Humboldt Reports Financial Results for the Nine Months Ended September 30, 2011

Humboldt (TSX VENTURE:HMB) is pleased to report the results of operations for
the nine months ended September 30, 2011. At the quarter end, shareholders'
equity totaled $42.1 million or $3.45 per share, fully diluted, compared with
$49.3 million or $3.99 per share reported at September 30, 2010. Humboldt did
not escape the general market slump of 2011 and the shareholders equity was down
$20.5 million from a value of $62.6 million from December 31, 2010.


The general market is continuing to show weakness due to debt issues in Europe
and the U.S. and a general concern regarding the slow recovery of world
economies. In addition, there is concern that China may be entering a slower
growth phase and may have its own debt issues, which negatively impacts the
outlook for commodity prices.


Prevailing low interest rates, policies promoting economic stimulus, as well as
improving confidence in key economic jurisdictions should lead to improved world
economic growth in the future. Economic policies in the United States should
also be relatively accommodative to economic growth with 2011 being a key, pre-
election year.


The stock market capitulation in Q1 09, clearly indicated the panic bottom for
this market cycle and with the steady increase in worldwide indices since, bodes
well for a sustained, but choppy, upward move. Humboldt anticipates that the
recent summer correction was a "sell in May" event and will soon fade and a year
end recovery will commence.


Since the beginning of the economic recovery, many of Humboldt's holdings have
shown significant gains. This has resulted from higher commodity prices,
companies focusing on their best projects, increased access to capital for
substantial exploration targets and to general sector rotation back into high
impact energy exploration.


Humboldt is in an enviable position, with a cash balance and other liquidity to
allow it to weather 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.


Highlights



                                            Nine Months Ended September 30,
                                       ------------------------------------
(Thousands, except per share amounts)         2011         2010       2009 
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Earnings (loss) and comprehensive                                          
 earnings (loss) for the period         $  (20,502) $     2,649 $    8,163 
 Earnings (loss) per share, diluted     $    (1.71) $      0.22 $     0.67 
Eligible Dividends paid                 $        -  $         - $    3,042 
 Dividends per share                    $        -  $         - $     0.25 
Share capital                           $    2,066  $     2,017 $    2,033 
Retained earnings                       $   39,462  $    45,783 $   35,291 
Shareholders' equity                    $   42,103  $    49,297 $   38,664 
Cash and cash equivalents               $      873  $     8,261 $   14,699 
                                                                           
Shares outstanding                          11,967       12,022     12,120 
Net asset value per share, diluted      $     3.45  $      3.99 $     3.16 
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Humboldt Financial Statements and Management's Discussion and Analysis for the
nine months ended September 30, 2011 have been filed on SEDAR and can be found
on Humboldt's website at www.humboldtcapital.com.


Neither the TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


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.