GobiMin Inc.

 August 24, 2011
GobiMin receives second payment for disposal of Balikun Coal Project in China

Toronto, Canada. August 24, 2011 - (TSX-V: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce that, further to the press release on August 23, 2011 regarding the disposal of Balikun Coal Project in China and the receipt of an initial payment of USD6.07 million, another payment of USD16.69 million was received today. The remaining balance of approximately USD7.59 million is receivable before September 30, 2011.

For the disposal, GobiMin has so far received in aggregate the non-refundable payments of USD22.76 million, representing approximately USD0.36 (CAD0.36) per share of the Company.

GobiMin held approximately USD40 million (CAD40 million) in cash and cash equivalent as at June 30, 2011, which represents approximately USD0.63 (CAD0.63) per share on top of the said USD0.36 per share from the disposal.

For further information, please contact:

Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500
Email: felipe@gobimin.com

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. There is no guarantee that the Transaction will be completed on the terms and conditions described in this press release.

"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 news release."

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