Simberi/Mt Elephant Project

Simberi Gold Corporation (TSX VENTURE:SAU) ("Simberi") is pleased to announce that through its wholly owned Australian subsidiary Renaissance Corporation PTY LTD ("Renaissance") it has completed a joint venture arrangement with Korab Resources Limited ("Korab") on its Mt Elephant gold prospect in Western Australia. Korab can earn a 70% interest in the Mt Elephant properties by expending a minimum of A$40,000 in the next 12 months and a total of A $500,000 in exploration over a three year period. Korab will be the Manager of the Joint Venture and undertake and manage the exploration programs in cooperation with Simberi's subsidiary Renaissance.

The Mt Elephant project comprises two contiguous Exploration Licences (E08/1378 (10 blocks) and E08/1379 (18 blocks)) covering an area of 72 square kilometres in the Ashburton Mineral Field of Western Australia. The underlying geology consisting of the Asburton dolomites and limestones and the Capricorn sandstones, conglomerates and felsic volcanics that are considered prospective to host Carlin type gold deposits and volcanogenic massive sulphide base metal mineralisation. Previous exploration on the project area has been successful in locating mineralisation at the Mt Elephant gossan, and the Green Elephant and East Elephant prospects. The Mt Elephant gossan crops out as linear ridge 500 metres long and up to 15 metres wide. Rock chip sampling of the gossan has returned results including 29 g/t gold and +10% copper.

An independent report on the Mt Elephant property by Mr. A.J. Maynard (BappSc(Geol), MAusIMM, MAIG dated May 16, 2003 can be found on the company's SEDAR filings at www.SEDAR.com.

To find out more about Simberi Gold Corporation (TSX-V: SAU), please contact Norman Brewster at (416) 815-8666 or visit our website at www.simberigold.com.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained.

Simberi Gold Corporation (TSX VENTURE:SAU)

SOURCE: Simberi Gold Corporation

Simberi Gold Corporation Norman Brewster (416) 815-8666 www.simberigold.com

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