Simberi Mining Corporation

Simberi Mining Corporation

September 24, 2007 11:06 ET

Simberi Options Project in Western Australia

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2007) - Simberi Mining Corporation ("Simberi"), (TSX VENTURE:SAU) announces today that it has entered into an Option to Purchase Agreement with Merlot Thoughts Pty Ltd ("Merlot"), through its wholly owned Australian subsidiary Novaking Pty Ltd. ("Novaking").

The agreement allows Simberi to purchase an 80% interest in Merlot, which is the holder of an 800 square kilometre property located in Western Australia by completing the following:

1. An A$100,000 payment for a six month option period and commitment to an A$40,000 exploration expenditure to conduct due diligence investigations;

2. If Simberi elects not to proceed, it will receive a repayment of the tenement fee of A$40,000;

3. If Simberi proceeds, it will pay the vendor A$100,000 and 300,000 common shares of Simberi;

4. The A$40,000 expenditure for due diligence will be included in the A$500,000 exploration commitment to be expended over a three year period from the date of exercise of the option;

5. Formal documentation will be completed after the option period.

This will result in Simberi having an 80% interest and leave Merlot with a residual 20% interest carried to expenditure of A$500,000 with a 2% net profit royalty to Merlot.

This Western Australia property is situated on the eastern margin of the Yilgarn Craton and is in a known greenstone region with numerous gold and nickel exploration projects in the near vicinity.

The Merlot Project lies over a portion of a large structural lineament which is thirty kilometres wide and several hundred kilometres long. At the Merlot location, preliminary geophysical interpretation has shown numerous North West trending linear magnetic features that model as near vertical intrusions of varying widths.

The Company believes that these intrusions are previously not recognized mantle tapping ultra basic intrusions which have potential for gold or nickel/platinum mineralization and particularly so at dilation points along the magnetic zones of interest.

About Simberi:

Simberi is a junior resource company focused on the exploration and acquisition of developed low cost precious and base metal projects internationally. The company's main exploration project is the Kakanda Project copper/cobalt project in that Democratic Republic of the Congo. On site exploration of this project is being managed by Amari Holdings Simberi's joint venture partner. Simberi is also involved in several joint venture projects in Australia primarily in the G-2 corridor that is the host for the Olympic Dam type copper/uranium/gold deposits.

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.

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