GobiMin Inc., together with its subsidiaries, is engaged in the exploration, development and exploitation of mineral properties, mainly in the Xinjiang Uygur Autonomous Region ("Xinjiang") of the People's Republic of China ("China").
In Hami of Xinjiang, GobiMin operated nickel-copper mining and development business through its Chinese subsidiaries. The ore being mined by the subsidiaries was processed through their processing plants to produce nickel and copper concentrates. GobiMin disposed the two subsidiaries in February 2009. Following the successful completion of the disposal of its two Chinese subsidiaries, GobiMin is now in a strong financial position to develop its existing and potential projects.
GobiMin owns 5 base metals exploration projects, including nickel, copper, lead and zinc projects, in Xinjiang of China. The most advanced project is the 40% owned Yanxi Copper Deposit which is located about 115 km south of the city of Hami in Xinjiang, China. Mineralization of the Yanxi Copper Deposit presently outlines a deposit about 1,000 m long, about 700 m down dip and up to 80 m thick. The Company is continuing the work towards the potential development of this project and has applied for the mining licence. It is planning to complete the preliminary design and prepare the mine infrastructure plan. The remaining exploration projects are at early exploration stages while some of them have undergone reconnaissance-prospecting or reconnaissance exploration.
GobiMin also holds an equity interest of 70% in a joint venture company to participate in the development of the Sawayaerdun Gold Project located in Xinjiang. GobiMin intends to conduct an NI 43-101 mineral resource estimate for the Sawayaerdun Project.
In 2009, GobiMin acquired an equity interest of 49% in China Precision Material Limited ("CPM"). CPM is mainly engaged in metal trading, predominately silver.
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