Simberi Copper/Cobalt Reratification of Joint Venture With Gecamines

TORONTO, ONTARIO, Jan 12 (MARKET WIRE) --
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.

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 noted in Canadian
dollars unless otherwise stated in this release as Australian.

The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.

Contacts:
Simberi Mining Corporation
James S. Hershaw
CFO & Vice President, Corporate/ Mineral Development
(416) 603-7200
(416) 603-9200 (FAX)
Email: info@simberimining.com
Website: www.simberimining.com

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