completed at a line spacing of 100 meters, and both horizontal loop electromagnetic (HLEM) and magnetic data were collected. The survey focused on an area where reconnaissance HLEM and magnetics identified several anomalies that defined a possible northeast-southwest conductive trend (see news release, September 25, 2013). The new results confirm the previous data, extending four of the individual anomalies into southwest-striking linear conductors up to 800 meters in length that remain open along strike. The southernmost conductor 'A' is roughly 700 meters long, with an apparent broadening and narrowing that suggests a width of up to 100 meters along portions of the conductive zone. Conductors 'B' and 'C' are 630 and 885 meters long respectively, and both exhibit breaks along strike that may indicate offset by cross-structures. Anomaly 'D' is 875 meters long and exhibits broadening and narrowing up to 100 meters in width, as well as some offset along strike. Conductors C and D have significant strike lengths correlated with strong magnetic lows that are very likely due to graphite mineralization. Conductor B is near a historic drill hole that encountered 90% visual graphite in 18.68 meters of graphitic schist, followed by a second graphitic schist intersected over 19.78 meters for a total of 38.46 meters (Ontario Ministry of Northern Development and Mines, Report 42F15NE8019). An estimate of true thickness cannot be determined from the historic drilling, and the graphite content is a visual historical estimate and should not be relied upon without lab assay confirmation.

There are still several conductive anomalies identified in the original reconnaissance data to the southwest of the present survey that remain to be further delineated, and will be the focus of future ground-based surveys. The EM conductors from the present survey can be seen in plan view with magnetics on the company website at http://caribouking.com/wpsite/graphite/mulloy.

The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., technical advisor to Caribou and a 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. McCandless has not verified the technical data disclosed in this release.

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