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Caribou Expands Nursey Gold Project Adjacent to SGX Resources in Ontario
Published : November 08, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (News - Market indicators)(FRANKFURT:CB8) is pleased to announce it has expanded its Nursey Project land holdings to include property immediately adjacent to the west boundary of SGX Resources Inc. ('SGX') Caribou has signed an option agreement with Nebu Resources Inc. (TSX VENTURE:NBU) to acquire 960 hectares of claims, most of which adjoin four kilometers of shared boundary with SGX's Timmins South Project, which recently intersected 57.4 g/tonne gold over 3.3 meters and 1.42 g/tonne gold over 54 meters on its Edleston gold zone (see SGX news release, September 18th, 2012).

The Nursey Project is located approximately 75 kilometers south of Timmins Ontario, Canada's largest gold camp, along the western extension of structural features that host gold mineralization in the Kirkland Lake gold camp. The new claims cover the western portion of a major northeast-trending structural zone interpreted by the Ontario Geological Survey, proximal to both the Edleston gold zone and a new area currently being evaluated by SGX known as the Bud target (SGX press release dated August 27th, 2012), located approximately 1000 meters northeast of the shared claim boundary. The Edleston Gold Zone discovery is approximately three kilometers northeast of the new Nursey claims. The Nursey Project now encompasses 150 claim units covering nearly 2,400 hectares. A map of the new property position can be seen on the Caribou website at www.caribouking.com.

To earn 60% of the claims from Nebu Resources Inc., the Company will provide cumulative cash payments of up to $40,000 and issue up to 1,200,000 shares over a period of up to five years or until such time as a National Instrument 43-101 compliant resource of 1.5 million ounces gold using a 1.5 g/t cutoff is reported (the "Report Date"). Additional Advance Royalty payments of $15,000 per year will apply after the fifth year anniversary and up to the 15th anniversary or the "Report Date", whichever is earlier. Caribou shall incur $50,000 in work expenditures per year commencing on the one year anniversary date of the closing.

This transaction is subject to TSX Venture Exchange approval.

The technical contents of this release were approved by Dr. Tom E. McCandless, P.Geo., President and a Director of Caribou and a qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

Caribou's mission is to identify, acquire and advance high potential industrial minerals and base and precious metal prospects. For more information, visit the website at www.caribouking.com.

ON BEHALF OF THE BOARD

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.

Caribou King Resources Ltd.
Michael England, CEO
1-604-683-3995 or Toll Free: 1-888-945-4770
604-683-3988 (FAX)
www.caribouking.com
Data and Statistics for these countries : Canada | All
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Caribou Copper Resources

PRODUCER
CODE : CKR.V
ISIN : CA1420841027
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Financings of Caribou Copper Resources
7/6/2011Announces Closing of First Tranches of Its Private Placement...
Nominations of Caribou Copper Resources
3/7/2013Appoints R. Bruce Duncan to Advisory Board
Corporate news of Caribou Copper Resources
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10/3/2013New Graphite Discoveries at Caribou's TAC Property in Quebec
9/27/2013Acquires Additional Claims at Mulloy and Increases Acreage b...
9/25/2013King Resources Ltd.: Seven Conductors Now Identified Over A ...
9/19/2013Posts 1.6 Kilometer-Long Cross-Section Showing Four EM Condu...
9/18/2013King Discovers Graphitic Marble on Calumet Graphite Property...
9/11/2013King Resources Ltd.: Multiple EM Conductors Identified at Mu...
8/15/2013Acquires Property in Ontario With High Visual Graphite Conte...
8/1/2013Posts Map for Nezen Claims, Ontario
7/29/2013Acquires the Nezen Claims Adjoining Albany Graphite Project,...
7/19/2013Engages Geologist Steven Lauzier for Exploration at Calumet ...
7/3/2013Commences Work at Its Quebec Graphite Projects
4/3/2013Engages Byron Capital Markets
3/14/2013Announces Strategic Plan to Spin-Off Timmins Gold Assets
3/12/2013Acquires Claims Adjoining Timcal Graphite Mine, Quebec
2/28/2013Welcomes Dr. Michel Boily to Advisory Board
2/25/2013Acquires Graphite Projects in Quebec Including Historic Dril...
11/8/2012Expands Nursey Gold Project Adjacent to SGX Resources in Ont...
10/26/2012Acquires Key Claims at Willa Deposit in Slocan Mining Divisi...
10/12/2012Commences Work at Tahts Reach Gold Property, B.C.
10/12/2012Commences Work at Tahts Reach Gold Property, B.C.
7/20/2011and Alix Increase Land Position Around Wellgreen Project, Yu...
7/18/2011Alix and Caribou Commence Work Program on Vault Property, Yu...
7/15/2011Alix and Caribou Commence Drilling in Yukon
6/14/2011Commences Drilling at Caribou Dome
6/6/2011Commences Mobilization and Work Programs on Yukon Gold, Silv...
5/26/2011Options the Bonaparte Property
5/11/2011Options Five Yukon Properties From Alix Resources
5/4/2011RETAINS MARKET MAKING SERVICES OF VENTURE LIQUIDITY PROVIDER...
5/4/2011Retains Market Making Services of Venture Liquidity Provider...
4/13/2011Renegotiates Caribou Dome Agreement
1/5/2011Subscription
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TSX-V (CKR.V)
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TSX-V
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