Caribou King Resources Ltd. announced the company has now received drill permits to test seven new electromagnetic (EM) conductors and confirm a historic graphite drill hole by Shell Canada Resources Ltd. that encountered 90% visual graphite over 38.46 meters on its Mulloy graphite project. The 100%- owned Mulloy graphite project is located ten kilometers west of the Zenyatta Ventures Albany graphite project in Ontario. Earlier this week the Company announced that it signed an exploration agreement with the Constance Lake First Nations to continue exploration at Mulloy and anticipates that 2014 drilling will begin shortly.

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. Upcoming drilling will focus on the conductors that correspond in part with magnetic lows, which together are believed to indicate graphite mineralization. Additionally, drilling will test a historic graphite discovery hole by Shell Canada Resources Ltd. that encountered 90% visual graphite in a total of 38.46 meters.

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.