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Message: Cobalt Reratification of Joint Venture With Gecamines
| January 12, 2009 |
| Simberi Copper/Cobalt Reratification of Joint Venture With Gecamines |
| TORONTO, ONTARIO--(Marketwire - Jan. 12, 2009) - Simberi Mining Corporation ("Simberi"), (TSX VENTURE:SAU) announces that Generale des Carrieres et des Mines ("Gecamines") and Simberi's wholly owned subsidiary PTM Minerals (Cayman) ("PTM") have signed a Memorandum of Understanding ("MOU") based on their 1997 agreement that will be the basis to establish a joint venture Kakanda Mining Development ("KMD") to exploit the Kakanda tailings deposit. This MOU is in accordance with the government of the Democratic Republic of the Congo ("DRC") Mining Revisitation Program. The MOU signed on Thursday December 18, 2008 will allow PTM to be KMD's major shareholder with between 51% and 70%. The final holding will be confirmed after the updating of the feasibility study that is expected to be completed within six (6) months following the signing of this MOU. The New Feasibility Study will also incorporate the additional tailings deposited on the site since the original feasibility study completed in 1997. The Board of KMD will have five members, three appointed by PTM and two appointed by Gecamines. KMD will be the joint venture entity for overview management of KMD's development and operation of the Kakanda project. Accordingly, PTM and Gecamines will sign after January 12, 2009 the "Reviewed Accord" that is replacing the "1996 Preliminary Accord" to comply with all the Government's regulations. Once the "Reviewed Accord" is signed, PTM receive in full title and rights to the Kakanda tailings and will pay to Gecamines the "Pas de Porte" (Signing Bonus). This payment is based on the tonnes of contained copper in the tailings and is anticipated to be US$30.00 per tonne of copper. Gecamines will also retain a royalty between 1.5% and 2.5% of net revenues. Gecamines will allow PTM to include all additional tailings produced from the Kakanda Concentrator to extend the operating life of the project. The technical feasibility and economic viability of the existing tailings was confirmed by the existing Feasibility Study presented to Gecamines in 1997. Subsequently, Simberi had an independent NI 43-101 report review the feasibility and upgrade the resource estimate in early 2007. This report confirmed the results of the original feasibility. The hard rock resources that were to be developed after the tailings had been mined are not included in this MOU but are the subject of continuing discussion with Gecamines to complete a mutually agreeable arrangement for the development and exploitation of those resources. The provisions of this MOU and the original 1997 agreement will be integrated into the merged JV document that will set out the final terms of the KMD joint venture. Both Gecamines and PTM have agreed to maintain dialogue on the availability of other properties that may contain additional resources as the project progresses. The Mining Revisitation Program was set up to review all the foreign mining licenses in the DRC and to assure compliance with all State laws and regulations. The Revisitation Commission carried out the governmental decision of 20 April 2007 concerning 60 mining contracts between the Congolese state-owned companies and private enterprises. The Commission had to audit the contracts and assess their impact on the DRC's public companies and on national development. It was also mandated to formulate recommendations for an eventual revision of the contracts and to repair imbalances. The Commission, composed of a team of senior advisors from the relevant DRC Ministries as well as witnesses from civil society, undertook the review as a dedicated exercise designed to maximize the benefits of the country's natural resources for its people, and at the same time to ensure the sustainable participation of the mining companies and their investors, while creating a stable and regulated environment for the DRC mining sector. Mike Newbury, President and CEO of Simberi stated: "We very pleased with this MOU; it updates our previous agreement with Gecamines and forms a proper frame work for both parties to work co-operatively to develop the Kakanda project. It addresses all outstanding matters affecting our original joint venture as well as the requirements of the Mining Revisitation Program. We look forward to a continuing working relationship with Gecamines to proceed in a timely manner on the project". About Simberi: Simberi Mining Corporation is a Canadian based international mineral development company that develops a portfolio of natural resource properties and companies. Investment strategies are implemented through property acquisitions and divestments, joint ventures, equity investments in private / public companies and other merchant banking strategies. Simberi's main development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo. This is a world class copper/cobalt deposit in the Central African Copper Belt adjacent to the Tenke Fungurume project being developed by Freeport McMoRan Gold & Copper Company and Tenke Mining Corp. that is held in a joint venture with Gecamines, the Congolese state mining company. The Kakanda project has 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. Simberi also has three exploration projects in Australia and an interest in a uranium company that has a number of projects; one is the Sunday Creek property that is adjacent to Kintyre Uranium property being developed by Cameco. Two properties are located in the Gawler Craton in South Australia, the host for the copper/uranium/gold Olympic Dam type deposits. Another property is located in Western Australia and covers a portion of the Sefton Lineament, a major structural feature that is host for copper, nickel and platinum group metals. |
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