Simberi Reorganizes Australian Property Portfolio
Wed Oct 8, 9:30 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - Oct. 8, 2008) - Simberi Mining Corporation ("Simberi"), (TSX VENTURE: SAU.V) announces today that the purchase agreement dated July 26, 2007 between Korab Resources Limited ("Korab") and Renaissance Corporation Pty Ltd., Simberi`s wholly owned Australian subsidiary, has been amended.
Simberi has agreed to complete the sale of its interest in exploration licenses EL 08/1378 and EL 08/1379 located in Western Australia for an immediate cash payment of A$5,000; and within 35 days will receive A$40,000 in fully paid ordinary shares of Korab at an issue price per share that will equal the average weighted trade price over the five trading days preceding such issuance.
This property is not included in a Simberi`s exploration plans and in view of the current capital market volatility the Board decided that the total sale should completed. Korab is a listed Australian public company that has capital gains potential with the recovery of the capital markets and renewed interested in small cap mineral development companies.
Simberi has also agreed to purchase the remaining 20% interest in the two Exploration Licenses 100 km east of the town of Laverton that cover approximately 900 sq. km. of the Merlot Project for A$50,000 cash and 1,000,000 common shares of Simberi. The vendor will retain a 2% net profit royalty.
The property has an extensive dyke swarm system that is associated with a major northwest/southeast lineament feature known as the Sefton Lineament. In addition three other major features lie spatially related to the west of the Sefton Lineament and are the Celia, Keith-Kilkenny and Laverton lineament. These zones and their adjacent shear and fracture systems have formed the conduits along which mineralization occurs and includes major nickel and gold deposits.
Due to total recent soil cover at the project location, there has been no systematic exploration carried out at the project area and the significance of the linear anomalies appears to have been overlooked. Zones of tension and possible compression are clearly evident in the newly acquired magnetic data set. Important dilation zones may once have existed that allowed the influx of mineralized fluids.
Two very old drill holes that appear to have tested discrete magnetic anomalies provided drill chips and samples collected at the surface were used for petrological studies. Most samples contained sericite, chlorite, serpentine and amphibole replacing the original magmatic minerals. Evidence of disseminated mineralization contain copper, nickel and platinum group elements along with volcanic glass and olivine suggests moderate hydrothermal alteration and in some cases, weak metamorphism in these zones on the property.
The acquisition will provide 100% ownership of the property to Simberi though it's wholly owned Australian subsidiary and the purchase also removes the obligation of Simberi to spend a further A$350,000 on exploration under the terms of the joint-venture agreement.
About Simberi:
Simberi Mining Corporation is a Canadian based international mineral development company that develops a portfolio of natural resource properties and companies. Investment strategies are implemented through property acquisitions and divestments, joint ventures, equity investments in private / public companies and other merchant banking strategies.
Simberi's main development 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 adjacent to the Tenke Fungurume project being developed by Freeport McMoRan Gold & Copper Company and Tenke Mining Corp. that is held in a joint venture with Gecamines, the Congolese state mining company. The Kakanda project has a NI 43-101 report for a tailings deposit with a measured and indicated resource of 18.5 million tonnes with an average grade of 1.2% copper and 0.15% cobalt. Adjacent hard rock deposits have a historical resource of 18.6 million tonnes at 3.19% copper and 0.19% cobalt.
Simberi also has three exploration projects in Australia and an interest in a uranium company that has a number of projects; one is the Sunday Creek property that is adjacent to Kintyre Uranium property being developed by Cameco. Two properties are located in the Gawler Craton in South Australia, the host for the copper/uranium/gold Olympic Dam type deposits. Another property is located in Western Australia and 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 noted in Canadian dollars unless otherwise stated in this release as Australian.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
James S. Hershaw
Simberi Mining Corporation
CFO & Vice President, Corporate/ Mineral Development
(416) 603-7200
(416) 603-9200 (FAX)
Email: info@simberimining.com
Website: www.simberimining.com |
