PERTH, Western Australia, Aug. 19 /CNW/ - Emerging copper producer Tiger
Resources Limited (ASX / TSX: TGS) ("Tiger" or the "Company") is pleased to
announce further significant resource diamond drilling results from the Kileba
Copper Deposit, located within the boundaries of the Kipoi Project.

<<
HIGHLIGHTS

Significant Drill Intersects

KLBDD009: 136.5m @ 0.7% Cu, including 7m @ 11.8% Cu and
9.0m @ 8.5% Cu

KLBDD011: 48.5m @ 2.7% Cu and 35.3m @ 2.5% Cu, including
6.0m @ 7.2% Cu

KLBDD012: 17.0m @ 1.8% Cu, 28.0m @ 1.6% Cu and
28.0m @ 1.2% Cu

KLBDD013: 70.5m @ 1.7% Cu

KLBDD015: 22.0m @ 1.3% Cu and 37.5m @ 2.4% Cu

KLBDD022: 46.9m @ 1.7% Cu and 51.9m @ 3.9% Cu

KLBDD024: 13.0m @ 2.4% Cu and 63.0m @ 1.0% Cu


- High grade copper mineralisation delineated over a strike length of
550m to a depth of over 200m.

- Mineralisation remains open along strike for a minimum of a further
800m.

- Further resource drilling planned to expand mineralisation.

- Initial resource estimate planned for fourth quarter 2008.

By: Liezel Hill
A new high-grade copper mine in the Democratic Republic of Congo's Katanga province could be in commercial production by 2011, International Barytex Resources (IBX) CEO Alf Hills said in Toronto on Thursday.
IBX has an option to earn an effective 65% in the Shituru project, which, if fully exercised, would give Chinese partner Megatrends Ever Noble about a 10% stake in the project and DRC State miner Gecamines will hold the remaining 25%.

A feasibility study on the project is being carried out by South Africa's Bateman Engineering, and is scheduled for completion by the end of the third quarter.
While the project won't win any prizes for scale, its high grades are what drew IBX's attention, Hills said.
According to a January 2008 scoping study, the project has an indicated resource of 7,9-million tons, at 4,4% copper, for a resource of 347 000 t of copper. Inferred resources currently stand at 2,2-million tons, at 2,7% copper, for 58 000 t of copper.
The scoping study envisaged a 34-million ton a year copper cathode operation with a nine-year mine life.
The feasibility study has focused on the low acid-consuming, higher grade ore during the initial years of production, which will keep costs low and processes simple, Hills said.
Capital costs were estimated at $228-million in the scoping study, although the feasibility study numbers will likely be larger.
The company has already had encouraging preliminary talks with potential funders, and will begin more formal discussions once the feasibility study has been finalised.

“Generally we find that it Europe and South Africa there's a lot of appetite to lend into the DRC....they're not afraid of the DRC,” Hills said.
The Shituru mine will require relatively little investment in infrastructure, and is accessible from an existing paved road.
The company has also signed a memorandum of understanding with the State power utility, and has begun negotiations towards an electricity-supply agreement.

TAKEOVER TARGET?

Hills said that, although the company would have to consider any takeover offer, either from its Chinese partner, which already owns about 6% of IBX, or another party, it remained focused on bringing Shituru to production.
“Our view would be that we believe that this is small enough to be developed by this company,” he commented.
“That said, if someone wants to make an offer ...we would have to consider it.”

MINING CONTRACT REVIEW: END IN SIGHT

Commenting on the mining contract review under way in the DRC, Hills echoed comments made last week by Anvil Mining CEO Bill Turner, that the process appeared to be heading towards a conclusion.
“We were advised in July that Gecamines would be sitting down with each of the people that they have contracts with, and discussing any amendments to the contracts and if that gets amicably concluded, the government will sign off on the contract. And if not, it will go to a tribunal in Kinshasa,” He said.
“It's still a bit painful, but at least we've got a process.”
IBX expects to hold discussion with Gecamines in September.
The DRC contains about a tenth of the world's copper reserves.

Editor: Liezel Hill

Upon completion of the Qualifying Transaction, Kilo's current management will assume management responsibilities for Blue Ribbon. Kilo will have the right to appoint up to six directors to the board of the resulting company. It is expected that those directors will include Peter Hooper, James Mustard, Jacques Bouchard, Jack Tindale and David Carbonaro. The incoming officers will be: Peter Hooper, President and Chief Executive Officer, Paul Andersen, Chief Financial Officer and David Carbonaro, Corporate Secretary. Moto Goldmines Limited ("MGL"), the company from which Kilo has acquired rights to certain of its properties in the DRC, including the Masters Property, currently owns 4,000,000 common shares of Kilo, or approximately 17.5 % of Kilo's issued and outstanding common shares. MGL will also be issued, prior to the closing of the Qualifying Transaction, such number of additional common shares of Kilo so that the number of Blue Ribbon Shares that will be held by MGL upon the completion of the Qualifying Transaction shall constitute 20% of the resulting public company's issued and outstanding common shares. The following are brief descriptions of the proposed directors and officers that will, collectively, assume management responsibility for Blue Ribbon upon completion of the Qualifying Transaction:

By Franz Wild

Aug. 28 (Bloomberg) -- Congo's government wants to more than double its stake in a joint venture with Freeport-McMoRan Copper & Gold Inc., which is developing one of the world's largest unexploited copper and cobalt deposits in the country.

The state wants to increase its share of the $1.9 billion Tenke Fungurume project to 45 percent, from the current 17.5 percent, Gaby Matshafu, deputy Chief of Staff at Congo's Mines Ministry, said in an interview late yesterday in Kinshasa. Lundin Mining Corp. owns a quarter of the venture.

Congo, which has a third of the world's cobalt and 4 percent of all copper, is seeking to boost revenue from mining by improving the terms of contracts with mining companies in the government's favor. Deals being scrutinized include those with Freeport McMoRan Copper & Gold Inc., the largest publicly traded copper producer, and AngloGold Ashanti Ltd., Africa's biggest gold miner.

The original Tenke Fungurume contract was concluded ``after an international call for tender,'' Matshafu said. ``They have to live up to their commitments.'' Freeport and Lundin will also be asked to increase their signing bonus to $250 million, from $100 million.

In 1996, when Lundin signed the original contract on Tenke Fungurume, the company agreed to pay a $250 million signing bonus and for the government to own a 45 percent stake. Those terms were amended in 2005, reducing the signing bonus to $100 million and Congo's shares to 17.5 percent. Freeport acquired 57.75 percent of the project when it bought Phelps Dodge Corp. last year. Lundin currently owns 24.75 percent of the project.

