Simberi Mining Corporation

Simberi Mining Corporation

November 06, 2007 09:58 ET

Simberi Mining Announces Results of Ground Geophysical Survey in Australia

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2007) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) announced today that it has received a more detailed interpretation of the airborne magnetic and gravity surveys conducted on its Lambina project in Australia. The 100% owned property consists of two Exploration Licenses (ELA 301/07 and EL 3566) totaling 1134 sq km located approximately 65 km northeast of Marla, South Australia.

The additional review is subsequent to the results in the June 28, 2007 Press Release. The Company's consultant reviewed the Lambina gravity and regional magnetic data with a view to confirming the best drill hole locations. There is good correlation for both anomaly LB-02 and LB-03 between the Bouguer Anomaly ("BA") and the Analytic Signal of the Total Magnetic Intensity ("TMI") strongly suggesting a common source body. The magnetic models give somewhat deeper interpreted depths as has sometimes been found for other Olympic Dam type targets. However, the target may be deeper than the 200 m or so previously interpreted from the gravity results.

While the magnetic models have provided confirmatory information, the anomalies are fairly complex. Gravity responses tend to be simpler and the main mass excess should be found directly below the peak of the Bouguer Anomaly.

Anomalies LB-02 and LB-03 appear to be the best coincident magnetic/gravity targets in the area covered by the detailed gravity survey. The regional gravity shows a strong increase of gravity going eastwards that may mask more subtle, discrete anomalies. Accordingly to reduce the effect of the gradient and look for other coincident targets the first vertical derivative of the BA was calculated and overlaid with the Analytic Signal of the TMI.

The results of this analysis confirm that anomalies LB-02 and LB-03 continue to have a high priority and that the drill program should be targeted at a depth below 200 metres to assure hitting the target. In addition the analysis identified an additional anomaly (LB-04) to the north east of LB-02. This target has a similar but not as strong a geophysical signature and is also recommended for drilling.

The gravity survey was conducted by Haines Surveys using a Scintrex CG-3M Autograv Gravity Meter which can read to better than 0.01 milligals and read in closed loops as regularly as possible. All downloading and processing of the gravity data is highly automated and fully integrated with the GPS solutions. All observations are reduced to Bouguer Anomalies at a density of 2.67 and connected to the Australian National Gravity Grid. The results were analyzed by Barrett Geophysical Exploration Consultants Pty Ltd., Frenchman Bay, West Australia. Doug Barrett is a Qualified Person under the Australian Code who was responsible for the review and analysis of the geophysical data.

About Simberi:

Simberi is a junior resource company focused on the exploration and acquisition of developed low cost precious and base metal projects internationally. The company's main exploration project is the Kakanda Project copper/cobalt project in that Democratic Republic of the Congo. On site exploration of this project is being managed by Amari Holdings Simberi's joint venture partner. Simberi is also involved in several joint venture projects in Australia primarily in the G-2 corridor within the Gawler Craton in South Australia that is the host for the copper/uranium/gold Olympic Dam type deposits.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.

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