SOURCE: Australian Forest Industries Inc.

February 07, 2007 08:00 ET

Australian Forest Industry Makes Announcement

BAY CITY, MI -- (MARKET WIRE) -- February 7, 2007 -- Australian Forest Industries Inc. (OTCBB: AUFI) announces that on January 12, 2007 it filed with the United States Securities and Exchange Commission a preliminary Information Statement, pursuant to Section 14(c) and Section 14(f)1 of the Securities Exchange Act of 1934 as amended, with respect to the following corporate matters:

Acquisition from Simba Mines Inc. (PINKSHEETS: SBAM) ("Simba") of its subsidiary Simbajamba Mines Ltd in consideration of (i) a convertible promissory note of the Company in favour of Simba in the amount of US$41,547,000 and ii) the taking over of the outstanding loan balances between Simba and Simbajamba Mines Ltd. totalling approximately US$1,400,000. The promissory note is convertible at the option of Simba into 5,193,375 shares of common stock of the Company post-consolidation.

Acquisition from Bongani International Group Limited ("BIG") of its subsidiary Rockbury Properties Ltd in consideration of (i) a convertible promissory note of the Company in favour of BIG in the amount of US$38,453,000 and (ii) the taking over of the outstanding loan balances between BIG and Rockbury Properties Ltd totalling approximately US$2,925,000. The promissory note is convertible at the option of BIG into 4,806,625 shares of common stock of the Company post-consolidation.

Following receipt and satisfaction of all comments from the Securities and Exchange Commission with respect to the Information Statement, the Company will mail the Form 14C to shareholders and the following steps will be implemented:

1) A reverse stock split of the Company's common stock on a 515.20136-for-1 basis reducing the Company's 257,600,680 common shares to approximately 502,000 common shares. This exact figure is dependant on rounding up of fractional shares resulting from the reverse stock split.

2) The change of name of the Company from Australian Forest Industries to "Zebra Copper Inc."

3) The closing of the acquisitions of Simbajamba Mines Ltd and Rockbury Properties Ltd. Following this closing the Company will own three projects in Angola:

i) an 80% interest in Cachoeiras de Binga Copper Project licence area,
ii) a 70% interest in the Benguela copper exploration licence area, and
iii) a 70% interest in the Zenza/Dondo copper exploration licence area.
4) The resignations of Colin W. Baird Vice President, Anthony R. Esplin Vice President and Roger Timms Vice President as directors of the Company and the appointment as new directors of the following:
    Ian Egan                    CEO
    David Furlong               Director
    Teddy Lourenco de Almeida   Director
    Luis Cupenala               Director
    Mark Smyth                  Director/Treasurer/Secretary
Forward-Looking Statements

This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provision of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future transactions or events, revenues, and performance. Forward-looking statements are subject to risk and uncertainties that may cause the Company's results to differ materially from expectations. These risks include the Company's ability to complete transactions, obtaining any regulatory approvals, having necessary financing in time to meet contractual obligations, developing appropriate strategic alliances, raising working capital, building a functional infrastructure, and other such risks as the company may identify from time to time. Accordingly, there is no certainty that the company's plans will be achieved.

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