Mining-Contract Review

The government will today announce the terms of reference on which agreements with mining companies are to be renegotiated, Matshafu said.

The Mines Ministry's terms of reference will be based on a November 2007 report by a government commission, which studied the individual contracts and proposed changes, Matshafu said.

``At some points the ministry has left the commission's recommendations though,'' he said. The 2007 report suggested Congo reconstitute the terms of the original Tenke Fungurume agreement.

The state also wants to take majority stakes in projects that haven't submitted feasibility studies to the Mines Ministry, Matshafu said. At least sixteen of the 61 contracts being reviewed by the government have provided project proposals, he said.

``We said we want 51 percent for all those without a feasibility study,'' Matshafu said. ``Where there's already a functioning operation, we're not going to push in and disturb things.''

Freeport, Katanga, Anvil

Companies that have submitted feasibility studies to the Mines Ministry include Phoenix-based Freeport, Katanga Mining Ltd. of Canada and Australia's Anvil Mining Ltd. and Moto Goldmines Ltd., Matshafu said. Those agreements will remain largely unchanged, he said.

Freeport and Lundin are ``an exception,'' Matshafu said, referring to the government's plans to increase its stake in the Tenke Fungurume project. The ministry's terms are negotiable.

``The terms of reference are a guideline,'' he said. ``There's room for movement on either side.''

No one answered the phone when Bloomberg News contacted Freeport's head office in Phoenix outside regular business hours. An e-mail to the company seeking comment wasn't immediately responded to. Lundin spokesman Robert Eriksson was not immediately available for comment when contacted at the company's office in Sweden.

Last month, Freeport said it is cooperating with the government to resolve unspecified matters, while continuing with its project-development activities.

``Our mining contract was negotiated transparently and approved by the government of the DRC following extended negotiations, and we believe it is fair and equitable, complies with Congolese law and is enforceable without modifications,'' William Collier, Freeport's spokesman, said in an e-mailed response to questions on July 10.

To contact the reporter on this story: Franz Wild in Kinshasa via Johannesburg at pmrichardson@bloomberg.net.
Last Updated: August 28, 2008 07:50 EDT

"Moto Goldmines Limited is a gold exploration and development company. Their principal focus is to progress the Moto Gold project in the north-east region of the Democratic Republic of Congo. In February 2008, Moto reported over 25 million ounces of gold in its 70%-owned project. The company is chaired by Sir Sam Jonah, one of Africa's leading businessmen and non-executive president of AngloGold Ashanti Limited. The stock is currently at a two year low of approx $2.33, down from a recent peak of $6 in February. Currently at $200-million market capitalization, it is $100-million cheaper than the hopeless Crystallex in Venezuela."

LONDON (Thomson Financial) - Brinkley Mining Plc. said it will terminate its operations in the Democratic Republic of Congo (DRC) and Chad with immediate effect following a strategic review of its assets.

The company said that ceasing the operations in both countries is under way and should be complete by end-September.

Brinkley Mining said it does not expect this process to incur any material expenses.

For its first-half results, the company had written down the value of its Chad exploration assets by 550,000 pounds due to the findings of a review of the initial geological assumptions and the increased political profile for the country.

The company had also written down the value of its commercial rights and deferred exploration expenditure the DRC by a further 6.3 million pounds due to the uncertainty surrounding enforcement of the current agreements.

OKIMO or awakening of a giant mining gold

L'office des mines d'or de Kilo-Moto a débuté ses activités minières il ya plus d'un siècle. The Office of the gold mines of Kilo-Moto began its mining activities there are more than a century. Il est passé par toutes les révolutions technologiques, sous plusieures formes juridiques, il a produit plus de 500 tonnes d'or fin et a contribué considérablement à l'essor économique à l'aube du développement de la RDC. He went through all the technological revolutions in several legal forms, it has produced over 500 tons of gold and contributed significantly to economic growth at the dawn of the development of the DRC.

Plusieurs facteurs endogènes et exogènes sont à la base des contre-performances qui se sont succédées sur plusieurs années. Several endogenous and exogenous factors are the basis of performance against that succeeded over several years. Pour palier à cet état, l'OKIMO s'est résolu à se jeter avec détermination dans un programme ambitieux mais réaliste de relance des ses activités minières. To make up for this state, OKIMO was determined to throw himself vigorously in an ambitious but realistic to relaunch its mining activities. Pour réussir ce pari du développement l'OKIMO dispose d'un atout indéniable: sa banque de réserves aurifères qui ont la particularité d'être concentrées dans une seule province. To meet this challenge of developing OKIMO has an undeniable asset: its bank gold reserves that have the distinction of being concentrated in one province. Ces réserves mise à jour par ses propres efforts et avec le concours important de ses partenaires le place parmi les réserves importantes connues à travers le monde. These reserves updated by its own efforts and with the assistance of its important partners among the reserves known throughout the world.

Sur base de ses potentialités, l'OKIMO a mis en place une politique de redressement qui comprend: L'exploitation de rejets miniers (tailings) à haute teneur disséminés dans ses concessions; le partenariat avec d'autres sociétés minières pour développer les périmètres amodiés pour une exploitation d'or à grande échelle. On the basis of its potential, OKIMO has introduced a reform policy which includes: The exploitation of mining waste (tailings) high spread in its concessions; partnership with other mining companies to develop stores amodiés for a gold on a large scale. l'exploitation dans les périmètres non amodiés ainsi que l'exploitation dans les zones exclusives de recherche pour la maîtrise de nos ressources géologiques. Operating stores in non amodiés and exploitation in the areas of research for exclusive control of our geological resources.

La combinaison de tous ces paramètres permettra à l'OKIMO de relever et d'accroître sa production aurifère dans une échelle respectable, d'intensifier les travaux d'exploitation afin de valoriser les renseignements géologiques pour disposer des mines des mines de relève pour une exploitation industrielle moderne. The combination of all these parameters allow the OKIMO to identify and increase its gold production in a respectable level, to intensify the work of operation in order to enhance the geological information to dispose of mines mines respite for exploitation Modern industrial.

Il ya lieu de signaler également que l'OKIMO dispose des potentiellités dans les domaines de l'Energie et Agro-Pastoral. It should also be noted that the OKIMO has potentiellités in the fields of energy and Agro-Pastoral.

Aussi pour mener à bien ses entreprises l'OKIMO recherche les voix et moyens de financer ses projets en partenariat avec des firmes jouissant de capacités financières et techniques afin de relever le défi du développement. Also to carry out its undertakings to OKIMO research voices and means to finance its projects in partnership with companies enjoying financial and technical capacity to meet the challenge of development.

