VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company")(TSX VENTURE:CKR.V - News)(FRANKFURT:CB8.F - News) has arranged a non-brokered private placement of 8,000,000 flow-through units ("Units") at a price of $0.10 per Unit for aggregate gross proceeds of $800,000 (the "Offering"). Each Unit will be comprised of one flow-through common share ("Share") and one non-flow-through share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") for a period of 18 months from the closing date at an exercise price of $0.15 per Warrant Share.
The Company may, in its sole discretion, pay a cash commission to the finders of the Company in an amount of 10% of the proceeds raised by such finder as part of this Offering.
The Offering is subject to TSX Venture Exchange approval.
The proceeds raised from the Offering will be used for the purposes of exploration of its properties in Ontario and in the Yukon (see news releases, February 8th, March 21st, and April 18th, 2012).
At the Vault Au-PGE property, located 140 kilometers northwest of Haines Junction in the Yukon, an exploration program that includes airborne magnetics, radiometrics and additional mapping and sampling is scheduled. The Vault property is within 500 meters of the Wellgreen Cu-Ni platinum group element ('PGE') project that is presently under resource evaluation by Prophecy Platinum Corp. In 2011, Caribou discovered rocks similar to those at Wellgreen on the northeastern part of the claim block, including gabbros, peridotite in outcrop, and a peridotite float grab sample with 93 ppb Pd and 42 ppb Pt (see news release February 8th, 2012). As presently mapped, the dominant lithologies in this area are the same that host the Wellgreen deposit, and are generally less magnetic than the Wellgreen lithologies, making this area very amenable to airborne magnetics. Bids have been approved for the airborne survey and confirmation of a start date for the survey is expected before the end of May.
Caribou is earning 100% of the Vault property through a cash and share purchase to Alix Resources Corp., (see new release, February 2nd, 2012).
The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., President and a Director of Caribou King and qualified person as defined by National Instrument 43-101.
Caribou King's mission is to identify, acquire, and advance high potential 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.
1-604-683-3995 or Toll Free: 1-888-945-4770