Simberi Mining Corporation
TSX VENTURE : SAU

Simberi Mining Corporation

June 16, 2008 17:44 ET

Simberi Announces Completion of Sale of Zutshan

TORONTO, ONTARIO--(Marketwire - June 16, 2008) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) announces today that Blackham Resources Limited ("Blackham") has completed its purchase of Zutshan Energy Pty. Ltd. ("Zutshan") from Simberi (40%) and its joint venture partner Domo Pty. Ltd. ("Domo") (60%) (Please refer to the press release dated April 22, 2008 for additional details and note the correction of the name of the purchased Company from "Zatshun" to "Zutshan"). In consideration for the purchase, Blackham has paid to Simberi and Domo an aggregate of $500,000, $100,000 of which was paid in cash (Simberi $40,000) and $400,000 was paid through the issuance of common shares of Blackham. The issue price of the common shares was $0.44 per share resulting in Simberi receiving 363,297 common shares of Blackham.

In addition to the $500,000 purchase price, Blackham is obligated to pay to Simberi and Domo an additional aggregate amount of $200,000 upon determination that the lignite project owned by Zutshan can proceed to commercial production. The $200,000 is payable through the issuance of common shares of Blackham which shares will be valued based on a five day trading average prior to their issuance.

Blackham is also entitled to purchase from Simberi, within six months of the determination to proceed to commercial production, the 1% gross revenue royalty which Simberi currently holds in respect of the entire property constituting the lignite project.

In connection with the transaction Simberi and Domo will pay a finder's fee to an independent third party in an aggregate amount of $25,000.

About Simberi:

Simberi Mining Corporation is a Canada-based international mineral development company that participates in early to mid stage properties with high potential for near term production. Simberi's main exploration project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo. This is a world class copper/cobalt deposit in the Central African Copper Belt. Simberi also has several projects in Australia; Lambina, and joint ventures on Mt. Sarah and Mt. Narlee projects are primarily located in the G-2 corridor within the Gawler Craton in South Australia, a host for the copper/uranium/gold Olympic Dam type deposits. The Merlot property located in the Mt. Margaret mineral field in Western Australia, covers a portion of the Sefton Lineament, a major structural feature that is host for copper, nickel and platinum group metals.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information