Willy Bafoa Willy Bafoa
Administrateur Délégué Général Managing Director General

Friday , 05 Sep 2008

The Ministry of Mines of the Democratic Republic of the Congo (the DRC) today brought together a gathering of executives of the DRC parastatal mining companies and from the private sector firms to brief all parties in full on the Terms of Reference for the Mining Contracts Review (see separate attachment for the text).

The meeting has facilitated an open exchange of information and ideas, and a robust Question & Answer session provided all those attending with a constructive opportunity to make representations and to seek guidance on the process and progress of the review.

Among those in attendance were:

Representatives of the Mining Companies, including:

• Anvil Mining

• Borgakim

• GTL/Sprl

• Ivanohe

• Katanga Mining

• MUMI

• MMK

• MSK

• Mwana Africa

• Roan Prospecting

• Ruashi Mining

• Tenke Fungurume

For the DRC State-Owned Mining Companies

• Mr Paul Fortin, CEO, Gécamines

• Mr Willie Bafoya, Directeur Générale, OKIMO

• Mrs Tousse, Deputy CEO, MIBA

• Mr Omer Kyalimba, General Manager, SAKIMA

• Mr Kabeya, Kinshasa Bureau Head, KISENGE

For the DRC Government / Ministry of Mines

• Mr Victor Kasongo, Deputy Minister of Mines

• Mr Jean-Felix Mupande, Directeur Générale, the Mining Cadastre

• Mr Alexis Mikandji, Chief of Staff

• Mr Gaby Matshafu, Deputy Chief of Staff

H.E. Victor Kasongo, Deputy Minister of Mines, gave a speech in which he outlined key aspects of the Terms of Reference. Of the 61 mining companies in the renegotiation process, 14 have already satisfied all the DRC criteria. The others are still in negotiations.

Mr. Kasongo stressed that, while every mining company will be expected to abide rigorously by DRC law, an ultimate aim is to encourage international investment on internationally acceptable criteria of fairness and transparency.

A major future initiative is the transformation of the state owned companies into commercial companies. Mr Kasongo said,

"The President of the Republic has enacted four laws on the reform of stateowned companies. One of these allows them to be converted into commercial companies.

"As a result, the current state-owned mining companies will be commercial companies, under a new label, and they will have access to all the financial and legal tools to finance their activities and defend their shares, just the same as any other commercial company."

Further goals and ambitions of the Terms of Reference and the review process itself are to set positive conditions for the SME sector of the DRC who support the mining industry, thereby encouraging domestic growth and opportunities.

- ends -

For further information please contact:

Bell Pottinger: +44 (0) 207 861 3232

Roger Carroll / Helen Tarbet / James Doherty (+44 (0)7799 037 279)

Notes to Editors

1) The Terms of Reference Document

Please note that the Terms of Reference document accompanying this news release is a translated version of the French original, and it does not constitute an official or legally approved or binding document. It is intended for general reference purposes only.

2) The DRC Mining Contracts Review - Explanatory Notes

The background

• Nearly all 61 DRC mining contracts have been giving the private companies rates of return excessive compared with those of other countries in the region. A major reason was the instability of the DRC when some contracts were entered into. Now stability has returned. So it is time to normalise relations between DRC and the private companies it partners, in order to develop mining in the mutual interests of the Congo citizens and the company shareholders.

• The DRC Government received some months ago the findings of the Mining Contracts Review Commission and then notified each party about the resultant criticisms and requirements relevant to that party.

• The Government then set up a panel to oversee the negotiations between the private mining companies and the state entities (the "para-statals"), such as Gecamines.

What happens next?

• The process has now reached an advanced stage. The companies have now been separated into three categories, based on how far they meet, or fail to meet, the required criteria.

• GREEN LIGHT COMPANIES: Thus 14 companies have successfully produced feasibility studies of the future development of the DRC mining assets. On a traffic lights analogy, these "green light companies" are now entering final stage negotiations with the state entities.

• ORANGE LIGHT COMPANIES: A further 25 companies are in an "orange light" phase, by virtue of making some though not yet enough progress. They now need to renegotiate and modify their contracts. They have another 12 to 18 months to produce a viable plan for an ongoing public/private partnership.

• RED LIGHT COMPANIES: The remaining 22 companies have contracts so far out of line with mainstream international practice as to warrant DRC Ministry of Mines - Press Release - 05 September 2008 Page 4 of 4 cancellation. They must now seek to negotiate all over again as from the beginning - rather than to negotiate modifications to an existing contract. At least three of the worst offenders have little chance of retaining a foothold in DRC.

• The renegotiation process is about known existing assets. The terms which DRC will insist on for shared ownership of future discoveries of mineral reserves will be based on the standard international practice of countries such as South Africa and Zambia: including a customary 51%/49% share between the parastatals and the private companies.

• Also in line with standard international practice, there will be an element of compulsory sub contracting to be given to Congolese owned firms, to increase local employment and family living standards.

• However, the shareholding of existing contract companies, although in many instances far less favourable for the DRC and falling short of international comparisons, is not expected to be changed - in recognition of the commitment made by those companies during the substantially less stable periods now past.

3) Mining in the DRC 10 million people or 16% of the Congolese population are directly or indirectly dependent on small scale mining. In the 1980s, the mining sector contributed 25% of total tax receipts, 75% of total exports and 25% of GDP. In 2005, the Congolese government reported USD 27 Mio. tax receipts from the mining sector (2.4% of total fiscal receipts). Furthermore the sector contributed 0.24% of GDP. The DRC is an often cited example of the so-called "paradox of plenty." Extremely rich in natural resources (80% of world wide resources of Coltan, 10% of world wide resources of copper), the population suffers extreme poverty (80% of the Congolese population lives on less than US$ 0.20 a day).

....Miners in the Congo with relatively undeveloped world class reserves include Moto GoldMines (MOE), the Perth-based group with operations in the Ituri Province in the northeast, and Banro, a Canadian-based gold exploration company with four wholly-owned properties along a major gold belt. Moto has recently made some progress in its licensing agreements, while Banro's licences were awarded under the current regime and so should not be as hazardous as earlier license awards.

Moto recently raised $55 million cash, while last week Banro filed a preliminary short-form prospectus, offering of $35 million of units. Both stocks are cheaper even than their peers and with this funding should be equipped to stay the course.

"There is a huge disconnect between the prices of shares in these regions and their potential value," says Andrew Pullar, a portfolio manager at the natural resources investment boutique Baker Steel. "As soon as the uncertainty lifts, shares will bounce, but calling the timing is not easy. The industry hopes that the position in the Congo will be clarified before the end of the year but that was the hope last year also."

