November 8, 2012

Nebu Resources Inc. (“Nebu”) (the “Company”) (TSX:V – NBU) is pleased to announce it has signed an option agreement with Caribou King Resources Ltd. (TSX:V – CKR) (“Caribou”) whereby Caribou can earn 60% of the Company’s interest in 60 claim units in Nursey Township (less than one quarter of Nebu’s Cork Lake Property), adjacent to SGX Resources Inc. (“SGX”) Edleston gold discovery.

Transaction Terms

To acquire 60% of Nebu’s interest in the four wholly owned claims covering 60 claim units, Caribou shall, subject to Regulatory Approval,

1. issue 200,000 Consideration shares five days from the date on which Caribou receives all necessary written approvals of the TSX Venture Exchange; and an additional 200,000 Consideration Shares on or before each anniversary date of the Closing date commencing on the first anniversary date of the closing date and ending on the earlier of:

a) the date on which Caribou receives a technical report prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects stating that there is an indicated mineral resource within any deposit on the Property equal to or exceeding one million ounces of gold at an average grade greater than 1.5g/t (or gold equivalent) (“the Report Date”);

b) the fifth anniversary of the Closing Date;

2. make cash payments of $10,000 to Nebu on or before each of the anniversary dates of the Closing Date commencing on the second anniversary and ending on the Report Date;

3. make advance royalty payments (“Advance Royalty Payments”) of $15,000 to Nebu on or before each of the anniversary dates of the Closing Date commencing on the fifth anniversary and ending earlier of the Report Date and the fifteenth anniversary date of the Closing Date;

4. incur Expenditures of $50,000 on or before each of the anniversary dates of the Closing Date commencing on the first anniversary of the Closing Date and ending on the Report Date;

About the Nursey Claims

The option covers 60 claim units in the larger land position held by Nebu, known as the Cork Lake Property. The claims covered by the option agreement are adjacent to SGX’s western boundary, and are located approximately 3 km to the southwest of SGX’s (“SGX”) recent (January 2012 press release) Edelston Gold Zone discovery. The Edleston gold discovery recent Diamond drill hole assay results are located only about 350 meters from Nebu’s boundary on other claims in the Cork Lake Property.

The new property covers the extension of a major northeast trending structural zone interpreted by the Ontario Geological Survey to extend from the SGX property, proximal to both the Edleston gold zone (SGX) and a new area currently being evaluated by SGX known as Budd Lake (SGX press release dated September 19, 2012). No assay results have been reported by SGX at Budd Lake at this time. Budd Lake is located approximately 1000m to the northeast of the claim boundary of one of the claims covered by this option agreement. At least two historic gold occurrences have been reported in the area between Budd Lake and the mutual boundary of SGX and the Nursey Claims.

About Cork Lake

The Company’s Cork Lake Property covers 12,360 acres (287 mineral claim units, 5000 ha) in Sothman, Semple and Nursey townships, approximately 60 km south of Timmins ON. The Company’s Cork Lake Property is adjacent to the developing Edelston gold discovery announced earlier this year by SGX Resources Inc.

The Property is located in an area that is interpreted to represent the western extension of the Cadillac Larder Lake Break, and is located 45 km to the west of AuRico’s Young Davidson mine.

Subsequent to the acquisition of the Cork Lake Property by the Company in late 2011, SGX announced the discovery of a significant gold zone (Edleston Gold Zone), proximal to the Cork Lake property boundary. Since that time SGX has announced further broad intersections of gold mineralization and further land acquisitions in the area.

The Company has recently completed a further 961 metres over 4 holes of Diamond drilling to test prospective IP anomalies. Assays are pending.

In addition, on the Company’s Mallard Property, Nebu has recently completed 6 Diamond drill holes totaling 1137 metres. Assays are pending.

About Nebu Resources

Nebu Resources Inc. is a junior exploration company focused on gold exploration in Ontario, Canada, in a number of known mining camps: the Cote Lake (Iamgold -Trelawney) District, the Timmins Gold Camp, the West Kirkland Area and Burntbush Ontario, exploring the Ontario extension of the Casa Berardi Deformation Zone.

Nebu’s shares are listed for trading on the TSX Venture Exchange under the symbol NBU.V. Nebu currently has 68,273,908 common shares issued and outstanding..

Mr. Bruce Durham P.Geo, a Qualified Person, is the Company’s Qualified Person (QP) and is the non-independent Qualified Person responsible for the information contained in this press release. The Qualified Person is experienced in all aspects of the work completed, has visited the project site. All technical data contained in this release is of a historical nature and as such should not be unduly relied upon.

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.

For further information:

John V. Hickey, CFO� � �  � � �  � � �  � � � � � � � � � � � � � � � � � 
(416) 637-2139

Clark Kent, Current Market Communications� 
(647) 519-2646� � � 

Visit our website at:
www.neburesources.com

Follow Us: � � � 
Twitter http://twitter.com/NebuResources� � � 
StockNetwork http://nebu.stocknetwork.com
Facebook https://www.facebook.com/pages/Nebu-Resources-Inc-Canadian-Mining-and-Exploration-Company/193173410701831?fref=ts