Mukuba announces appointment of new CFO, share issuance pursuant to agreement, and update

TORONTO, Nov. 28, 2011 /CNW/ -

Appointment of CFO
Mukuba Resources Limited (TSX-V:MKU) ("Mukuba" or the "Company") is pleased to announce that, effective on November 23, 2011, Mr. Kyle Appleby has been appointed Chief Financial Officer, replacing Mr. Kelly Ehler who stepped down from this position. Mr. Appleby provides financial, accounting and compliance services, including serving as Chief Financial Officer, to companies in the resource sector and otherwise.

"On behalf of the Company, I welcome Mr. Appleby to the team. I would also like to thank Mr. Ehler for his dedication and service to the Company as Chief Financial Officer and for his work with Mr. Appleby during a transition period to ensure an effective transfer of responsibilities" said Trevor Richardson, Mukuba's President and Chief Executive Officer.

Share Issuance
The Company also announces that it has issued 6,666,667 common shares to Benzu Resources Limited ("Benzu"), at a deemed price of $0.15 per share, in accordance with its previously announced Option and Joint Venture Agreement with Benzu (see press release dated April 20, 2011). These shares are subject to a hold period of four months and one day from the date of issuance.

Benzu Project Exploration Update
A total of 2,820 metres have been completed in 20 inclined drill holes (average of 141 metres/hole) on the Benzu Project in the Democratic Republic of the Congo, in which the Company has a joint venture interest. Two drill hole fences were completed on Nkanga and one on Shamwange. Holes were spaced at 100 metres along each fence of holes, which were spaced approximately 400 metres apart. In total, 1,502 samples have been collected and results are outstanding. These 2,820 metres drilled to date represent 25% of the current planned exploration programme.

Cancellation of Chief Operating Office contract
The Company also announces that it has decided not to continue the consulting contract of Mr. Justin Longley as Chief Operating Officer effective today. The Company thanks Mr. Longley for his dedicated service to the Company and wishes him the best in his future endeavours.

Update Zambia Projects
The Company has completed its program of regional soil sampling on the Northcore Project and Nyimba Projects in Zambia across various new targets and it expects results from this workover the next few months. The Company anticipates that it will identify and select additional drill targets on the basis of coincident soil geochemical and airborne geophysical anomalies.

Trevor Richardson, Mukuba's President and CEO commented, "We are very pleased with the work that has been completed to date and look forward to assessing the results when they are completed. We anticipate that new drill targets will be delineated for the 2012 exploration season."

About the Company
Mukuba is a Canadian mining company focused on the exploration and development of certain African base metal assets alone and through a joint venture partner. These assets include a 100% interest in the Northcore Project, which is licensed for both copper and cobalt and encompasses approximately 2,274 square km of geologically prospective ground in the Central African Copperbelt region of Zambia. Mukuba is also a party to a joint venture with Benzu Resources Limited to explore and develop a copper and base metals project in the Democratic Republic of the Congo. In addition, Mukuba holds an exclusive option to purchase an 85% interest in the Nyimba Project, a pollymetallic exploration project, located near the town of Nyimba, approximately 300 km east of Lusaka, Zambia.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities, including its financing plans. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

SOURCE Mukuba Resources Limited

For further information:

Trevor Richardson, President and Chief Executive Officer
Tel: +1 (416) 918 2242; Fax: +1 (416) 603 9200; Email:

Profil de l'entreprise

Mukuba Resources Limited

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