| ||December 21, 2007|
GobiMin Invests in Exploration Projects of Nickel Laterite in Indonesia
Toronto, Canada. December 21, 2007 - GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce that GobiMin, through its wholly owned subsidiary (collectively called the "Group"), has invested in exploration projects with nickel laterite potential in Indonesia.
The new properties are located in Sulawesi, Indonesia. The Group has entered into exclusive co-operation agreements with local companies which hold 4 exploration permits covering an area of 26,836 hectares in Banggai and Tojo of Central Sulawesi, Indonesia. In compliance with local mining laws, the exclusive co-operation agreements provide for the Group to be the exclusive partner of these local companies in every respect from exploration, exploitation, transportation, processing to marketing and sales of the minerals in relation to the exploration permits. The Group may acquire further interest in potential nickel laterite projects in Indonesia.
GobiMin is moving ahead with grass root exploration immediately and shareholders will be kept up to date as work progresses.
GobiMin has already invested the capital cost of US$390,000 as part of the US$2,400,000 estimated total investment in these new nickel laterite projects in Indonesia. This estimated total investment includes capital injection, payments for exclusive co-operation agreements and costs related to the first phase of exploration. GobiMin will hold a 65% interest with the other 35% interest held by local partners.
About GobiMin Inc.
GobiMin is a junior mining company with nickel sulphide operations and development properties in northwestern China. Through its subsidiaries, Xinjiang Yakesi Resources Co. Ltd. and Hami Jubao Resources Co. Ltd., GobiMin controls three concessions, within a 10-kilometre radius, totaling 455 hectares. In operation since 1999, the Group currently operates two underground mines (Yellow Mountain East and Xiangshan) and is also currently developing its Yellow Mountain nickel/copper deposit. GobiMin's common shares are traded on the TSX-Venture Exchange under the symbol GMN.
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements.
For further information, please contact:
James Xiang, Chief Financial Officer, GobiMin Inc.
Tel: (416) 915-0133
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
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