SOURCE: Simba Mines Inc.

May 04, 2005 16:17 ET

Simba Mines Inc. Commences Trading on OTC Market Under the Symbol SBAMF

BAY CITY, MI and TORONTO -- (MARKET WIRE) -- May 4, 2005 -- Simba Mines Inc. (OTC: SBAMF) advises that it is now listed on the US - OTC under the trading symbol SBAMF. The fully diluted capital is 18 335 000 shares with a float of 2 350 000 shares.

Simba's mission is to produce, as soon as feasible, 20 000 tons of copper each year, escalating to 40 000 tons p.a., from its Cachoeiras de Binga licence area in Angola. The present price of copper currently trades in excess of US $3000 per ton.

Simba will be a low-cost producer. Its licence area is near the coast close to the town of Sumbe with access to power and other infrastructure and its operating costs should not exceed $1,000 per ton.

The demand for copper is expected to remain strong, principally because of strong economic growth in Asia. Telecommunications, housing, transportation, transportation infrastructure and electricity all drive the need for copper. This will continue for the foreseeable future.

Simba's licence area covers 2245 sq miles of which 280 sq miles is known to be mineralized. Exploration of only 30 sq miles of this 280 sq miles has proven up 7.1 million tons, which at an estimated 2.14% grade of copper and a 70% recoverability rate equates to 106 358 tons. The inferred resources from this 30 sq miles area are another 50 million tons, generating the prospect of another 749 000 tons of copper.

About Simba

Simba is a Canadian company which holds, through its subsidiaries, an 80% interest in the Cachoeiras de Binga licence in Angola.

The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.

Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management, as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Simba Mines Inc. actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Simba Mines Inc. operations.

Contact Information