HMB

Humboldt Capital Corporation (TSX VENTURE:HMB) announces that effective December
31, 2006, the Corporation reported a net asset value of $4.42 per share compared
with $4.56 per share at the end of September 2007. 


The value of Humboldt's net asset value decreased by 25% during 2007, primarily
as a result of the decline in the value of its interests in its major holdings,
a group of companies in which Humboldt has significant interests.


These major holdings, described further in the Company's annual report, are
primarily Canadian natural gas producers. In the past two years, their share
prices have been adversely affected by a number of factors including the royalty
trust tax revisions, declining natural gas prices, and the Alberta royalty
review decision, all adversely affecting Alberta-based energy companies.
Humboldt, however, is of the opinion that substantial value can be demonstrated
by each of these holdings and is confident that with prudent management and a
recovery in market outlook for junior energy companies, their stock prices will
significantly recover.


At December 31, 2007, the net asset value of the Company totaled $56.4 million
after tax and fully diluted, equaling $4.42 per share compared with $5.47 per
share at December 31, 2006. 


During the year, the Company realized a gain of $5.9 million and proceeds of
$20.6 million on sales of portfolio investments. Humboldt reinvested only $13.3
million of the proceeds in the equities market, and was repaid the $3.4 million
loaned to associated companies. As a result, Humboldt increased it working
capital to $9.5 million and at the end of the year working capital represented
17% of its asset value.


The gains realized on these sales were offset by a decline in unrealized gains
on investments held at the end of the year and Humboldt incurred a loss of $14.6
million for the year, compared with a loss of $12.0 million during 2006.




                                             Years Ended December 31

(Thousands, except per share amounts)       2007         2006          2005
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Earnings (loss)                        $ (14,575)   $ (11,964)     $ 31,961
Earnings (loss) per share, diluted     $   (1.17)   $   (0.94)     $   2.56

Share capital                          $   2,072    $   2,056      $  1,908
Retained earnings                      $  53,110    $  67,798      $ 79,800
Shareholders' equity                   $  56,397    $  70,529      $ 81,947

Cash and term deposits                 $   9,458    $     780      $  1,875

Shares outstanding                        12,350       12,381        12,349
Net asset value per share, diluted     $    4.42    $    5.47      $   6.48
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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. 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.

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