Many investors will remember Ecuadorian start-up Aurelian, which had been sitting on a cool 14 million ounces of gold when, in April, it was decimated by a government ban on all mining exploration while new mining regulations were worked up.....

Congo Mining Companies Begin Contract Renegotiations (Update2)

By Franz Wild

Sept. 11 (Bloomberg) -- The Democratic Republic of Congo's state-owned gold miner began talks with Moto Goldmines Ltd. as part of its process of renegotiating mining contracts.

Representatives of the Balcatta, Australia-based company met with officials of Office des Mines d'Or de Kilo-Moto, or Okimo, to discuss its gold concessions in northeastern Congo, said Taty Kitume, personal assistant to Okimo Chief Executive Officer Will Bafoa.

``The negotiations started today,'' Kitume said by phone from Kinshasa, the capital. ``Moto Goldmines is first. Then will be AngloGold and then Mwana.''

Congo, which has a third of the world's cobalt and 4 percent of all copper, is seeking to boost revenue from mining by improving the terms of contracts with mining companies in the government's favor. The government is reviewing 61 deals, including those with Freeport-McMoRan Copper & Gold Inc., the largest publicly traded copper producer, and AngloGold Ashanti Ltd., Africa's biggest gold miner.

Last week, Congo's Mines Ministry published the terms of reference for the negotiations, which will be used by state- owned miners in talks with their private joint-venture partners.

La Societe Miniere de Bakwanga, Congo's state-owned diamond miner also known as Miba, will complete its negotiations by Sept. 20, Deputy Chief Executive Officer Christine Tusse said today by the phone from Mbuji-Mayi in central Congo.

``The Miba contracts don't pose any major problems so there's not much to renegotiate,'' Tusse said.

BHP Billiton Ltd., the world's largest mining company, and De Beers, the world's biggest diamond producer, have exploration deals with Miba that are under review.

Gecamines, the state-owned mining company, hasn't started negotiations yet, Chief Executive Officer Paul Fortin said in a mobile-phone text message today.

Talks ``should begin in approximately two weeks,'' he said.

To contact the reporter on this story: Franz Wild in Kinshasa via Johannesburg at pmrichardson@bloomberg.net.
Last Updated: September 11, 2008 07:57 EDT

MOSCOW, September 12 (RIA Novosti) - Russia's largest diamond producer Alrosa said on Friday it will prospect for diamonds in southern sectors of the Democratic Republic of the Congo.
The decision was made at a meeting between Alrosa CEO Sergei Vybornov and Congo President Joseph Kabila.
Alrosa has a number of diamond producing projects in neighboring Angola, where it has two joint ventures. The Russian company has a 32.8% stake in Catoca Ltd, and the LUO-Kamachia-Kamajiku mining company, where it controls 45%.
Alrosa accounts for 97% of Russian and 25% of global diamond output. It sold diamonds worth $146.7 billion in 2007. The main shareholders in the company are the Federal Property Fund (37%), private companies (23%), and the government of East Siberia's Yakutia Region (8%).

Kabila asks Alrosa to Keep Diamond Deal Secret
16.09.08, 10:36 / Mining

Alrosa has agreed to start diamond prospecting in the Democratic Republic of Congo (DRC), at the request of President Joseph Kabila.

But Alrosa sources say that details of the undertaking and of a meeting Alrosa chief executive Sergei Vybornov had last week with Kabila, should be kept secret.

It is Vybornov's second meeting with Kabila this year; the first occurred, with comparably little disclosure, in March.

According to a new release, Vybornov met with Kabila on September 12 in Kinshasa. The official statement reports: "The discussion resulted in the decision that, in the framework of its cooperation with the DRC, ALROSA will carry out detailed exploration of a diamond deposit in the south of that African country."

A source close to Vybornov refused to identify the deposit. "In agreement with the Congo side," he said, "we do not say more than is disclosed in press-release we’ve published. We will be back to this question, but later."
Alrosa first opened talks with Kabila and the Congolese when Vybornov's predecessor, Alexander Nichiporuk, visited Kinshasa in April 2005. Alrosa's involvement in the DRC at the time also involved links to two Israelis, Arkady Gaydamak and Dan Gertler.

Gaydamak was active in introducing Nichiporuk in neighboring Angola; Gertler in DRC. Gertler was then personally close to Kabila, and through a company he and others ran called Emaxon Finance Corporation held the marketing concession for most of the DRC's diamond exports.

Alrosa's interest in Gertler is said to have been intended to buttress the break the Russian company had made with Lev Leviev, the biggest of the Israeli diamantaires, with whom, until then, Alrosa had been partnering for the sale of diamonds from the Catoca mine in Angola.

According to a letter on Alrosa letterhead, dated June 22, 2005, Nichiporuk purportedly made an offer to buy a 54% shareholding in the DRC's Sengamines mine and licenses for $60 million. The letter was later judged to be a forgery. However, Alrosa had already been studying a number of diamond assets in the DRC, including Sengamines.

In 2006, Nichiporuk's initiative in the DRC, as well as Angola, came under attack from his rival, Sakha region president, Vyacheslav Shtirov, who accused him of shorting investment in Sakha, and favoring Africa instead. Shtirov's campaign to oust Nichiporuk intensified through the year, and led, in February 2007, to his replacement by Vybornov.

A year elapsed before Vybornov ventured in Nichiporuk's footsteps in central Africa. He first met Kabila at an undisclosed location in the DRC on March 18, this year, following stops in Namibia, where he met President Hifikepunye Pohamba, and also Angola, where he met President Jose Eduardo dos Santos.

The communique issued after the Kabila meeting said Vybornov's talks focused on "issues related to cooperation between ALROSA and the DRC in diamond exploration and energy sector".

The ownership of Sengamines has been contested for several years.

In 2006, Mike Nunn, the South African chief executive of First African Diamonds, signed a purchase agreement for an 80% stake in Sengamines, while Societe Miniere de Bakwanga (MIBA), the DRC state diamond producer, held 20%.

The deal required returning Sengamines to exploration status, in order to assess the potential of the concession. The two partners agreed to change the name of the operating company to Entreprise Mini?re de Kasa' Oriental SARL (EMIKOR).

On March 29, at the traditional overview for shareholders which Alrosa leaders give each year at Mirny, both Vybornov and Alrosa board chairman, Deputy Prime Minister Alexei Kudrin, explained what they are doing in Angola and DRC as a hedge against the rising costs and technical risks of underground diamond mine production in Russia.

