Caribou Begins Drill Program at Mulloy 10 Km West of Zenyatta's Albany Graphite Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 29, 2014) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR) (FRANKFURT:CB8) is pleased to announce that a drill program has now commenced at the 100% owned Mulloy Graphite Project, located approximately 10 kilometers west of the Zenyatta Ventures Ltd. Albany graphite project in Ontario. The Company has engaged drillers Acklo Diamond Drilling (Timmins, ON) to complete an initial 2,000 meters core drilling program, to confirm historic drilling by Shell Canada Resources Ltd. that encountered 90% visual graphite over 38.46 meters on its Mulloy graphite project (see news release, August 15, 2013) and to test new electromagnetic (EM) conductor targets identified through geophysics conducted in late 2013. Earlier this week the Company announced that it signed an exploration agreement with the Constance Lake First Nations to continue exploration at Mulloy (see news release, January 27, 2013).

Mulloy Project Map: http://caribouking.com/wpsite/graphite/mulloy/

Michael England, CEO and Director states, "We are drilling into a high grade historic graphite discovery by Shell Canada as well as multiple high priority EM conductors in a camp that is surrounded by active exploration and recent graphite discoveries. We have established a broad corridor with multiple EM conductors that points to the potential for Caribou to make a drill discovery at Mulloy. Multiple upcoming drill programs are planned for our portfolio of highly prospective graphite properties throughout 2014."

As reported previously, a horizontal loop electromagnetic (HLEM) survey identified several EM conductors on the Mulloy property, including three with a strike length over 700 meters, with the fourth striking over 600 meters in length, and all conductors remain open along strike (see news release, December 17, 2013). Drilling will focus on the conductors that correspond in part with magnetic lows that together are believed to indicate graphite mineralization. Drilling will also test historical drilling by Shell Canada Resources Ltd. that encountered 90% visual graphite in 18.68 meters of graphitic schist, followed by a second graphitic schist intersected over 19.78 meters for a total of 38.46 meters (Ontario Ministry of Northern Development and Mines, Report 42F15NE8019). An estimate of true thickness cannot be determined from the historic drilling, and the graphite content is a visual historical estimate and should not be relied upon without lab assay confirmation.

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.

ON BEHALF OF THE BOARD

Michael England, CEO, Caribou King Resources Ltd.

Forward-Looking Statement:

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Caribou King Resources Ltd. Actual results may differ materially from those currently anticipated in such statements. 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.