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 SIMBERI MINING CORPORATION (SAU.V)

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cvac01
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Registration date : 2008-03-29

PostSubject: Re: SIMBERI MINING CORPORATION (SAU.V)   Thu Jun 26, 2008 11:34 pm


Simberi values Kakanda deposit at $731.5-million (U.S.)

2008-06-25 13:37 ET - News Release
Mr. James Hershaw reports
SIMBERI MINING CORPORATION: UPDATED KAKANDA PROJECT TECHNICAL REPORT
Simberi Mining Corp. has received a National Instrument (NI) 43-101-compliant technical report on the Kakanda copper-cobalt project in the Katanga province in the Democratic Republic of Congo (DRC). The Kakanda project consists of extensive tailings deposits and hard rock resources known as the North and South pits. This report is an update to the original Sept. 15, 2006, technical report prepared by MPH Consulting Ltd. to reflect current copper and cobalt prices, and revised capital and operating costs.
The resource assumptions for the Kakanda project are:

  • Tailings deposit minus measured plus indicated mineral resources:

    • 18.5 million tonnes averaging 1.2 per cent copper and 0.15 per cent cobalt (NI 43-101 compliant);

  • North and South pit hard rock deposit minus historical resources:

    • 18.6 million tonnes averaging 3.19 per cent copper and 0.19 per cent cobalt (non-NI 43-101 compliant).

The table shows preliminary economic evaluations for the Kakanda tailings deposit project only, as additional exploration and analyses of the North and South pit hard rock deposits are required. The final joint venture terms for the Kakanda project, including royalties, taxes and payback provisions, are being negotiated with Gecamines, the DRC state-owned mining company. It is anticipated overall project life and economics will be improved for the Kakanda project by including the North and South pit hard rock deposits.

PRELIMINARY ECONOMIC EVALUATIONS FOR THE KAKANDA TAILINGS DEPOSIT PROJECT

Preliminary Copper Cobalt Capital Operating Before Internal
economic prices prices costs costs tax net rate
evaluation U.S.$ per U.S.$ per U.S. U.S.$ present of return
case lb. lb. $millions per ton value U.S. (%)
$millions
20% discount
Tailings
deposit $1.75 $13.00 $348 $27.80 $116.3 37%
2006 base
case

Tailings
deposit $2.00 $15.00 $396 $30.97 $155.2 36%
2008 base
case

Tailings
deposit $3.80 $48.00 $396 $30.97 $731.5 130%
2008 spot
metal price


Simberi representatives are continuing negotiations with the DRC government officials and Gecamines to finalize the terms of the joint venture agreements for the development of the tailings and hard rock deposits. While uncertainties exist, both parties have committed to concluding discussions and formalizing the documentation in the near term.
As per the rules pertaining to NI 43-101 resources and reserves definitions: the Kakanda North and South pit hard rock deposits are defined as historical resources based on information from prefeasibility and feasibility studies completed in 1997 by the geological consulting firm Steffen, Robertson and Kirsten, and subsequently reviewed by MPH Consulting. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. Simberi is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
The Kakanda tailing deposit is evaluated by a preliminary economic analysis based on mineral resources that are not mineral reserves that have a demonstrated economic viability.
The qualifying person who co-authored the Kakanda technical report and reviewed this news release is Howard Coates, on behalf of MPH Consulting.
We seek Safe Harbor.
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cvac01
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PostSubject: SIMBERI MINING CORPORATION (SAU.V)   Thu Jun 26, 2008 11:30 pm

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