In the DRC there have been active measures to annul Nunn's First African Diamonds deal, and find a new source of finance and mining expertise for Sengamines.

There has also been a fierce challenge to the five-year old Emaxon marketing deal. In April of this year, MIBA officials announced that they had terminated the Emaxon deal, and would conduct open auctions of rough instead.

By: PolishedPrices

Democratic Republic of the Congo

Global Diamond Resources Plc has entered into an agreement to acquire 100% beneficial interest in 10 Concessions of alluvial mining operations in the Democratic Republic of Congo.

• 2 of the kimberlite permits sit in the middle of de Beers kimberlite exploration area.

• 4 kimberlite prospects in Tshikapa, just North of the Angolan border – about 20-30 kms away.

• The other two kimberlites were discovered by Russians some years ago.

• We also have 4 blocks of rich alluvial properties where artisan miners have been successfully processing gravel.

The alluvial properties are just to the North of where Gem Diamonds has its DRC properties.

GDR’s strategy is to purchase a 30 ton/hr DMS plant and treat 100 tons/hr of gravel (this can be done since 70+% is immediately rejected by the plant as of no interest. We expect 80 – 100,000 carats pa from alluvial operations.

...A-Tec furthermore said it has held talks with representatives of the Congolese province of Nord Kivu, who have promised to support future efforts by A-Tec to exploit the natural resources of the province.

A-Tec didn't mention any specific potential projects in the Democratic Republic of Congo.

Sept. 25 (Bloomberg) -- Democratic Republic of Congo Prime Minister Antoine Gizenga resigned for health reasons, his spokesman Patrick Muyaya said.

The 82-year-old leader's resignation means the entire Cabinet will have to be replaced, Muyaya said in a telephone interview today from the capital, Kinshasa. Gizenga is a member of the Unified Lumumbist Party, known by its French acronym Palu, which is the second-largest party in the governing Alliance for the Presidential Majority.

Congo held its first democratic elections in four decades in 2006, a key step in the central African nation's transition after civil wars between 1996 and 2003 killed more than 4 million people. The country, the size of Western Europe, contains a third of the world's cobalt and 4 percent of global copper reserves.

Gizenga backed President Joseph Kabila after coming second in the presidential vote two years ago. His resignation must still be accepted by Kabila, said Budget Minister Adolphe Muzito, a Palu member, by phone from Kinshasa. It's unclear who will succeed Gizenga, Muzito said.

``We don't know who'll replace him,'' Muzito said. ``In principle it will be someone from Palu.''

The new prime minister may be chosen from Kabila's People's Party for Reconstruction and Democracy, Louis Balekelayi, a spokesman for the party, said by phone from Kinshasa.

``This evening or tomorrow we'll know who the replacement is,'' he said. ``Negotiations are still under way.''

Gizenga served as deputy prime minister under Patrice Lumumba in Congo's first government after it gained independence from Belgium in 1960. Mines Minister Martin Kabwelulu, who is also a Palu member, didn't answer his mobile phone when called for comment.

VANCOUVER, BRITISH COLUMBIA, Sep 30, 2008 (Marketwire via COMTEX News Network) --

Motapa Diamonds Inc. (TSX VENTURE:MTP) is pleased to announce that it has entered an option agreement to explore for diamondiferous kimberlite on prospecting licenses held by African Minerals Barbados Limited (AMBL) in the Democratic Republic of Congo (DRC). AMBL is a privately held company with extensive base metal exploration operations in DRC. AMBL's licenses which are subject to the option agreement, referred to as the Lufupa North, Lufupa South and Lufira West licences groups, are located in the southern part of DRC and encompass 6,948 square kilometres on the southeastern margin of the Kasai craton.

Prior exploration work by AMBL includes collection of airborne magnetic data which identified a distinct array of circular magnetic anomalies that may represent kimberlite bodies. One magnetic anomaly was drill tested by AMBL and confirmed to be kimberlite. This discovery, together with the recovery of abundant kimberlitic ilmenite grains within the license area, is very encouraging and suggests the potential for discovery of a new kimberlite field. Based on the regional setting, Motapa believes that kimberlites within the license area have potential to be diamond bearing. Field work is currently underway and is focussed on delineating prioritized airborne magnetic anomalies in anticipation of discovery drilling being carried out in the 2009 field season.

In terms of the option agreement, Motapa will spend US$2.0 million over 4 years to earn a 50% interest in the diamond rights on AMBL's licenses. AMBL will retain 100% interest in non-diamond rights. Motapa will operate the diamond exploration program, and AMBL, which continues its non-diamond exploration work on the licenses, will provide in-country support for Motapa's work from time to time as agreed between Motapa and AMBL. Subsequent to vesting with a 50% interest, Motapa and AMBL will share ongoing diamond exploration costs in proportion to their respective interests.

Motapa CEO, Dr. Larry Ott, noted: "We are very pleased to initiate work in the DRC, which has a long history of both alluvial and kimberlite diamond production. We believe that there is good potential for diamond bearing kimberlite within AMBL's license holdings and we are delighted to have partnered with a group that has extensive operational experience in the DRC."

Motapa is among the leading diamond explorers in Africa, and is operating the Mothae bulk sampling project in Lesotho. Motapa also has diamond interests in Namibia, and uranium, gold and manganese interests in Gabon.

On behalf of the Board

MOTAPA DIAMONDS INC.

Dr. Larry Ott, Chief Executive Officer

"With US$58 million in cash and a prolonged period of renegotiation with the DRC Government, we expect Moto Goldmines to be in a strong financial position if a development decision for Moto Gold project is achieved in the next 12 to 18 months."

Kivu Resources http://www.kivuresources.com drops Congo mine plan
http://steelguru.com/news/index/2008/10/04..._mine_plan.html

Bloomberg reported that Kivu Resources has abandoned plans to develop industrial scale mining of the Bisiye deposit in North Kivu. Bisiye has been the main location of artisanal mining in the Democratic Republic of Congo in recent years, but continuing instability in the area has prevented planned investment.

Mr Brian Christophers GM of Goma said that Kivu Resources' board blocked plans to spend USD 28 million developing Bisiye. Soldiers from the Congolese national army's semi integrated 85th brigade have occupied the mine since December 2004. He added 'We can not work there. The soldiers threaten us and throw us off the property. The government promises to sort it out and we go back, but the same thing happens."

In February 2008, Congo’s mines minister banned artisanal mining in the area, but the ruling was overturned by the local government. Kivu Resources now intends to focus its attention in the DRC on the more stable Katanga province, where it is exploring a 3,000 square kilometers concession near Manono.

