Humboldt Reports Results for the Year Ended December 31, 2011

Humboldt Capital Corporation (TSX VENTURE:HMB)

Humboldt's net asset value at December 31, 2011 totaled $44.1 million, or $3.64
per share, compared with $62.6 million, and $5.01 per share a year earlier. In
2011 Humboldt realized a gain of $3.2 million on the sale of investments,
compared with a gain of $3.4 million a year earlier. The gain was offset by a
$22.4 million unrealized decrease in the value of investments held at December
31, 2011, compared with an unrealized increase of $16.2 million in 2010.
Humboldt reported a loss of $18.5 million, or $1.54 per share for 2011, compared
with earnings of $16.0 million for 2010.


Humboldt Financial Statements and Management's Discussion and Analysis for the
year ended December 31, 2011 have been filed on SEDAR and can be found on
Humboldt's website at www.humboldtcapital.com




HIGHLIGHTS                                                                  
                                                                            
                                          Year ended December 31,           
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(Thousands, except per share                                                
 amounts)                                2011           2010           2009 
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Net gain (loss) on sale of                                                  
 investments                        $   3,198      $   3,485      $  (2,364)
Unrealized increase (decrease)                                              
 in investment value                $ (22,421)     $  16,195      $  19,917 
Earnings (loss) and                                                         
 comprehensive earnings (loss)                                              
 for the year                       $ (18,488)     $  15,967      $  16,199 
  Earnings (loss) per share,                                                
   diluted                          $   (1.54)     $    1.32      $    1.33 
Eligible Dividends paid             $       -      $       -      $   3,042 
  Dividends per share               $       -      $       -      $    0.25 
Share capital                       $   2,064      $   2,015      $   2,033 
Retained earnings                   $  41,476      $  59,964      $  43,997 
Shareholders' equity                $  44,123      $  62,605      $  46,694 
Cash and cash equivalents           $   2,125      $   6,497      $  10,376 
                                                                            
Shares outstanding                     11,957         12,008         12,115 
Net asset value per share,                                                  
 diluted                            $    3.64      $    5.01      $    3.77 
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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.


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THE ADEQUACY OR ACCURACY OF THIS RELEASE.