The Aukam mine is situated on 125,000 acres in southern Namibia’s Karas region, within the Betaine district, north of South Africa.
Caribou King said that the project has good infrastructure with access to the site throughout the year.
Under the deal, Caribou will issue 3.5 million shares to arms-length vendors and spend about $1.1m over an eighteen month timeframe.
Caribou King Resources president Mike England "We see this acquisition as an opportunity to diversify our asset base into a jurisdiction that is considered by many to be one of the most mining friendly areas in the world.
"Aukam is the only past producer of graphite in Namibia and we look forward to redeveloping the site using modern technology and knowledge."
Caribou King plans to commence phase two work at Buckingham in the coming weeks. The company will undertake a Max-Min EM survey as well as test lines of IP program on the Uncle and the newly discovered Case zone followed by a drill program.
