Simberi Mining Corporation

Simberi Mining Corporation

March 24, 2008 15:31 ET

Simberi Announces Increase in Ownership of Zanthus Property

TORONTO, ONTARIO--(Marketwire - March 24, 2008) - Simberi Mining Corporation ("Simberi"), (TSX VENTURE:SAU) announces today that Simberi and its joint venture partner Domo Pty Ltd. ("Domo") (See Press Release dated August 29, 2005) have revised their existing joint venture arrangement relating to Simberi's Zanthus project located in Western Australia.

The Zanthus project is located in the Dundas Mineral Field in the south-eastern part of Western Australia. In addition to the lignite deposit originally constituting the Zanthus project, Domo and Simberi have now acquired additional exploration ground adjacent to the original Exploration Tenement. The expanded Zanthus project area is covered by ELA E69/2506 located on the southwest margin of the Eucla Basin on the eastern flank of the Fraser Range, 220 kilometres south east of Kalgoorlie. The Basin is comprised of flat lying marine and continental sediments of Cretaceous and Tertiary age. Sediments in the project area range from 20 to 80 metres in thickness and overly metamorphosed igneous and sedimentary rocks of the Fraser Range metamorphic complex. Within these sediments are lignite layers up to 20 metres thick with an average of 12 metres. The overburden thickness varies from 15 to 27 metres, averaging 20 metres and consists of clay to sandy gilt by recent sands and clays.

Originally, pursuant to their joint venture arrangement, Domo held the right to earn up to a 100% interest, subject to a 1% royalty interest to be retained by Simberi, in the Zanthus lignite deposit. Following the acquisition of the additional exploration ground, Simberi and Zanthus have incorporated a new private company, Zutshan Energy Pty Ltd. ("ZEP"), to hold the exploration license relating to the entire property. Simberi and Domo now own 40% and 60%, respectively, of the outstanding shares of ZEP. In addition, Simberi will retain a 1% gross revenue royalty on the entire property. Both Simberi and Domo will be evaluating the resource base to a JORC Code (the Australasian Code for Reporting of Mineral Resources and Ore Reserves) compliant standard and reviewing the option for further exploration and evaluation of the larger property in view of the recent high prices for both oil and coal.

Previous exploration completed on the Zanthus project by The Griffin Coal Mining Company Ltd. has been successful in identifying the occurrence of lignite beds and is outlined in an Independent Geologist's Report (the "Maynard Report"). The Maynard Report was prepared in accordance with National Instrument 43-101 ("NI 43-101") and the author, Allen J. Maynard, is a Qualified Person as defined by NI 43-101. A copy of the Maynard Report is available on SEDAR ( as filed February 19, 2004.

In October 2006, Domo, as part of its exploration program, had a review and update of the Zanthus project completed by GHD Pty Ltd. prepared in accordance with JORC standards. It also examined the previous drilling on the property that totalled 5,130 metres, made up of 137 drill holes completed on a broad spaced drill pattern of a 10 kilometre x 1.0 to 2.5 kilometre grid. GHD determined the existence of a lignite deposit.

The Zanthus lignite deposit represents a potentially substantial energy resource which may be exploited in the future and with appropriate developments in technology could provide the raw material for the following types of industrial complexes: thermal power generation, oil extraction plants, petrochemical plants, coal conversion plants and cement manufacturing utilizing local limestone. It has also been demonstrated that parts of the deposit contain well above average amounts of a potentially valuable volatile fraction and Montan wax.

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 primary 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 exploration projects in Australia, being Lambina (wholly-owned) and its joint ventures on the Mt. Sarah and Mt. Narlee projects. These projects are located in the G-2 corridor within the Gawler Craton in South Australia, the host for copper/uranium/gold Olympic Dam type deposits. An additional property (Merlot) is located in the Mt. Margaret mineral field in Western Australia. This property 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.

Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.

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