Simberi Mining Corporation

Simberi Mining Corporation

June 25, 2008 13:11 ET

Simberi Mining Corporation: Updated Kakanda Project Technical Report

TORONTO, ONTARIO--(Marketwire - June 25, 2008) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) announces that it has received a NI 43-101 compliant technical report on the Kakanda Copper-Cobalt project in the Katanga province in the Democratic Republic of Congo ("DRC"). The Kakanda project consists of extensive tailings deposits and hard rock resources known as the North and South pits. This report is an update to the original September 15, 2006 technical report prepared by MPH Consulting to reflect current copper and cobalt prices and revised capital and operating costs. The complete report has been posted on and

The resource assumptions for the Kakanda project are:

Tailings Deposit - Measured + Indicated Mineral Resources:

18.5 million tonnes averaging 1.2% Copper and 0.15% Cobalt (NI 43-101 Compliant)

North and South Pit Hard Rock Deposit - Historical Resources:

18.6 million tonnes averaging 3.19% Copper and 0.19% Cobalt (Not NI 43-101 Compliant)

The following table shows preliminary economic evaluations for the Kakanda Tailings Deposit project only, as additional exploration and analyses of the North and South Pit Hard Rock Deposits are required. The final joint venture terms for the Kakanda project including royalties, taxes and payback provisions are being negotiated with Gecamines, the DRC state owned mining company. It is anticipated overall project life and economics will be improved for the Kakanda project by including the North and South Pit Hard Rock Deposits.

Preliminary Copper Cobalt Capital Operating Before Internal
Economic Prices Prices Costs Costs Tax Net Rate
Evaluation US$ per US$ per US US Present Of Return
Case Lb Lb $Millions $ per ton Value US %
20% Dis.
Deposit $1.75 $13.00 $348 $27.80 $116.3 37%
2006 Base
Deposit $2.00 $15.00 $396 $30.97 $155.2 36%
2008 Base
Deposit $3.80 $48.00 $396 $30.97 $731.5 130%
2008 Spot
Metal Price

Simberi representatives are continuing negotiations with the DRC government officials and Gecamines to finalize the terms of the joint venture agreements for the development of the tailings and hard rock deposits. While uncertainties exist, both parties have committed to concluding discussions and formalizing the documentation in the near term.

As per the rules pertaining to NI 43-101 Resources and Reserves definitions:

The Kakanda North and South Pit Hard Rock Deposits are defined as historical resources based on information from prefeasibility and feasibility studies completed in 1997 by the geological consulting firm Steffen, Robertson and Kirsten and subsequently reviewed by MPH Consulting Limited. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. Simberi is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

The Kakanda Tailing Deposit is evaluated by a preliminary economic analysis based on mineral resources that are not mineral reserves that have a demonstrated economic viability.

The Qualifying Person who co-authored the Kakanda Technical Report and reviewed this press release is Howard Coates, on behalf of MPH Consulting Limited.

About Simberi:

Simberi Mining Corporation is a Canadian based international mineral development company that participates in early to mid stage properties with potential for economic resource valuations. Simberi's main development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo. Kakanda is a large copper/cobalt tailings and hard rock deposit in the Central African Copper Belt, an area with a long history of significant mineral production operations. 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.

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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