Humboldt reports financial results for the six months ended June 30, 2008



    CALGARY, Aug. 27 /CNW/ - Humboldt Capital Corporation (TSX-V: HMB)
announces that effective June 30, 2008, the Corporation reported a net asset
value of $4.78 per share compared with $4.42 per share at December 31, 2007.
    As a result of the economic and financial deterioration prevailing in the
United States, and a significant negative outlook for the US economy, the
management of Humboldt continued to liquidate a large portion of its energy
and mining portfolio through the second quarter of 2008. Humboldt viewed the
recent spike in oil prices as a "blow off top" in the energy bubble, and
similarly viewed the high prices of many base metals as unsustainable.
    Hence, by the end of the second quarter of 2008 Humboldt's working
capital had increased to $19.2 million or 32% of its asset value. During the
second quarter, Humboldt's net asset value increased by 10% to $4.78 per share
compared with $4.37 per share at the beginning of the quarter and $5.38 per
share a year earlier at June 30, 2007.
    In increasing its liquidity, Humboldt realized $16.5 million on the sale
of equities and invested $5.8 million during the first half of 2008. The
company realized a gain of $6.8 million on the sales.

    
                                               Six Months Ended June 30
    (Thousands, except per              -------------------------------------
    share amounts)                            2008         2007         2006
    -------------------------------------------------------------------------
    Earnings (loss)                      $   4,506    $  (1,319)   $  (8,812)
    Earnings (loss) per share, diluted   $    0.37    $   (0.11)   $   (0.70)

    Share capital                        $   2,065    $   2,080    $   1,976
    Retained earnings                    $  57,518    $  66,465    $  70,988
    Shareholders' equity                 $  60,886    $  69,543    $  73,281

    Cash and term deposits               $  19,009    $  10,330    $     780

    Shares outstanding                      12,305       12,384       12,377
    Net asset value per share, diluted   $    4.78    $    5.38    $    5.80
    -------------------------------------------------------------------------
    

    SEDAR Filings

    Further information regarding financial and operating results may be
obtained at www.sedar.com, where the Company's MD&A and financial statements
have been filed.

    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.

    Investment Valuation - Humboldt records its investments on its balance
sheet on the basis of their quoted market value; as of the balance sheet date
for listed securities. Unlisted securities are recorded at the Company's
estimate of their fair value. Humboldt reports unrealized gains or losses on
shares based on the Company's estimate of the value of the shares held at the
end of the period. The estimates are based on a quoted market price at the
date of the report. By their nature, quoted market prices change daily and the
content of the portfolio changes from time to time. Companies in which
Humboldt holds shares have varying degrees of liquidity and there is no
assurance that the investments can be sold at the quoted market price. Markets
on which the shares held by the Company trade may experience significant
fluctuations on the valuation date and therefore the market value of the
holdings may change significantly after the valuation date.

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





For further information:

For further information: R.W. Lamond, Chairman of the Board - or - C.A.
(Tony) Teare, Executive Vice President, HUMBOLDT CAPITAL CORPORATION,
Telephone: (403) 269-9889, Fax: (403) 269-9890, TSX-V: HMB

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HUMBOLDT CAPITAL CORPORATION

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