Simberi Mining Corporation

Simberi Mining Corporation

April 30, 2007 16:57 ET

Simberi Mining Corporation: Press Release

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) announced today that it plans to issue its annual audited statements for the financial year ended December 31, 2006 and related management's discussion and analysis (the "Financial Statements") on or about May 30, 2007. The Financial Statements were previously due to be filed on or before April 30, 2007.

Pending the filing of its Financial Statements, Simberi intends to satisfy the alternative information guidelines recommended by the Ontario Securities Commission ("OSC") Policy 57-603 and Canadian Securities Administrators Staff Notice 57-301 (the "Guidelines"). As a result, directors, officers and insiders of Simberi will be subject to a management cease trade order until the date that the Financial Statements are filed or for a maximum interim period of two months from the date on which the Financial Statements were due. In the event that the Financial Statements are not filed by June 30, 2007, the OSC may impose an issuer cease trade order on Simberi. An issuer cease trade order may be imposed sooner by the OSC if Simberi fails to follow the Guidelines during the time that the management cease trade order is in effect.

The delay in filing is the result of delays in receiving information from a Congolese accounting firm hired by Simberi with respect to Simberi's Congolese operations. This information has now been received to the satisfaction of the management and Board, and the Financial Statements are being finalized for the Auditor review process and for approval by the Board.

The management cease trade order will not generally affect the ability of persons who have not been directors, officers or insiders of Simberi to trade securities of Simberi.

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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Simberi Mining Corporation
    Michael Newbury
    President and Chief Executive Officer
    (416) 603-7200