Simberi Gold Corporation

Simberi Gold Corporation

October 24, 2005 17:17 ET

Simberi Gold Corporation: Press Release

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2005) - Simberi Gold Corporation (TSX VENTURE:SAU) - The Corporation is pleased to announce that it has entered into a Letter of Intent with Firebird Global Master Fund Ltd. and Kershner, Grosso & Co. to acquire their combined interest in common shares in the New Congo Resources Development Company Inc. ("New Congo"), a corporation that has natural resource projects in the Democratic Republic of Congo ("DRC").

Subject to due diligence, Simberi will purchase 400,000 common shares of New Congo representing 66.6% equity ownership (on a fully diluted basis) of the company for C$100,000 cash and an assumption of US$900,000 in exploration/development obligations. The balance is held by Quartern Holdings Ltd.

New Congo currently holds a 51% interest in the Kakanda North and the Kakanda South copper and cobalt projects located in the DRC. Gecamines, the national mineral company of the DRC, holds the remaining 49% interest. New Congo is discussing the potential to increase its ownership to 80%.

The Kakanda project is located approximately 150 kilometers northwest of Lumbumbashi in the main copper cobalt zone in the province of Katanga. The area also includes other major developments such as Tenke Fungurume (Tenke Mining Corp.) and the Kolwezi Tailings Project (Adastra Minerals).

Simberi Gold Corporation is a junior resource company focused on the exploration and acquisition of developed low cost precious and base metal projects internationally. The Corporation's objective is to aggressively explore the potential for invest in a number of precious and base metal properties with the potential to become a metal producer.

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 news release.

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