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Simberi Grants Options To Officers & Directors
October 24, 2008
Toronto, Ontario. October 24, 2008: Simberi Mining Corporation (“Simberi”), (TSX-V:SAU) announces that subject to regulatory approval, it has granted 5,100,000 incentive stock options to two officers, five directors and two consultants of the Company. The stock options, which vest quarterly over an 18 month period, are exercisable at a price of $0.10 for a period of 5 years from the date of grant.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Simberi Mining Corporation
James S. Hershaw
CFO & Vice President, Corporate/ Mineral Development
T: (416) 603.7200 F: (416) 603.9200
E: info@simberimining.com W: www.simberimining.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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