Simberi Mining Corporation
TSX VENTURE : SAU

Simberi Mining Corporation

April 22, 2008 10:00 ET

Simberi Sells Interest in Australian Lignite Project

TORONTO, ONTARIO--(Marketwire - April 22, 2008) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) announced today that Simberi (40%) and its joint venture partner Domo Pty Ltd ("Domo") (60%) have signed an agreement with Blackham Resources Limited ("Blackham")(ASX:BLK) to sell to Blackham all of the outstanding shares of Zatshun Energy Resources Pty Ltd. ("Zatshun").

Zatshun holds exploration tenements for a lignite project located in the Dundas Mineral Field in the south-eastern part of Western Australia (the "Lignite Project"). The terms of the transaction are:

1. Blackham has agreed to pay $10,000 to Simberi and Domo for an option for a period of two months to complete the purchase of Zatshun. During that time, Blackham will conduct its due diligence on the Lignite Project;

2. At closing, Blackham will pay to Simberi and Domo $500,000, of which $100,000 will be paid in cash and the balance of $400,000 will be paid in shares of Blackham which shares will be valued based on a five day trading average prior to closing;

3. Upon determination that the Lignite Project will proceed to commercial production, Blackham will pay to Simberi and Domo an additional $200,000 payable through the issuance of shares of Blackham which shares will be valued based on a five day trading average prior to their issuance;

4. Blackham will be entitled to purchase from Simberi, within six months of the determination to proceed to commercial production, the 1% gross revenue royalty which Simberi currently holds in respect of the entire property constituting the Lignite Project.

In addition Simberi and Domo will pay a finder's fee to an independent third party of $25,000, $5,000 of which will be payable upon signing the option and the balance upon completion of the purchase.

Simberi and Domo agree that this sale is of benefit to all parties as Blackham has other coal related activities and exploration tenements near the Zatshun property.

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 main 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 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information