Simba Gold Corp.

Simba Gold Corp.

May 04, 2011 14:40 ET

Simba Gold Appoints Peter Miles as President and CEO; Allan Armitage as Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - Simba Gold Corp. ("Simba" or the "Company") (TSX VENTURE:SGD) has added new management and directors as it moves ahead with its exploration plans in Africa.

The Company has appointed Peter Miles as President and Chief Executive Officer; he has also joined the board of directors. Mr. Miles is a director of the Gamehost Income Fund, the Vancouver Aquarium and Marine Science Centre, Guerrero Exploration Inc., and is the founder and President and CEO of Sanatana Resources Inc. Mr. Miles has raised over $75,000,000 for a variety of companies, primarily in the natural resource sector. At an early stage, Mr. Miles identified and financed Roughrider Uranium. Subsequently Mr. Miles structured and assisted Hathor Exploration in its acquisition and financing of Roughrider Uranium that ultimately led Hathor to its key discovery in the Athabasca uranium region of Saskatchewan. Mr. Miles has more than 25 years' experience in investment banking and retail stock brokerage and was previously a Vice President of Midland Doherty Inc., Dean Witter Reynolds, and CIBC World Markets.

The Company's board has also appointed Allan Armitage as an independent director of the Company. Mr. Armitage is geologist with over 20 years of experience in the mining and exploration industry and his appointment brings geological expertise to the board as the Company focuses on its Miyove gold project in Africa.

Mr. Armitage is currently a senior geologist with GeoVector Management Inc., which provides resource evaluation and estimation and project management for resource companies. Prior to his current position, Mr. Armitage served as vice president of exploration for both Uranium North Resources and Triex Minerals Corp., and has held senior positions for a number of mining exploration companies with properties in North and South America. His experience includes managing all geological and geophysical aspects of exploration including, the implementation of exploration and drilling programs, preparing technical reports and managing quality assurance on properties.

Mr. Armitage has a PhD in geology from the University of Western Ontario and is an active member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta. He is a Qualified Person, as defined by National Instrument 43-101, and has experience working in Canada, Mexico and Honduras.

Bijay Singh has joined the Company as Vice President of Business Development. For over ten years, Mr. Singh has worked with public and private companies providing services in the areas of corporate finance, product and business development, corporate negotiations and coordinating public relations. Mr. Singh previously worked with one of the largest financial services companies in North America providing long-term financial strategies for both individuals and businesses.

Simba has accepted the resignations of Quinton Hennigh and Sokhie Puar from the board of directors and thanks them for their efforts in overseeing the Company's Qualifying Transaction.

Simba also announces that it has adopted a new stock option plan. Shareholders approved the plan at the Company's annual general meeting held on April 20, 2011. Under the stock option plan, a maximum of 10% of the issued and outstanding shares of the Company will be reserved at any time for issuance on the exercise of stock options.

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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