GobiMin Inc.

Operations & Development
Sawayaerdun Gold Project Balikun Coal Project Yanxi Copper Project
Exploration Investments


3. Yanxi Copper Project - Hami, Xinjiang, PRC
Copper

In July 2010, GobiMin disposed of a 32% interest in the Yanxi Copper Deposit, retaining an 8% indirect equity interest. The total proceeds will be fully received by GobiMin after the mining license of the Yanxi Copper Deposit is obtained by the end of December 2010 as expected.

Location & Access

The Yanxi Copper Deposit is located about 115 km southwest of Hami, a city in the eastern part of Xinjiang of China. The Exploration Right is registered under the name of Tongxing and covers an area of 21.67 km2. The property is centered at about 92°28' east longitude and 42° 05' north latitude.

NI 43-101 Resource Estimate

Based on the 31 diamond drill hole results up to 10 September 2008, GobiMin announced an initial NI 43-101 compliant resource estimate on Yanxi Copper Project in October 2008. The estimate of the metal content is shown in the table below:

Mineral Resources - Yanxi Copper Deposit
Classification Million
tonnes		 Cu
(%)		 Copper (contents)
lbs
Indicated 15.38 0.75% 254 million
Inferred 10.23 0.71% 160 million

Notes:
  1. CIM definitions were followed for Mineral Resources.
  2. Mineral resources which are not Mineral reserves have not demonstrated economic viability.
  3. Mineral Resources are estimated at cutoff grades of 0.5% Cu.
  4. Mineral Resources are estimated using an average long-term copper price of US$2.50/lb, and a US$/Cdn$ exchange rate 1.04.
  5. A minimum mining width of 5 metres was used.
 

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