SOURCE: Simba Mines Inc.

March 30, 2007 08:30 ET

Simba Mines Terminates Agreement With Australian Forest Industries and Negotiates With Zebra Copper plc in Lieu

BAY CITY, MI -- (MARKET WIRE) -- March 30, 2007 -- Simba Mines Inc. (PINKSHEETS: SBAM) announces that on March 24, 2007 Simba Mines Inc. and Bongani International Group Limited and Australian Forest Industries mutually agreed to terminate their agreements to sell their copper interests to Australian Forest Industries.

In lieu thereof Simba Mines Inc. and Bongani International Group Limited will be selling their copper assets to a United Kingdom company, Zebra Copper plc. Details of the new arrangements will be released shortly.

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, sales of products 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 the transactions, which remains subject to a due diligence review by both parties, 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 and discuss from time to time. Accordingly, there is no certainty that the company's plans will be achieved.

Contact Information

  • Contact:
    Clinton Joseph
    613 226 5211