Simba Mines to extract 20,000 tons of copper per year from Cuanza basin, Angola

26 April 2006

Luanda, Angola, 26 April – US company Simba Mines has concluded the first stage of exploration work at its Cachoeiras de Binga mine, in the Cuanza basin in Angola, which point to annual production capacity of 20,000 tons of copper, the company said.

The 547 samples collected in the first stage of exploration, to the North and South of the area previously explored are currently awaiting export authorization, and should reach Europe in the next few weeks, the company said in a statement released in Luanda.

The end of the first stage of exploration of the Cachoeiras de Binga project makes it possible to ” expand the known resources at Cachoeiras de Binga and to further Simba’s bankable feasibility study, “ which “will expedite the commencement of production,” a date for which has yet to be set, the company said.

The miens reserves are estimated at 57 million metric tons of copper.

Simba Mines has a stake of some 40 percent in this concession area.

Preliminary studies in the two other concessions Simba has in Angola – Benguela and Zenza – point to their being similar reserves to that of the Cuanza basin.

Potential revenue form Angolan projects, in which Simba is a partner of Rockbury, is of US$305 million.

Recently, Simba Mines announced it was merging its mining activities with Rockbury Properties, in order to speed up the development of its mines and take advantage of high copper prices on the international market. (macauhub)