Kimber Resources Inc. (NYSE MKT:KBX)(TSX:KBR) announced today that it has received a letter from the staff of the NYSE MKT LLC notifying the Company that it is not in compliance with the continued listing requirements set forth in Part 10 of the NYSE MKT Company Guide.
 

The Exchange has given Kimber until July 19, 2013 to submit a plan outlining how it intends to bring itself into compliance with these requirements, and to complete a reverse stock split to increase its share price. Instead, Kimber has decided to submit written notice to the Exchange of its intention to voluntarily delist its common shares from the Exchange. Kimber further intends to file a Form 25 with the Securities Exchange Commission to complete the voluntary delisting of its common shares from the Exchange, which will become effective 10 days after the filing date.
 

Kimber decided to take this action after concluding that the disadvantages of maintaining its listing on the Exchange outweigh the benefits to Kimber and its shareholders. Among the factors considered were the continued downward pressure on the trading price of Kimber’s stock on the Exchange which the Company believes is a result of market manipulation in the United States (see below); the ongoing costs and expenses, both, direct and indirect, associated with having Kimber’s common stock listed on the Exchange; the costs and expenses of preparing the requested compliance plan; and the potential ineffectiveness of a reverse stock split to increase Kimber’s share price in light of the continued unusual trading activity in Kimber’s stock in the United States.
 

As detailed in Kimber’s news release of May 7, 2013, during the past two years, Kimber’s management has identified repeated instances of unusual trading activity in Kimber’s securities which management believes involves naked short selling of the Company’s common stock on the Exchange as part of a market manipulation scheme. The Company has seen high volume selling at the beginning or end of the day on repeated occasions, though regulatory filings from the Company’s significant shareholders have not shown substantial changes in their ownership of Kimber’s common stock over the two year period. In addition, SEC Rule 201 has been triggered 35 times since March 2011 with the rule often being in effect for multiple days at time. These periods include a large number of trading days in March and April 2013. Kimber has repeatedly alerted the NYSE MKT, FINRA, IIROC, the British Columbia Securities Commission and the Securities and Exchange Commission to this continued unusual trading.
 

Kimber’s common stock will continue to be listed and traded on the Toronto Stock Exchange. Kimber does not believe that its shareholders in the United States will be materially prejudiced by a voluntary delisting from the Exchange since its U.S. shareholders will continue to be able to trade the common shares through the facilities of the TSX.
 

ABOUT KIMBER

Kimber owns mineral concessions covering in excess of 39,000 hectares in the prospective Sierra Madre gold-silver belt, including the Monterde property, where three gold-silver mineral resources have already been defined. The most advanced of these, the Carmen deposit, has been extensively drilled and has undergone detailed geologic modeling. The completion of the Updated Preliminary Economic Assessment for Monterde in 2011 represented a significant step forward for Kimber and supported further evaluation and more advanced economic studies at the Monterde deposits, with the 2012 Updated Mineral Resource Estimate Technical Report for the Carmen deposit representing a component of those activities.