| ||January 23, 2009|
GobiMin Inc. Announces a Normal Course Issuer Bid
Toronto, Canada. January 23, 2009- GobiMin Inc. (the "Company" or "GobiMin") is pleased to announce that, subject to TSX Venture Exchange approval, it intends to renew its normal course issuer bid to repurchase some of its common shares on the TSX Venture Exchange.
During the period from February 8, 2008 to January 31, 2009, the Company has repurchased 3,236,100 shares for a gross amounts of CAD3,640,095.86 (an average price of CAD1.125 each) under a normal course issuer bid and the repurchase was conducted by Desjardins Securities Inc..
The Company has applied for regulatory approval to acquire up to an additional 3,516,220 common shares, representing 5% of the common shares presently outstanding. Purchases are expected to be made in accordance with applicable regulations over a maximum period of 12 months ending January 31, 2010. The directors of the Company believe that the repurchase by the Company of its own shares at the prevailing market price can, in appropriate circumstances, maximize shareholder value and be in the best interest of the Company and its shareholders. Any purchases made will be made on that basis. The repurchase will be conducted by Desjardins Securities Inc..
About GobiMin Inc.
GobiMin is a junior mining company with nickel/copper 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, GobiMin currently operates two underground mines (Yellow Mountain East and Xiangshan) and is developing its Yellow Mountain nickel/copper deposit. The Company has entered into agreement to dispose of these operations on November 23, 2008 (see press release on November 24, 2008).
GobiMin also has 40% interest in the newly discovered Yanxi Copper Deposit in Hami region of Xinjiang, China. The Company received for its Yanxi Copper Deposit an initial NI 43-101 compliant Mineral Resource Estimate from Scott Wilson RPA in October 2008. The Company is planning the development of this project, using typical low-cost Chinese mining methods.
GobiMin has another four joint ventures, exploring various base metal projects in the Xinjiang region. GobiMin also has set up joint venture for exploration of mineral properties in Indonesia.
GobiMin continues to aggressively seeking opportunities to acquire identified high grade mining projects for metals, either in exploration, pre-production or production stage.
FORWARD-LOOKING STATEMENTS AND RISK FACTORS
This 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. These risks include, but are not limited to, those associated with our capacity to finance our activities, the price of minerals and other commodities, reliance on subcontractors and key personnel, and other risks and uncertainties detailed from time-to-time in our filings with the Canadian securities commissions. There is no guarantee that the transaction disclosed on November 23, 2008 will be completed or that its terms will not be varied.
Readers should not place undue reliance on forward-looking statements, given that (i) our actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions which were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, could prove to be inaccurate. Additional information about (i) the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and (ii) the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, is contained in the Company's annual report and other documents filed from time to time with the Canadian securities commissions and which are available at www.sedar.com.
For further information, please contact:
James Xiang, Chief Financial Officer, GobiMin Inc.
Tel: (416) 915-0133
"Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release."
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