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Simberi Equity Placement
February 9, 2009
Toronto, Ontario. February 9, 2009: Simberi Mining Corporation (“Simberi”) (TSX-V:SAU), is pleased to announce it has completed a private placement for gross proceeds of $ 65,000 through the sale of 6,500,000 non flow-through Common Shares at an issue price of $ 0.01 per share and 6,500,000 warrants to purchase Common Shares at an exercise price of $0.05 in the first year and $0.10 in the second year. All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date.
About Simberi:
Simberi Mining Corporation is a Canadian based international mineral development company that develops a portfolio of natural resource properties and companies.
Simberi's flagship development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo. Kakanda is a significant copper/cobalt deposit in the Central African Copper Belt with 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. Recently Simberi signed a Memorandum of Understanding with Gecamine, the state mining company to jointly develop Kakanda.
Simberi also has three exploration projects in Australia and an interest in a uranium company that is adjacent to Kintyre Uranium property being developed by Cameco. Two properties are located in the Gawler Craton that is host for the copper/uranium/gold Olympic Dam type 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". Michael Newbury, P.Eng., is the qualified person who has reviewed this material on behalf of the Company. All dollar amounts are noted in Canadian dollars unless otherwise stated in this release.
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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