Simberi Mining Corporation is a Canada based international mineral development company that participates in early to mid stage properties with high potential for near term production. Simberi's primary mineral development project is the Kakanda Copper/Cobalt project (Simberi 51%) in the Democratic Republic of the Congo (“DRC”). This is a world class copper/cobalt deposit in the Central African Copper Belt. The Kakanda project has a NI 43-101 compliant report that details significant copper and cobalt resources within old tailings and associated hard rock mineralization.
Simberi also participates in several projects in Australia. The joint ventures on Mt. Sarah and Mt. Narlee projects (Simberi 60%) and the Lambina project (Simberi 100%) are located in the G-2 corridor within the Gawler Craton in South Australia, a host for the copper/uranium/gold Olympic Dam type deposits. The Merlot property (Simberi 100%) is located in the Mt. Margaret mineral field in Western Australia covers a portion of the Sefton Lineament, a major structural feature that is host for copper, nickel and platinum group metals.
2008 Highlights
Negotiations to finalize the joint venture agreement with Gecomines (The State mining company) for the development of the Kakanda copper/cobalt project (the Company’s main project), are currently continuing with the Democratic Republic of Congo government officials. In addition the Company completed an updated 43-101 compliant technical report on the Kakanda Copper/Cobalt project in the Katanga province of the Democratic Republic of Congo.
The Company agreed to complete the sale of its interest in the Mt. Elephant property located in Western Australia. Simberi received $ 5,000 in cash and 400,000 shares of Korab Resources, an ASX listed company. Previously Simberi had received a A$25,000 option payment.
The Company agreed with its joint venture partner Domo International (“Domo”) to sell the Zanthus lignite deposit to Blackham Resources Limited and ASWX listed company. The sale was completed that resulted in Simberi receiving cash of $40,000 and 363,297 shares of Blackham.
The Company purchased the remaining 20% interest in the two Exploration Licenses of the Merlot Project to hold a 100% interest in the property. The property has an extensive dyke swarm system that is associated with a major northwest/southeast lineament feature known as the Sefton Lineament.
The Company has agreed in principle to c the sale of the Lambina property located in South Australia and has agreed to an option with Raisama Pty Ltd. Raisama is a new company that is consolidating an number of uranium potential properties and proceeding for a listing on the ASX. The value of Lambina has been established at $1.0 million and Simberi will receive that value in shares of Raisama on completion of the transaction.
The Company received the completed Aboriginal Work Clearance Surveys on both the Mt. Sarah and Mt. Narlee Properties in South Australia. The Company is conducting exploration on the high potential zones on these properties.
On June 27, 2008 the Company held its Annual and Special Meeting of Shareholders where it approved its board of directors, its auditors and re-approved its stock option plan.
On March 6, 2008 the Company announced that its agreement with Amari Holdings Ltd. relating to the development of the Company 's interest in the Kakanda copper/cobalt project in the Democratic Republic of Congo has been terminated.
|
Property |
Ownership |
Minerals |
Africa |
Kakanda |
51-70% |
Copper/Cobalt |
Australia |
Lambina |
100% |
Gold/Uranium/Copper |
|
Merlot |
100% |
Nickel/Copper/Platinum |
|
Mt. Sarah |
60% |
Gold/Uranium/Copper |
|
Mt. Narlee |
60% |
Gold/Uranium/Copper |