Kivu Resources is a private international mining group mainly owned by Jonah Capital, Coronation Capital and Metmar.

Teil des Problems ist, wie überall im Kongo, dass verschiedene Firmen Anspruch auf die Zinnvorkommen von Bisie erheben. Kivu Resources, deren Filiale MPC (Mining Processing Congo) seit Kriegszeiten in der Region präsent ist, streitet sich um den Titel mit der Groupe Minier Bangandula (GMB) des reichen ruandischstämmigen Geschäftsmanns Alexis Makabuza aus Goma. MPC betrieb in der ruandischen Grenzstadt Gisenyi, die direkt neben dem kongolesischen Goma liegt, jahrelang eine Zinnschmelze. Bergbaukonzessionen erhielt sie während des Krieges von den damals im Ostkongo herrschenden proruandischen Rebellen; ihre Prospektionsgenehmigung für Bisie bekam sie 2006 von Kongos Regierung bestätigt. Sie hat verucht, sich mit den in einer Kooperative vereinten traditionellen Vertretern der lokalen Bevölkerung zusammenzutun. Die GMB soll ihrerseits, heißt es aus Armeekreisen, mit Teilen der 85. Brigade familiär verflochten sein. Der Streit zwischen GMB und "Kivu Resources" ist auch eine Rivalität zwischen lokalen Familiendynastien.

MagIndustries resource subsidiaries are operating and developing major industrial projects in the Republic of Congo and the Democratic Republic of Congo. MagMinerals Potash is developing the 600,000 tonnes per year, Phase 1, Kouilou Potash project near Pointe Noire, Republic of Congo.

Democratic Republic of Congo's Tutsi rebellion has called for Germany to mediate peace talks to end more than a decade of fighting in the country's eastern borderlands, a rebel representative said on Thursday.

El Nino Ventures Inc. ("ELN" and "the Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce a significant Copper/Cobalt discovery on its research permit PR 5214, located in southeastern Katanga Province in the Democratic Republic of Congo. This area has now been dubbed the Kasala project.

The discovery was made during the course of the Company's 10,000 meter reverse circulation ("RC") drilling program, when an RC drill hole, MDB-023, was completed in the central northern area of PR 5214.

Company geologists reported the presence of malachite mineralization over a wide interval in the drill cuttings from this hole. MDB-023 (-45 degrees) ended at 97 meters due to difficult ground conditions.

Samples from MDB-023 were collected using strict quality controls and were then dispatched to ALS Chemex Laboratories in Johannesburg, South Africa for sample preparation and assay. Analytical results received from ALS Chemex indicate a 29 meter intersection grading 2.82% Cu between 17 and 46 meters, which includes an intersection of 4.11% Cu and 0.50% Co between 21 and 26 meters.

Drill Highlights of Hole MDB-023


Since the completion of hole MDB-023 an additional 47 holes have been drilled in the Kasala area, nineteen diamond drill holes ("DDH") and twenty-nine Reverse Circulation holes ("RC"). Company geologists report visible malachite mineralization (ranging from weak to very strong over varying thicknesses) in 31 of the 48 holes drilled in this area. The strike length of this discovery stands at approximately 800 meters at present. Drilling has been halted for the time being in order for the company to compile and analyze the substantial assay data which is expected to be received over the next 4 to 6 weeks. (Table 1: Drilling Summary - Kasala Project)

An Induced Polarization (IP) ground geophysical survey is now underway in the Kasala area to trace possible extensions of the mineralized zone. All information gathered over the next 6 to 8 weeks will be compiled and analyzed by our technical team to plan additional drilling in this area.

Remaining samples from the other mineralized drill holes completed in this area are being shipped to the ALS Chemex facilities in Johannesburg where they will be analyzed. The Company has requested that ALS Chemex perform priority analysis of these samples.

Research Permits 5215 and 5217

Two other target areas on PR 5215 and PR 5217, respectively, were tested during the Company's 10,000 meter RC scope drilling program without significant results. Thirty RC holes totaling 3215 meters were drilled on Pr 5217 and twenty-three RC holes totaling 1995 meters were drilled on PR 5215. Analytical results have been received from ALS Chemex for 21 of the 32 holes drilled on PR 5127 and for 5 of the 23 holes drilled on PR 5215 with no significant results reported. Analytical results are awaited for the remaining 29 drill holes. No further drilling is currently planned for on these two research permits. The Company will compile all results from this year's campaign and plans further geochemical and geophysical surveys to generate new targets on these two permits.

Jean Luc Roy President & CEO of ELN states: "This discovery on our Kasala project is very significant and we feel that when all assay results are returned the Company will have a substantial project to work on, over the next drill season. The grades and thicknesses on our findings are very encouraging and we look forward to sharing results from other drill holes on the Kasala project, over the next 4 to 6 weeks."

The content of this press release has been reviewed by Mr. Benoit M Violette, Geo., consulting geologist and the Qualified Person under NI-43-101.

After more than a month have we any idea of the companies that are in th green, orange, and red groups? Is this information known at present? Was it published anywhere with the reasons for trouble for the most exposed?

the "old" draft:
http://www.lepharerdc.com/www/index_view.p...mp;rubriqueID=4

13.10.2008 09:52
When speaking at the 15th Annual Africa Upstream Conference in Cape Town, South Africa Joseph Pili Pili expressed assurance of his contry's great future in oil industry.

Pili Pili told about petroleum potential in the Tanganyika Basin and the Central “Super Giant” Basin. The two basins combined cover over 1.4 million sq km.

The Tanganyika Basin, within Lake Tanganyika, reaches water depths of 1,400 meters, and is on trend with the Albertine Basin. Pili Pili reports that various aerial surveys show heavy oil seeps. In addition, oil seeps and tar balls along the coast are commonly found. The Tanganyika sub basin is divided into nine blocks.

Pili Pili also provided delegates with a look at the very brief drilling history in the country back in the 1950s and 1970s by the majors Fina and ExxonMobil respectively. He pointed out how today’s improved seismic technology will assist new explorers to better target the reservoir.

Oil and Gas in the Democratic Republic of the Congo

* African Metals has acquired the opportunity to earn a 75% interest in an oil and gas lease in the Democratic Republic of the Congo (DRC).

* The Company has been authorized by the Ministry of Energy to review data over an area covering 200,000 sq km in order to choose the most prospective area for an oil and gas lease.

* This region is underlain by sandstones with good porosities of 8 to 30%, and multiple zones containing total organic carbon ranging from 2 to 13%. Oil seeps are known to exist.

