Simberi to Acquire Gold Properties in Guyanaadmin
Simberi Mining Corporation, a Canadian based international mineral development company that develops a portfolio of natural resource properties and companies announce that it has entered into a letter of intent with Lori Energy Inc., to enable Simberi to acquire up to a 100% interest in Prospecting Licence: PL/35SE/02/07 called the Kaburi Licence encompassing 6,431 hectares located in the Mazaruni mining district of Guyana.
The Kaburi Licence is located between the Main Kaburi River and West Kaburi River approximately 150 Km south southeast of the country’s capital Georgetown. The property is approximately 35 kilometers northwest of the IAM Gold’s Omai gold project. The project area is adjacent to and includes part of the Hicks Gold Zone that was explored between 1993 and 1995 by Cathedral Gold Corporation to identify a gold mineralized zone through trenching and drilling. The gold mineralization occurs in well defined gold rich lenses within shear zones along with quartz.
The parties intend to complete definitive documentation for the transaction after completing due diligence, following which Simberi will acquire a 100% unencumbered interest in the Kaburi Licence from Lori. Under the LOI, Simberi has agreed to pay $50,000 on or before September 30, 2009 to acquire the property.
Guyana is an emerging, politically stable South American country with resource potential in gold, diamonds, bauxite and oil and gas. It has a long history of gold production and new large prospective offshore oil fields are being explored by major international oil and gas companies.
Simberi has filed on April 30, 2009 and May 28, 2009, the Financial Statements and Management Discussion & Analysis reports for the year ended December 31, 2008 and first quarter ended March 31, 2009. These documents and other technical reports may be viewed at www.sedar.com.
Simberi announces it has granted to directors, officers and consultants of the Company, options to acquire 2,350,000 common shares of Simberi. The options are subject to a vesting schedule and exercisable at $0.10 for a period of 5 years from the date of grant and are subject to regulatory approval.
Simberi is continuing discussions with a number of prospective investors who are considering a direct investment into the Kakanda copper project in the Democratic Republic of Congo (“DRC”). The investors are conducting their due diligence regarding the project and operating in the DRC.