Toronto, Canada. August 30, 2011 - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") announces that further to the press release published on January 4, 2011, it has entered into a second supplemental agreement (the "Supplemental Agreement") with China Daye Non-Ferrous Metals Mining Limited ("China Daye") for a further extension of the deadline for obtaining the Yanxi Mining Licence in connection with the disposal of the Yanxi Copper Deposit completed in July 2010.
Due to the tightened policy for license applications in China, additional time is required to finalize the application for the Yanxi Mining Licence and the exploration licence for the adjacent New Area. As the receipt of the second installment of the convertible bonds (the "CB") by the Company is subject to the obtaining of the Yanxi Mining Licence, the Company and China Daye have entered into the Supplemental Agreement for, among other things, the following terms and conditions:
The deadline for obtaining the Yanxi Mining Licence and the exploration licence of the New Area are extended from August 31, 2011 to January 31, 2012.
At the discretion of China Daye, either:
the repayment date from China Daye of the outstanding principal of the CB is extended from July 22, 2012 to June 30, 2013, without extension of the period of the related rights of conversion; or
subject to approval of The Stock Exchange of Hong Kong Limited and shareholders of China Daye (if necessary), the maturity date of the CB is extended from July 22, 2012 to June 30, 2013, including the deadline for conversion.
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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