May 22, 2014
VANCOUVER, B.C. is pleased to announce that it has completed its acquisition, previously announced in the Company’s news release on September 27, 2013, of three additional strategic claim blocks contiguous with the southwest border of the 100% owned Mulloy graphite project, located ten kilometers west of Zenyatta Ventures’ Albany graphite project in Ontario.
Upon completion of its due diligence review of the claim blocks, the Company completed the acquisition on modified terms. In consideration of these additional claim blocks, the Company will issue three million common shares to the vendor, 2060014 Ontario Inc (as opposed to the original deal terms of two million shares issued and $150,000 in aggregate exploration expenditures). The vendor will also receive a 2% NSR, of which the Company will have a buyback right for 1% in consideration of $1 million dollars. The vendor is at arm’s length to the Company. The acquisition is subject to the Company receiving all necessary approvals from the TSX Venture Exchange.
The acquisition increases the Company’s existing graphite property by 50% to 5,693 hectares, and includes the southwest end of a regional magnetic trend that encloses seven EM conductors. As announced previously, the seven conductors define a broad, southwest to northeast trending corridor that parallels the regional aeromagnetic trend for over 1.6 kilometers and remains open in all directions. Project maps are available on the Company’s website at http://caribouking.com/wpsite/graphite/mulloy/. With regards to the recently completed drill program at Mulloy, all core has been logged with select sections sent for assay analysis in the coming weeks.
The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., technical advisor to Caribou and a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
For more information, visit the website at www.caribouking.com.
ON BEHALF OF THE BOARD
Michael England, CEO, Caribou King Resources Ltd.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
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.
NT3