Caribou Approves 2012 Exploration Program at the Vault Au-Pge Property, Yukon
February 8th, 2012,
VANCOUVER, B.C. – CARIBOU KING RESOURCES CORP. (“Caribou” or the “Company”) (TSX:V-CKR) has approved its
2012 exploration program for the Vault Au-PGE property, located 140 kilometers northwest of Haines
Junction in the Whitehorse Mining District of southwestern Yukon, and within 500 meters of the Wellgreen
Cu-Ni platinum group element (‘PGE’) project that is presently under resource evaluation by Prophecy
Platinum Corp. (TSX:V-NKL). The exploration program will include airborne geophysics as well as
additional mapping and sampling to determine the extent of mafic and ultramafic rocks located on the
property in late 2011. At their presentation at the 2012 Mineral Exploration Roundup held in Vancouver
in January, Prophecy emphasized the importance of magnetic surveys in identifying potential new ore
zones on the Wellgreen property (see the Wellgreen presentation at www.prophecyplat.com). To date, no
detailed geophysical surveys or drilling have been carried out on the Vault property.
In 2011, rocks
similar to those at Wellgreen were discovered at Vault, including gabbros, peridotite in outcrop, and a
peridotite float grab sample with 93 ppb Pd and 42 ppb Pt. The property also hosts numerous high gold
soil anomalies on the southeastern claims, and mapping and sampling completed in 2011 located quartz
veins with up to 1.03 g/t gold in altered phyllites and andesites that are coincident with the
previously-reported soil anomalies. An additional 103 claims were staked immediately southeast and
contiguous with the property that will be assessed in 2012 for both potential gold and Wellgreen-type
Cu-Ni-PGE mineralization.
"We are seeing similarities in rock types on our Vault property to
Prophecies Wellgreen Deposit, and are looking to examine this situation very closely this upcoming
season.” states Mike England, Caribou’s CEO. “Our intention is to define potential targets for this
summer’s drill program in the Yukon.”
Recently, Caribou entered an agreement with Alix Resources
Corp. to 100% control of the Vault through a cash and share purchase subject to TSX approval (see
Caribou News Release, February 2nd, 2012).
The technical contents of this release were approved by
Dr. Tom McCandless, P.Geo., President and a Director of Caribou Copper 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
Corporation.
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.
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