GobiMin Inc. - Received Additional Consideration of Yanxi Copper Property
TORONTO, Jan. 2, 2013 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce that further to the press release of August 9, 2012, the consideration for the disposal of the Yanxi Copper Property has been increased by US$10,831,460 (HK$84,160,440) (the "Additional Consideration") based on the resource estimate of the area adjacent to the Yanxi Copper Property (the "New Area"), of which the Company is entitled to 40%.
The first 50% of the Additional Consideration for the amount of US$5,415,730 (HK$42,080,220) has been received, comprising convertible bonds of US$2,702,703 (HK$21,000,000) of China Daye Non-Ferrous Metals Mining Limited and cash of US$2,713,027 (HK$21,080,220). The remaining 50% of the Additional Consideration of US$5,415,730 (HK$42,080,220) in cash will be used to settle the fee related to the application for the mining licence of the New Area with the balance receivable upon obtaining the mining licence of the New Area by June 2014.
With the Additional Consideration, the net gain on the disposal of the Yanxi Copper Property would be increased from US$5.96 million mentioned in the interim financial statements as at 30 September 2012 to US$6.96 million, after netting off the related payment and expenses including drilling work and the provision for the application of the mining licence of the New Area.
As at September 30, 2012, GobiMin had approximately US$50.3 million (CAD49.4 million) in cash and cash equivalent, which represents approximately US$0.84 (CAD0.83) per share based on the total issued capital of 59,985,796 shares.
GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd. for the development of the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns a 40%-50% interest each in four other base metal joint ventures in Xinjiang and retains an 8% equity interest in the Yanxi Copper Property. In addition, the Company also holds a 48.02% equity interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality mining and exploration projects.
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.
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SOURCE: GobiMin Inc.For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500