* The Company is working with geologists from the Ministry of Energy to determine the best possible area for a lease through research of known information and field work.

KINSHASA (Reuters) - Results of a review of mining contracts in Democratic Republic of Congo will only be announced after a new government to be formed by the prime minister takes charge of the dossier, a senior official said on Wednesday.

Prime Minister Adolphe Muzito, who was appointed on Friday, is due to form a new cabinet in the coming days. This is likely to mean further delay to the contracts review that was scheduled to end on Wednesday, October 15.

"When the government is appointed, and takes control of the review, we'll announce (the results)," deputy mines minister Victor Kasongo told Reuters in Kinshasa.

"The government will receive the negotiations from the last weeks ... A final decision will have to be made by the minister," he added, without giving any indication of timing.

The mines contract review, which started last year, covers 61 contracts signed with mining firms including majors such as Freeport-McMoRan and AngloGold Ashanti.

The government had said the process would finish on September 30, but then announced it was extending it to October 15.

President Joseph Kabila on Friday named Muzito, who was serving as budget minister, as the new premier to replace Antoine Gizenga, who retired last month ahead of his 83rd birthday on October 5.

Under the mines review, some companies which signed deals in the copper, tin and cobalt-rich central African country may have to cede much greater ownership to state miner Gecamines.

Firms whose contracts are not approved under the review will be able to renegotiate terms with the government.

Of the 61 contracts, 14 are classed as "green," meaning acceptable, 26 are "orange" which require agreement on some points, and 21 are "red" which face cancellation.

Congo was a major producer of industrial metals before its infrastructure was ruined by decades of misrule by late dictator Mobuto Seke Soko, and a 1998-2003 war.

As metals prices have risen in the past five years, it has become a popular destination for mining firms, attracted by the country's rich mineral deposits.

X-Ore shares to be consolidated on a 1 for 12.307692 basis
- X-Ore to issue 49,775,000 post consolidation shares to Shamika Resources shareholders
- Shamika Resources holds mining properties in the Democratic Republic of the Congo

Val d'Or (Québec) -- October 8, 2008 - X-Ore Resources Inc. ("X-Ore") (TSXV - XOR) announces that it has entered into a letter agreement dated October 7, 2008 with Shamika Resources Inc., a Montreal-based private company with mining exploration properties in the Democratic Republic of the Congo (the "DRC"), for an arm's-length reverse take-over transaction. The letter agreement provides for the acquisition by X-Ore of all of the issued and outstanding shares of Shamika Resources for an aggregate purchase price of approximately $19.9 million, payable by the issuance of 49,775,000 common shares of X-Ore, following a consolidation of the 86,034,711 common shares of X-Ore on the basis of one share for every 12.307692 shares issued and outstanding. Upon the closing of the reverse take-over and a concurrent private placement, there will be 63,072,578 issued and outstanding X-Ore common shares, the current shareholders of Shamika Resources will collectively exercise control over X-Ore, and X-Ore's corporate name will be changed to reflect the transaction with Shamika Resources.

Completion of the proposed reverse take-over is subject, among other things, to regulatory approval and to the closing of a concurrent private placement of a minimum of 6,307,258 units. Each unit will consist of one common share of X-Ore and one-half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the new Company for a period of one year. The final terms and conditions of the concurrent private placement will be determined in the context of the market.

About Shamika Resources Inc.

Shamika Resources was incorporated under the Canada Business Corporations Act and is in the business of exploring and developing natural resource properties on the African continent. Shamika Resources holds near-term production properties containing tantalum, tin, tungsten and niobium, as well as the possibility of other minerals, including copper, platinum-group elements, diamonds and gold, in the resource-rich Kibara metallogenic belt area of the DRC. Shamika's strategy in the DRC is to secure a large portfolio of mining blocks containing tantalum, tin, niobium and tungsten ore.

As of August 1st, 2008, Shamika held 721 mining blocks and is in the process of claiming an additional 6,726 blocks. By the end of 2008, Shamika expects to hold full mining rights on approximately 6,000 blocks for a total area of about 5,000 square kilometres, most of these concessions being located in the Kibara Belt of the DRC. All of Shamika's properties were granted under the new democratically-elected government of the DRC.

Reports prepared in accordance with National Instrument 43-101 will be available shortly with respect to two of Shamika's properties (Idjwi and Kalehe).

Léon Méthot, President & CEO of X-Ore commented, "This is a defining transaction for X-Ore shareholders, as it provides leverage to a portfolio of projects in one of the world's richest mineralized regions and to a host of strategic metals with widespread industrial applications in steel and electronics. It also allows X-Ore to advance its current projects in Mexico and Canada, thereby unlocking value that is being overlooked in the current financial markets."

Terms of the Proposed Reverse Take-Over

The letter agreement between X-Ore and Shamika Resources provides that the 86,034,711 issued and outstanding common shares of X-Ore will be consolidated on the basis of one share for every 12.307692 shares issued and outstanding, so that there will be 6,990,320 X-Ore shares outstanding. X-Ore will then acquire all of the shares of Shamika Resources for an aggregate purchase price of $19,910,000, payable by the issuance of 49,775,000 common shares of X-Ore. There are approximately 20 shareholders of Shamika Resources.

Holders of 4,703,628 Shamika Resources options will receive, in exchange for such securities, options of X-Ore to purchase up to 4,703,628 X-Ore common shares. These X-Ore options will entitle their holders to purchase X-Ore common shares at exercise prices equivalent to those under their current Shamika Resources options, ranging from $0.20 to $0.75 per share.

The letter agreement also provides that holders of 15,675,000 Shamika Resources warrants will receive, in exchange for such securities, warrants of X-Ore to purchase up to 15,675,000 X-Ore common shares at a price of $0.30 per share, equal to the exercise price of their current Shamika Resources warrants.

The letter agreement further provides that holders of Shamika Resources debentures in an aggregate principal amount of approximately $715,000 will receive, in exchange for such securities, equivalent debentures of X-Ore. The debentures will be convertible into an aggregate of approximately 3,700,000 X-Ore common shares until dates ranging from February to October 2009.

Upon completion of the reverse take-over and concurrent private placement, it is expected that X-Ore will be a Tier 2 mining exploration company pursuant to the policies of the TSX Venture Exchange, and that there will be 63,072,578 issued and outstanding X-Ore common shares. Of these, the current shareholders of Shamika Resources will hold an aggregate of 49,775,000 shares, representing 78.9% of the issued and outstanding X-Ore common shares, the current shareholders of X-Ore will hold an aggregate of 6,990,320 shares, representing 11.1% of the issued and outstanding shares, and investors in the private placement will hold an aggregate of 6,307,258 shares, representing 10% of the issued and outstanding shares. The principal shareholder of X-Ore will be a Québec private company controlled by Messrs. Robert Vivian and Abdou Boughanmi, both of Montreal, Québec, which will own approximately 51% of X-Ore's outstanding shares. Mr. Vivian is the Chairman of the Board, President and Chief Executive Officer of Shamika Resources.

