Jan 28 2014
CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") is pleased to announce it has signed an exploration agreement with Constance Lake First Nation for the continued exploration on its Mulloy Graphite Project, located ten kilometers west of the Zenyatta Ventures Ltd. Albany graphite project in Ontario.
The exploration agreement allows for compensation to CLFN for cultural and environmental impacts and includes the issuance of 400,000 CKR common shares on signing and the issuance of 200,000 common share purchase warrants on the first to the third anniversary dates (subject to regulatory approval). The agreement also allows for local work opportunities and business ventures, and for continued consultation on land use issues.
Commented Constance Lake First Nation: "Council is pleased to move forward with Caribou on developing the Mulloy graphite property. Caribou has shown a commitment to work with our community while demonstrating respect of our people, lands and way of life."
The Company further announces it has granted a total of up to 1.2 million stock options to directors, officers and consultants of the company, exercisable at a price of $0.05 per share for a period of up to five years from the date of grant.
The options have been granted in accordance with the company's stock option plan.
For more information, visit the website at www.caribouking.com.
Caribou King Resources Ltd. is a junior, public mining exploration company focused on graphite exploration in Quebec and Ontario.
ON BEHALF OF THE BOARD
Michael England, CEO, Caribou King Resources Ltd.
Source: http://www.caribouking.com/