Simberi Approval of Allied Transaction

Toronto – March 16, 2005 – Simberi Gold Corporation (TSX-V: SAU) – Simberi Gold Corporation (“Simberi”) announces that at a Special Meeting of Shareholders of Simberi of today’s date, the transaction between Allied Gold Limited and Simberi was approved by a majority of shareholders present. The transaction between Allied Gold Limited and Simberi deals with the sale of 37.5% of Simberi’s interest in the Simberi gold project on Simberi Island, Tabar Island Group, Papua New Guinea (see press release dated November 16, 2004 for details of the agreement).

To find out more about Simberi Gold Corporation (TSX-V: SAU), please contact Norman Brewster at (416) 815-8666 or visit our website at www.simberigold.com.

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 Inc. has neither approved nor disapproved the information herein contained.