Aukam Graphite Mine Acquisition Approved
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 13, 2015) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) announces it has obtained TSX Venture Exchange approval for the recently announced option to acquire an initial 63% of the Aukam Graphite Mine located on 96,000 acres in southern Namibia (see PR dated July 23, 2015). The property hosts three underground adits which were mined periodically between 1940 and 1974 and produced a recorded total of 26,740 tonnes of lump graphite.
A program to obtain a 25 tonne bulk sample of graphite from one of three existing adits at Aukam has recently been completed. The high-quality, vein-type graphite (also known as lump graphite) extracted during the bulk-sampling program is now being tested for quality and purity. The test will further define the characteristics of the material and its suitability for value added manufacturing applications. Aukam graphite is hosted within a shear zone in which underground mine workings still show well-mineralized structures that are believed to continue down-dip.
"We are very excited to add this strategic acquisition to our existing portfolio of solid exploration properties, as it expands Caribou's presence globally and brings the Company a producible, existing mine. Through acquisitions and exploration, Caribou's goal is to expand beyond being solely a mining exploration business and to become a major, integrated global mining company in the graphite space."
Infrastructure at the Aukam Graphite Mine is good, with access to the site possible throughout the year. The site is relatively close to a main tar road and the national power grid passes two kilometres from the property. Water is available in large amounts from underground aquifers with an old pump station at the foot of the mountain which previously supplied mine operations.
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.
Caribou King Resources Ltd. (TSX VENTURE:CKR) is a publicly-traded, Canadian junior exploration company that holds a portfolio of highly prospective graphite projects at various stages of exploration and assessment.
For more information, visit the website at www.caribouking.com.
On Behalf of the Board of Directors,
CARIBOU KING RESOURCES LTD.
Michael England, CEO and Director
"Neither 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."
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
