Simberi Mining Corporation

Simberi Mining Corporation

June 08, 2009 14:30 ET

Simberi to Acquire Gold Properties in Guyana

TORONTO, ONTARIO--(Marketwire - June 8, 2009) - Simberi Mining Corporation. (TSX VENTURE:SAU) ("Simberi") is pleased to announce that it has entered into a letter of intent ("LOI") with Lori Energy Inc., ("Lori"), to enable Simberi to acquire up to a 100% interest in Prospecting Licence: PL/35SE/02/07 called the Kaburi Licence encompassing 6,431 hectares located in the Mazaruni mining district of Guyana (the "Kaburi Licence").

The Kaburi Licence is located between the Main Kaburi River and West Kaburi River approximately 150 Km south southeast of the country's capital Georgetown. The property is approximately 35 kilometers northwest of the IAM Gold's Omai gold project. The project area is adjacent to and includes part of the Hicks Gold Zone that was explored between 1993 and 1995 by Cathedral Gold Corporation to identify a gold mineralized zone through trenching and drilling. The gold mineralization occurs in well defined gold rich lenses within shear zones along with quartz.

The parties intend to complete definitive documentation for the transaction after completing due diligence, following which Simberi will acquire a 100% unencumbered interest in the Kaburi Licence from Lori. Under the LOI, Simberi has agreed to pay $50,000 on or before September 30, 2009 to acquire the property.

Guyana is an emerging, politically stable South American country with resource potential in gold, diamonds, bauxite and oil and gas. It has a long history of gold production and new large prospective offshore oil fields are being explored by major international oil and gas companies.

Simberi has filed on April 30, 2009 and May 28, 2009, the Financial Statements and Management Discussion & Analysis reports for the year ended December 31, 2008 and first quarter ended March 31, 2009. These documents and other technical reports may be viewed at

Simberi announces it has granted to directors, officers and consultants of the Company, options to acquire 2,350,000 common shares of Simberi. The options are subject to a vesting schedule and exercisable at $0.10 for a period of 5 years from the date of grant and are subject to regulatory approval.

Simberi is continuing discussions with a number of prospective investors who are considering a direct investment into the Kakanda copper project in the Democratic Republic of Congo ("DRC"). The investors are conducting their due diligence regarding the project and operating in the DRC.

About Simberi:

Simberi Mining Corporation is a Canadian based international mineral development company that develops a portfolio of natural resource properties and companies. Investment strategies are implemented through property acquisitions and divestments, joint ventures, equity investments in private / public companies and other merchant banking strategies.

Simberi's main development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo that is held in a joint venture with Gecamines, the Congolese state mining company. This copper/cobalt deposit in the Central African Copper Belt is adjacent to the Tenke Fungurume project being developed by Freeport McMoRan Gold & Copper Company and Tenke Mining Corp.

The Kakanda project has a NI 43-101 report showing a measured and indicated resource of 18.5 million tonnes with an average grade of 1.2% copper and 0.15% cobalt for the tailings deposit. Adjacent hard rock deposits have a historical resource of 18.6 million tonnes at 3.19% copper and 0.19% cobalt.

Simberi also has three exploration projects in Australia and an interest in a uranium company that has a number of exploration projects; one is the Sunday Creek property that is adjacent to the Kintyre Uranium property currently being developed by Cameco. Two properties are located in the Gawler Craton in South Australia, the host for the copper/uranium/gold Olympic Dam type deposits. Another property is located in Western Australia and covers a portion of the Sefton Lineament, a major structural feature that is host for copper, nickel and platinum group metals.

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". Michael Newbury, P.Eng., is the qualified person who has reviewed this material on behalf of the Company. All dollar amounts are noted in Canadian dollars unless otherwise stated in this release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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