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Message: Announces Private Placement

Announces Private Placement

posted on Jan 23, 2009 12:51PM
January 23, 2009
Simberi Announces Private Placement
TORONTO, ONTARIO--(Marketwire - Jan. 23, 2009) - Simberi Mining Corporation ("Simberi"), (TSX VENTURE:SAU) announces that it will be offering a private placement with the following terms:

OFFERING:               Private placement of units of Simberi (the "Units")
                        consisting of common shares in the capital of 
                        Simberi (the "Common Shares") at $0.01 per share and
                        warrants to purchase Common Shares at an exercise 
                        price of $0.05 in the first year and $0.10 in the 
                        second year (the "Warrants"). The expiry date for 
                        the exercise of the Warrants will be accelerated in
                        the event that the Common Shares trade at or above
                        $0.07 in the first year or $0.13 in the second year
                        for a period of five consecutive trading days.
                        Commissions may be paid to placement advisors.

ISSUE PRICE:            CDN$5,000 per unit, which consists of 500,000
                        Common Shares and 500,000 Warrants. Minimum purchase
                        of one unit or $5000.

ISSUE SIZE:             A maximum offering of CDN$500,000 (the "Offering").

HOLD PERIOD:            The Common Shares and the Warrants will be subject 
                        to a four month hold period.

SELLING JURISDICTIONS:  The Units will be offered by way of applicable 
                        private placement exemptions in all of the provinces
                        of Canada and to certain international subscribers 
                        with the exception of the United States 
                        (collectively, the "Subscribers").

CLOSING DATE:           January 30, 2009 or such other date as mutually 
                        agreed upon between the Corporation and the 
                        Subscribers (the "Closing Date").
Contact Mike Newbury, CEO at [email protected] or James Hershaw, CFO at [email protected] for additional details regarding the private placement.

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 world class copper/cobalt deposit in the Central African Copper Belt with a NI43-101 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.
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