Caribou Acquires Claims Adjoining Timcal Graphite Mine, Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/13 -- CARIBOU
KING RESOURCES LTD. ("Caribou" or the "Company") (TSX
VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce the acquisition of
two new graphite projects in Quebec; St-Aime located adjacent to the
Timcal border and approximately 1 km from the mill; and Calumet,
which adjoins Canada Carbon Inc.'s (TSX VENTURE:CCB) Miller project
where carbon-rich veins grab samples assayed up to 49.4 (% Cg) (see
CCB news dated Feb. 21, 2013).
The St-Aime property consists of five claims covering 169 hectares
and is contiguous to the Timcal property, Canada's only producing
graphite mine at this time. The claims are located approximately 250
km north-west of Montreal, Canada and about 1 km from the Timcal
Graphite Mill. The St-Aime property hosts similar rock types to that
of the Timcal mine.
The Calumet property is situated approximately 96 km west of Montreal
north of Grenville city in the Laurentian Hills. The property is
located between the former Calumet Graphite Mine (460 m to the
southwest) and the former Miller Graphite Mine (790 m to the east).
The latter is now being explored by Canada Carbon. Graphite veins can
be found in crystalline marbleized limestones associated with
granitic and gneissic rocks. The area covering the old Calumet Mine
is now under municipality jurisdiction.
Maps outlining all five recently acquired graphite properties can be
viewed at the Company website located at www.caribouking.com.
To earn a 100% interest in these three properties, the Company is to
issue 500,000 shares upon approvals and incur $50,000 in work
expenditures over the next year, with an additional 1,000,000 shares
to be issued in one year and an additional $100,000 in work
expenditures to be incurred in the following year. A 2% royalty is
payable to the vendor, and the Company is entitled to purchase 1%
back for $1,000,000. The vendor is arm's length to the Company.
A finder's fee will be payable in accordance with TSX Venture
This transaction is subject to TSX Venture Exchange approval.
The technical content of this release was approved by Michel Boily,
M.Sc. Ph.D. P.Geo. Dr. Boily is a qualified person as defined by
National Instrument 43-101.
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.
1-604-683-3995 or Toll Free: 1-888-945-4770
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