The proceeds from the proposed concurrent private placement will be used for working capital purposes and to carry out recommended exploration programs on Shamika Resources' two principal properties.

The transaction between X-Ore and Shamika Resources was negotiated at arm's length.

Shamika Financial Information

As of June 30, 2008, based on unaudited unconsolidated financial statements, Shamika Resources had assets of $3,171,885, liabilities of $989,125 and shareholders' equity of $2,182,760. For the period from October 17, 2007 to June 30, 2008, Shamika Resources had nominal revenues and a net loss of $1,016,563.

Proposed Directors and Management Team

At the closing of the reverse take-over, the current Board of Directors of X-Ore will resign, with the exception of Mr. Terence Ortslan, who is also a director of Shamika Resources, and Messrs. Robert Vivian, Alvin Schacter, C.A., Kikaya Bin Karubi, (resident of the DRC), Jacques Bouchard Jr., David Crevier, Hubert Marleau, Ashwath Mehra (resident of Switzerland) and Jean Précourt, all current directors of Shamika Resources, will be appointed to the Board of Directors of X-Ore to replace them, either immediately or at the next shareholders' meeting. Upon completion of the reverse take-over, the new senior management team of X-Ore will be led by Mr. Robert Vivian, President and Chief Executive Officer, Mr. Alvin Schacter, C.A., Vice-President, Finance and Chief Financial Officer, and Mr. Anthony Keogh, Comptroller. Mr. Léon Méthot, X-Ore's current President and CEO, will continue to advise the new management on current and future initiatives.

The following are brief résumés of the currently-proposed management team of X-Ore following the reverse take-over:

Robert Vivian, President and Chief Executive Officer. After a successful career as manager for the investment and industrial division of a major Canadian trust company and as an entrepreneur, Robert Vivian founded Shamika Resources to capitalize on his extensive relationships in the DRC. Mr. Vivian has extensive knowledge and hands-on experience with the identification and development of natural resource opportunities in Africa.

Alvin S. Schacter, C.A., Vice-President Finance and Chief Financial Officer. Mr. Schacter brings 30 years of finance, operations and consulting experience to Shamika Resources. He has served on the Board of Directors of several public companies. Mr. Schacter also served as President and Chief Operating Officer of Warrington Inc., a public company with approximately 3,000 employees and $200 million in annual sales.

Anthony Keogh, Comptroller. Mr. Keogh is a Chartered Accountant (England), with more than 30 years of experience in accounting, financial management and internal auditing. As an accountant, Mr. Keogh was with Price Waterhouse in London and Montreal. In industry, he spent 18 years with Cemp Investments Ltd., a major private investment company, and subsequently with other companies, including Standard Life and GE Capital.

Guy Arbour, P. Eng., Geo., M.Sc (Geophysics), Exploration Manager. Mr. Arbour will supervise the exploration and development of claims and properties, while providing assistance to the President with communications and other groundwork. Mr. Arbour has extensive experience in field geophysics and mining exploration. He was Director of Development for the Canadian Institute of Mining and Metallurgy.

Patrick Vualu, Chief Geologist. Mr. Vualu has a diploma in geology from the University of Lubumbashi in the DRC and extensive experience in all aspects of mining in the DRC. He served as project manager for De Beers in the DRC and was appointed chief department officer for the Ministry of Mines (Département du Domaine Minier et des Carrières). Mr. Vualu is also President of Général de la Société Mining Consulting and Services, a firm offering services in the mining sector, including geological mapping, structural and lithological mapping, geological logging, analysis and testing of minerals, and preparation of preliminary geological and project reports.

Jane Qu, Business Development Coordinator for China. Originally from a very active mining area in China, Ms. Qu is familiar with senior management of some of China's largest mining companies, involved with minerals such as tin, iron ore, coal and copper. Prior to joining Shamika Resources, Ms. Qu was responsible for the sales and marketing of a Chinese pharmaceutical group for more than 13 years. In that role, she increased sales substantially and expanded the company's markets throughout China, Japan and North America.

Patrick Martineau, Environmental and Social Affairs. Mr. Martineau has a Master's degree in Political Science from the Université du Québec à Montréal (UQAM). Mr. Martineau did his research work on the governance of DRC mining activities and the challenges of the columbo-tantalite sector. He has made several visits to Africa, where he was appointed Co-coordinator on a research project on the social impact of mining investments and Head Researcher for a survey on the columbo-tantalite sector in the DRC.

Conditions to Completion of Reverse Take-over

Completion of the transaction is subject to a number of conditions, including, but not limited to, the closing of the concurrent private placement, approval by the TSX Venture Exchange, completion of satisfactory legal, accounting and financial due diligence by both X-Ore and Shamika Resources, and preparation and signing of formal agreements, including a share exchange agreement between X-Ore and all of Shamika Resources' security holders. The reverse take-over will also be subject to approval by X-Ore's shareholders, as will the share consolidation and change of X-Ore's corporate name. Closing of the transaction is expected to occur in the first quarter of 2009. The transaction cannot close until the required X-Ore shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in X-Ore's management information circular to be prepared in connection with the transaction, any information released or received with respect to the reverse take-over may not be accurate or complete and should not be relied upon. Trading in the securities of X-Ore should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Additional information regarding Shamika Resources' properties, financial situation and the proposed concurrent private placement will be provided in a subsequent press release.

About X-Ore Resources Inc.

X-Ore is a mineral exploration company with 18 properties located in known gold regions of Mexico and Canada, including the prolific Sierra Madre Gold Belt and the Val-d'Or region of Québec.

The TSX Venture Exchange does not accept responsibility for the accuracy of this press release. This press release contains «forward-looking statements» not based on historical facts. Forward-looking statements express, as of the date of this press release, our estimates, forecast, projections, expectations and opinions as to future events or results. Forward-looking statements herein expressed are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral resources and requirements of additional financing and the capacity of the Company to obtain financing.

- 30 -

For further information please visit X-Ore's website at www.x-ore.com or contact:

Mr. Léon Méthot
President and CEO
Tel.: (819) 824-5422

Mr. Paul Goulet
Investor Relations
Tel.: (514) 710-8290
gouletp@commgo.com