Simberi Gold Corporation: Press Release

TORONTO, Nov 15, 2004 (BUSINESS WIRE) --
Simberi Gold Corporation (TSX VENTURE:SAU) - Simberi Gold Corporation ("Simberi") announces that its major shareholder PGM Ventures Corporation ("PGM") (43%) is rationalizing the asset bases of both companies. Simberi is a gold mining company and will continue to focus on developing gold projects. PGM wishes to concentrate its efforts on base metals and the development of the Aguas Tenidas copper-zinc project in Spain.

Simberi and PGM have entered into discussions for Simberi to acquire all of PGM's Venezuelan gold assets. These consists of varying interests in: i) the Choco 6, Increible 14, Increible 16 concessions situated in the El Callao mining district, and ii) the Botanamo and Acarigua concessions, located approximately 25kms NE of Hecla's La Camorra Mine. All the holdings areas are located in Bolivar State in SE Venezuela.

The final terms of the transaction will be agreed in the final documentation as approved, by the two companies' boards. In addition, the transaction is subject to appropriate regulatory approval.

McFarlane Gordon has agreed to act as advisor and provide the fairness opinion for the proposed transaction.

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 Jim Voisin (519) 699-5352
Website: www.simberigold.com