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Feb 09, 2009 02:21PM
February 9, 2009
Simberi Equity Placement
TORONTO, ONTARIO--(Marketwire - Feb. 9, 2009) - Simberi Mining Corporation ("Simberi") (TSX VENTURE: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.
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.