Simba Mines Completes Topographic Mapping
Sep 20, 2005 8:00:00 AM
BAY CITY, MI -- (MARKET WIRE) -- 09/20/05 -- Simba Mines Inc. (OTC: SBAM), advises that it has received the results of the "Soyuzkarta" topographic mapping contract which has been undertaken during the past three months.
The new map, at a scale of 1:25000 in digital and paper format will be used to upgrade the digital modeling of the Cachoeiras de Binga deposit, locate the geochemical and geophysical surveys planned for the next two months, and permit accurate location of the infill and exploration drilling program.
Commenting on the development, Dr. Michael Smith FIMM,C. Eng. consultant to Simba said, "This is a major step forward in recording and presenting the data for the work program and will accelerate the progress towards a working mine."
About Simba
Simba holds through its subsidiaries, an 80% interest in the Cachoeiras de Binga licence covering 3615 sq. km in Angola, through its wholly owned subsidiary Sociedade Mineira Simba Jamba LDA. Work to date has established a measured and inferred resource of 58.1 million tonnes at 2.14% copper which is a contained copper resource of 1.3+ million tonnes. The sharing split is Simba 80% and Angolan nationals 20%.
Mining of the resources will be undertaken through conventional heap leaching plus solvent extraction electro mining SXEW to produce LME grade copper cathode.
Initial plant production capacity is planned to be 20,000 tonnes per annum (approximately 44 million lbs) with capital costs estimated at US $35 million. Following upgrading confirmation of the geological resource, it is anticipated that the plant capacity will be increased in Year 3 to 40,000 - 50,000 tonnes per annum (approximately 88 - 110 million lbs of copper). The mine is located near the coast with much infrastructure already in place.
Forward-Looking Statements
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management, as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Simba Mines Inc.'s actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Simba Mines Inc.'s operations.
Contact:
Simba Mines Inc.
www.simbamining.com
1 989-891-1274
Investor Relations
Greg Thaggard
Tel: 1 613-226-5211
