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Simberi Sells Australian Mt. Elephant Property
July 26, 2007
Toronto, Ontario July 26, 2007: Simberi Mining Corporation (“Simberi”) (TSXV: SAU) announced today that it has sold its interest in the Mt Elephant exploration license areas to Korab Resources Limited of Australia.
Simberi through its wholly owned Australian subsidiary Renaissance Corporation Pty Ltd. has sold its interest in EL 1378 and EL 1379 located in Western Australia for:
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A immediate cash payment of $50,000;
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Annual payments of $25,000 to total $125,000;
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Simberi will retain a 10% net smelter royalty interest in any production from the property; and
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If a bankable feasibility is not completed within five years the property will revert back to Simberi.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Simberi Mining Corporation
Mike Newbury, President and CEO
P: (416) 603-7200
F: (416) 603-9200
Email: info@simberimining.com
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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