Simba Gold Corp.

Simba Gold Corp.

October 02, 2012 09:00 ET

Simba Appoints New CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2012) - Simba Gold Corp. (TSX VENTURE:SGD)(FRANKFURT:S7G) ("Simba" or the "Company") announces that effective immediately Mr. Igor Vishnevskiy has been appointed as President and Chief Executive Officer. Mr. Vishnevskiy is a director of the Company and he has been responsible for overseeing the present exploration program at its Miyove Gold Project in Rwanda that commenced in June 2012. Mr. Werner Ullmann is stepping down as President and CEO but will remain a director of Simba, actively overseeing the Company's new marketing and finance strategy.

"We are extremely pleased that Mr. Vishnevskiy has agreed to be Simba's President and CEO," says John Anderson, Simba's Chairman. "Mr. Vishnevskiy is very familiar with the Miyove Gold Project and with the historical work completed on the property. He and his team have established great relationships and knowledge with the surrounding community and Rwanda. He also has a tremendous amount of experience in the mining industry and the expertise he brings to this position will be of great value leading the Company on as it grows and expands. We look forward to working closely together with Mr. Vishnevskiy and the rest of Simba's management team to continue advancing our project in the most cost-effective manner."

Mr. Igor Vishnevskiy: An Established and Experienced Mining and Commodity Expert

Mr. Vishnevskiy has over 20 years' experience in the mining and finance industries, mainly focused in Russia and Africa. From 1996 to 2004 Mr. Vishnevskiy was head of Glencore International in Russia, one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers. He then held the position of President of Polar Mining until 2008, a nickel exploration Company located in the Murmansk region of Russia. Mr. Vishnevskiy has also been a director of Mining Resources Limited since 2009, a private investment company with various precious and base metal properties in Mauritania.

In 2004 Mr. Vishnevskiy started and remains President of Rogi Mining Limited ("Rogi"), whose principal asset was the Miyove Gold Project located in Rwanda. Following an agreement with Rogi, Simba completed its Qualifying Transaction with the Miyove Gold Project in 2011 with the right to purchase up to 100% of Rogi over a period of five years. Mr. Vishnevskiy has extensive knowledge and familiarity with the Miyove Project which will be an incredible asset to Simba as it moves the project forward.

In addition, Simba has retained the services of Purple Crown Communications Inc. ("Purple Crown") to oversee its investor relations activities. Simba will pay Purple Crown a monthly fee of $6,000. Except for the investor relations services agreement, Purple Crown does not have any interest, directly or indirectly, in Simba or its securities.

About Simba Gold Corp.

Simba Gold Corp. is an exploration Company focused on the development of quality gold assets in Rwanda, Africa. Simba owns 26% of Rogi Mining Limited ("Rogi") and has an option to purchase up to 100% over five years. Rogi owns three properties in Rwanda, with the principal asset being the Miyove Gold Project which comprises 2,937 hectares over the largest historic gold-producing area in the country.

On behalf of the Board of Directors

John Anderson, Chairman

Simba Gold Corp.

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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