GobiMin announces completion on the disposal of Balikun Coal Project in China

TORONTO, Sept. 26, 2011 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce the completion on the disposal of Balikun Coal Project in China.  Further to the press release on August 23, 2011 and August 24, 2011 regarding the disposal of Balikun Coal Project in China and the receipt of an initial payment of USD6.07 million and USD16.69 million respectively, the final payment of USD7.59 million was received.

For the disposal, GobiMin has received the total consideration of USD30.35 million, which includes the proceeds of the disposal, the repayment to the Company of the loans for the Balikun Coal Project and the related interests.  The total consideration represents approximately USD0.48 (CAD0.48) per share of the Company.

GobiMin held approximately USD40 million (CAD40 million) in cash and cash equivalent as at June 30, 2011, which represents approximately USD0.63 (CAD0.63) per share on top of the said USD0.48 per share from the disposal.

"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."

To receive GobiMin press releases by email, send a message to info@gobimin.com and specify "GobiMin press releases" on the subject line.


 

SOURCE GobiMin Inc.

For further information:

Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500
Email: felipe@gobimin.com

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GobiMin Inc.

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