Humboldt Reports Earnings for the Nine Months Ended September 30, 2012

Humboldt Capital Corporation (TSX VENTURE:HMB)

Humboldt reported cash and equivalents $7.0 million and a net gain on sale of
investments of $5.5 million, for the nine months ended September 30, 2012. This
provides the Company with ample financial flexibility for new investments during
this protracted period of weak stock prices in commodity related industries.


A reduction of the value of Humboldt's portfolio holdings combined with a $4.0
million impairment in the value of a convertible debenture of Diaz Resources
Ltd. ("Diaz") held by Humboldt resulted in shareholder's equity being reduced to
$35.2 million or $2.93 per share, fully diluted, compared with $38.5 million or
$3.19 at the end of Q2 2012 and $44.3 million and $3.64 at the end of 2011.


The resource market continues to be in the bottom of a cyclical downturn. This
has been triggered by concerns over European sovereign debt and uncertainty
regarding worldwide growth prospects, specifically, a concern that Chinese
growth could significantly slow. In addition, the debt liquidation fear in
Europe has led to a softening of demand across the commodity spectrum. The
foregoing concerns have spilled over into the pricing of most commodity stocks
and resulted in a reduction in their values. This has been further magnified by
the inability of the US government to readily solve the budget conflict and head
off the pending "Fiscal Cliff". The market decline in junior resource stocks
throughout 2012 has been the most significant since 2009.


Humboldt anticipates that these extremely low stock valuations will be corrected
by the end of Q1 2013 and that an upward move in the US economy will lead to
significantly higher stock prices in 2013.


Outlook

Humboldt is currently in an enviable position, with a cash balance of $7 million
which will allow it to benefit from any significant economic and stock market
set back. From this position of strength Humboldt plans to continue to upgrade
the quality of its holdings while reducing its portfolio diversity over the next
year, in addition Humboldt also intends to continue to repurchase shares under
the NCIB.




HIGHLIGHTS                                                                  
                                                     Nine Months Ended      
                                                        September 30        
                                               -----------------------------
                                                                            
(Thousands, except per share amounts) unaudited     2012      2011      2010
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Net gain on sale of investments                 $  5,487  $  4,345  $  1,608
Unrealized increase (decrease) in investment                                
 value                                          $(10,146) $(25,547) $  2,477
Earnings and comprehensive earnings for the                                 
 period                                         $ (8,920) $(20,502) $  2,649
  Earnings per share, diluted                   $  (0.74) $  (1.71) $   0.22
Share capital                                   $  2,060  $  2,066  $  2,017
Retained earnings                               $ 32,556  $ 39,462  $ 45,783
Shareholders' equity                            $ 35,251  $ 42,103  $ 49,297
Cash and cash equivalents                       $  6,983  $    873  $  8,261
Shares outstanding                                11,932    11,967    12,022
Net asset value per share, diluted              $   2.93  $   3.45  $   3.99
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Forward-looking statements - the press release today contains "forward-looking"
information. Actual results could differ materially from the conclusions,
forecasts or projections in the forward-looking information. Certain material
factors and assumptions were applied in drawing the conclusions or making the
forecasts or projections as reflected in the forward-looking information.
Additional information about the material factors that could cause actual
results to differ materially from the conclusion, forecast or projection in the
forward-looking information and the material factors or assumptions that were
applied in drawing the conclusion or making the forecast or projection as
reflected in the forward-looking information is contained in the press release.


Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural
gas volumes have been converted to barrels of oil at six thousand cubic feet
(mcf) per barrel (bbl). Boe figures may be misleading, particularly if used in
isolation. A boe conversion of six thousand cubic feet per barrel is based on an
energy equivalency conversion method primarily applicable at the burner tip and
does not represent a value equivalency at the wellhead. References to oil in
this discussion include crude oil and natural gas liquids (NGLs).


THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Humboldt Capital Corporation
R.W. Lamond
Chairman of the Board
[phone]
[phone] (FAX)


Humboldt Capital Corporation
C.A. (Tony) Teare
Executive Vice President
[phone]
[phone] (FAX)