Caribou Receives Drill Permits for Mulloy Graphite Property 10 Kilometers West of Zenyatta's Albany Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 28, 2014) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce the Company has now received drill permits to test seven new electromagnetic (EM) conductors and confirm a historic graphite drill hole by Shell Canada Resources Ltd. that encountered 90% visual graphite over 38.46 meters on its Mulloy graphite project (see news release, August 15, 2013). The 100%-owned Mulloy graphite project is located ten kilometers west of the Zenyatta Ventures Albany graphite project in Ontario. Earlier this week the Company announced that it signed an exploration agreement with the Constance Lake First Nations to continue exploration at Mulloy and anticipates that 2014 drilling will begin shortly.

Mulloy Project Map: http://caribouking.com/wpsite/graphite/mulloy/

Michael England, CEO and Director states, "Our recent fieldwork has established a broad corridor with multiple EM conductors at Mulloy. When you combine that with the historic graphite discovery by Shell Canada and recent discoveries in the area by Zenyatta, we feel there is considerable potential for Caribou to make a drill discovery at Mulloy. Caribou King is actively exploring all of our highly prospective graphite properties, several of which are in close proximity to historic and operating graphite mines."

As reported previously, a horizontal loop electromagnetic (HLEM) survey identified several EM conductors on the Mulloy property, including three with a strike length over 700 meters, with the fourth striking over 600 meters in length, and all conductors remain open along strike (see news release, December 17, 2013). Upcoming drilling will focus on the conductors that correspond in part with magnetic lows, which together are believed to indicate graphite mineralization. Additionally, drilling will test a historic graphite discovery hole by Shell Canada Resources Ltd. that encountered 90% visual graphite in 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.

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.

ON BEHALF OF THE BOARD

Michael England, CEO, Caribou King Resources Ltd.

Forward-Looking Statement:

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Caribou King Resources Ltd. 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.