HMB

Humboldt (TSX VENTURE:HMB) is pleased to report earnings of $16 million for the
year ended December 31, 2010. The Company reported earnings of $16.2 million
reported for the prior year.


At year end, shareholders' equity had increased to $62.6 million or $5.01 per
share, fully diluted, compared with $46.7 million or $3.77 per share reported
for 2009.


Humboldt closed the year with $7.0 million of working capital, equivalent to 11%
of its asset value.


Appointment of new director

Humboldt is also pleased to announce the appointment of Clair Calvert to the
board of directors of the Company. Mr. Calvert has extensive experience in the
investment industry and will be a valuable asset to the Humboldt board.


Mr. Calvert replaces Allan R Twa, who has been a member of Humboldt's Board for
28 years and has resigned in order to reduce his work load. The company is
grateful to Mr. Twa for the benefit of his long service as a Board member.




Highlights                                                                  
                                                Year ended December 31,     
                                            --------------------------------
(Thousands, except per share amounts)             2010       2009      2008 
----------------------------------------------------------------------------
Earnings (loss) and comprehensive income                                    
 (loss) for the period                      $   15,967 $   16,199 $ (22,486)
 Earnings (loss) per share, diluted         $     1.32 $     1.33 $   (1.84)
Eligible Dividends paid                     $        - $    3,042 $       - 
 Dividends per share                        $        - $     0.25 $       - 
Share capital                               $    2,015 $    2,033 $   2,047 
Retained earnings                           $   59,964 $   43,997 $  30,842 
Shareholders' equity                        $   62,605 $   46,694 $  33,669 
                                                                            
Cash and cash equivalents                   $    6,497 $   10,376 $  21,867 
                                                                            
Shares outstanding                              12,008     12,115    12,201 
 Net asset value per share, diluted         $     5.01      $3.77     $2.75 
----------------------------------------------------------------------------



Humboldt Financial Statements and Management's Discussion and Analysis for the
Year ended December 31, 2010 have been filed on SEDAR and can be found on
Humboldt's website at www.humboldtcapital.com.


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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