TSX-V: GMN
TORONTO, Jan. 2, 2013 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to
announce that further to the press release of August 9, 2012, the
consideration for the disposal of the Yanxi Copper Property has been
increased by US$10,831,460 (HK$84,160,440) (the "Additional
Consideration") based on the resource estimate of the area adjacent to
the Yanxi Copper Property (the "New Area"), of which the Company is
entitled to 40%.
The first 50% of the Additional Consideration for the amount of
US$5,415,730 (HK$42,080,220) has been received, comprising convertible
bonds of US$2,702,703 (HK$21,000,000) of China Daye Non-Ferrous Metals
Mining Limited and cash of US$2,713,027 (HK$21,080,220). The remaining
50% of the Additional Consideration of US$5,415,730 (HK$42,080,220) in
cash will be used to settle the fee related to the application for the
mining licence of the New Area with the balance receivable upon
obtaining the mining licence of the New Area by June 2014.
With the Additional Consideration, the net gain on the disposal of the
Yanxi Copper Property would be increased from US$5.96 million mentioned
in the interim financial statements as at 30 September 2012 to US$6.96
million, after netting off the related payment and expenses including
drilling work and the provision for the application of the mining
licence of the New Area.
About GobiMin
As at September 30, 2012, GobiMin had approximately US$50.3 million
(CAD49.4 million) in cash and cash equivalent, which represents
approximately US$0.84 (CAD0.83) per share based on the total issued
capital of 59,985,796 shares.
GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd.
for the development of the Sawayaerdun Gold Project in Xinjiang, China.
GobiMin also owns a 40%-50% interest each in four other base metal
joint ventures in Xinjiang and retains an 8% equity interest in the
Yanxi Copper Property. In addition, the Company also holds a 48.02%
equity interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality
mining and exploration projects.
Certain statements contained in this press release constitute
forward-looking information. Such statements are based on the current
expectations of management of GobiMin. The readers are cautioned that
such statements are subject to a multitude of risks and uncertainties
that could cause actual results, future circumstances or events to
differ materially from those projected in the forward-looking
information. The readers should not place undue reliance on the
forward-looking information included in this press release given that
(i) actual results could differ materially from a conclusion, forecast
or projection in the forward-looking information, and (ii) certain
material factors or assumptions were applied in drawing a conclusion or
making a forecast or projection as reflected in the forward-looking
information could prove to be inaccurate. These statements speak only
as of the date they are made, and GobiMin assumes no obligation to
revise such statements as a result of any event, circumstance or
otherwise, except in accordance with law.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
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SOURCE: GobiMin Inc.
