GobiMin Inc., together with its subsidiaries, is engaged in the exploration, development and exploitation of mineral properties, mainly in the Xinjiang Uygur Autonomous Region ("Xinjaing") of the People's Republic of China ("China").
In Hami of Xinjaing, GobiMin operated nickel-copper mining and development business through its operating Chinese subsidiaries, Xinjiang Yakesi Resources Co. Ltd ("Yakesi") and Hami Jubao Resources Co. Ltd ("Jubao"). The ore being mined by Yakesi and Jubao was processed through their processing plants to produce nickel and copper concentrates. In November 2008, GobiMin entered into sales and purchase agreements to sell all its equity interest in Yakesi and Jubao. The disposal was completed in February 2009. Following the successful completion of the disposal of its two Chinese subsidiaries, GobiMin is now in a strong financial position to develop its existing and potential projects.
GobiMin owns 50% of a joint venture, Xinjiang Xinya Minerals Ltd. ("Xinya"). Xinya is engaged in exploration of zinc and copper projects in Xinjiang, China.
GobiMin currently owns a 40% interest in the Yanxi Copper Deposit in Hami 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 Mineral Resource Estimate showed in-situ metal of approximately 254 million pounds of copper in Indicated Mineral Resources with a further 160 million pounds in Inferred Mineral resources.
GobiMin also formed other three joint ventures with local partners, to engage in exploration of nickel, copper, lead and zinc projects in Xinjiang, China. GobiMin owns 40% in each of those joint ventures. GobiMin also engages in exploration projects in Indonesia.
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