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GobiMin Inc., together with its subsidiaries, is engaged in the exploration and development of mineral properties, mainly in the Xinjiang Uygur Autonomous Region ("Xinjiang") of the People's Republic of China ("China").
It holds an equity interest of 70% in a joint venture company to develop and operate the Sawayaerdun Gold Project located in Xinjiang. GobiMin intends to conduct an NI 43-101 mineral resource estimate for the Sawayaerdun Gold Project.
An indirect equity interest of 24.49% in Balikun Coal Project located in Xinjiang was acquired in early 2010. GobiMin and its partner jointly have a controlling interest in the Project and participate in its management and operations. According to a NI 43-101 Mineral Resource estimate, the Project hosts 38 million tonnes of coal in Measured Resources and 50 million tonnes in Indicated Resources.
GobiMin also holds an equity interest of 49% in China Precision Material Limited, which is principally engaged in metal trading, predominately silver.
In addition, GobiMin owns 4 base metals exploration projects, including nickel, copper, lead and zinc projects, in Xinjiang.
GobiMin had operated nickel-copper mining and development business in Hami of Xinjiang through its two Chinese subsidiaries which were disposed in February 2009. Following the successful completion of the disposal, GobiMin is now in a solid financial position to develop its existing and potential projects.
In July 2010, GobiMin also disposed of a 32% interest in the Yanxi Copper Property, retaining an 8% indirect equity interest. The total proceeds will be fully received by GobiMin after the mining license of the Yanxi Copper Property is obtained by the end of December 2010 as expected.
With Strong cash balance, GobiMin is actively reviewing potential and existing investments including high quality exploration and mining projects in China and overseas.
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