Simba Gold Corp.
TSX VENTURE : SGD

Simba Gold Corp.

May 10, 2011 09:00 ET

Simba Announces Initial Drill Results From the Miyove Gold Project, Rwanda

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2011) - Simba Gold Corp. ("Simba" or the "Company") (TSX VENTURE:SGD) is pleased to report on the initial drill results from the Miyove gold project, which is owned by Rogi Mining Limited ("Rogi"), that the Company has an option to acquire. The Miyove gold project is located in northern Rwanda and comprises 2,937 hectares over the largest historic gold-producing areas in Rwanda. Highlights of the drill program to date include 24.69 metres averaging 0.61 grams per tonne (g/t) gold, including 7.54 metres grading 1.12 g/t gold in hole MY-11-02 and 1.21 g/t gold over 5.58 metres, including 2.15 g/t gold over 2.57 metres in hole MY-11-05.

In March 2010, the Company completed its Qualifying Transaction granting it the right to purchase up to 100% of the issued and outstanding shares of Rogi in exchange for a total of up to US$2.75-million in cash and the issuance of up to 5.7 million shares to Rogi's shareholders over a period of five years. Rogi mobilized a 3,000-metre drill program on the Miyove gold project in December 2010 and drilling commenced early in January 2011.

The Miyove gold project comprises three mineralized corridors, Karenda (furthest to the NW), Baradega (mid-way) and Masogwe (furthest to the SE) all of which lie along a northwest – southeast mineralized trend over a six kilometre stretch. Drilling to date has focused on the Karenda zone, an area of historic production, and in particular on gold mineralization beneath previous trenches (2006-2009), gold mineralization based on an approximation of the 1980s United Nation drilling and on geological targets. To date, 1,279 metres have been completed in ten holes, from five drill sites. Drilling has been difficult on the Karenda Zone due to strongly oxidized and weathered rock conditions, complications with old workings and limitations of the drill equipment. The Company has received assay results for holes 1, 2, and 4 and partial results for holes 3 and 5.

Table 1: Drill results from 2011 program
Hole #Length (m)From (m)To (m)Width (m)Au g/tSite
MY-11-0149.05No significant values (NSV)Site 1
MY-11-022403.6028.2924.690.61Site 2
Incl.16.0023.547.541.12
MY-11-03128.91.505.303.800.45Site 2
25.2449.2424.00Assays not received
MY-11-04200.70.0029.10Triconed, no sampleSite 2
29.1030.181.080.33
101.45102.000.550.29
MY-11-05167.61.002.701.700.89Site 1
77.0582.635.581.21
Incl.77.0579.622.572.15

The Miyove gold project is underlain by rocks of the central African Mesoproterozoic-aged Kibara orogen that extend from Katanga (Democratic Republic of Congo) in the south, to southern Uganda in the north. The Kibaran geology on the property consists of shale, siltstone, sandstone and rare conglomerate units. Mineralization is associated with multiple northwest-southeast-trending gold-bearing quartz veins and stockworks, and associated wall rock alteration comprising kaolinization and iron oxidation.

Rogi is well established in Rwanda, and complemented by contract personnel who have experience and knowledge in the country and the ability to conduct efficient and effective exploration programs. Samples were sawn and collected from the diamond drill holes and delivered by the Company to SGS Minerals Services, Mwanza, Tanzania. SGS undertook sample preparation and analysis for gold by fire assay (FA) with an atomic absorption finish (AA) on 30-gram samples. To date only gold assays have been received, however multi-element analysis will follow shortly.

The Miyove project has had a 43-101 geological Technical Report completed by J. Garry Clark, PGeo, with Clark Exploration Consulting of Thunder Bay, Ontario. Dr. A. Armitage, P Geol, is the qualified person and director, as defined by NI 43-101, for the Miyove gold project, and has reviewed the technical information in this release.

QA/QC

Diamond drill core samples are typically collected at 1.5 metre intervals. Shorter samples may be taken in areas where there is a change in geology. Longer samples may be taken in zones of poor core recovery. Split samples are placed in sample bags with sample tags and prepped for shipping.

A total of 764 core samples from five diamond drill holes were collected and shipped to SGS Minerals Services, Mwanza, Tanzania. Samples were analyzed for gold by fire assay (FA) with an atomic absorption finish (AA) on 30 gram samples.

The 2011 diamond drilling included the insertion of a "blank" and a duplicate sample into the sample stream for assay grade control. The "blank" samples are barren material taken from a kaolinite pit located along the side of a road on the property. One duplicate and one blank sample are inserted with every batch of 20 drill samples prior to shipment to ALS.

About Simba Gold Corp.

Simba is an African-focused gold exploration company with an option to acquire a company that owns gold exploration rights within the Gicumbi, Burera, Rusizi and Nyamasheke Districts, and nickel exploration rights within the Kirehe District of the Republic of Rwanda. Simba's principal property is the Miyove Gold Project located in the Gicumbi and Burera Districts.

Cautionary Statement Regarding Forward-Looking Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Simba's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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