GobiMin announces initial resource estimate for Yanxi Copper Deposit



    TSX-V: GMN

    TORONTO, Oct. 10 /CNW/ - GobiMin Inc. ("GobiMin" or the 'Company") is
pleased to announce the results of an independent initial mineral resource
estimate for the Yanxi Copper Property located about 115 km south of the city
of Hami in the eastern Xinjiang Uygur Autonomous Region, China.
    The porphyry copper-type Yanxi deposit lies within an east-west belt of
porphyry copper deposits that includes the Tuwu and Yandong deposits.
Mineralization is hosted in an east-west striking irregular dike-like body of
porphyritic granitic rocks that varies in thickness up to about 200 m thick.
The granitic rocks lie within a sequence of Carboniferous age clastic,
volcaniclastic and volcanic rocks. Testing to date has outlined a deposit
about 1,000 m long, about 700 m down dip and up to 80 m thick. The deposit
dips south at about 70 degrees.
    Based on 31 diamond drill holes, Scott Wilson Roscoe Postle Associates
Inc. ("Scott Wilson RPA") made an estimate of the metal content in the table
below:

    
                   Mineral Resources - Yanxi Copper Deposit
     -----------------------------------------------------------------------
                                                                 Copper
      Classification       Million Tonnes       Cu (%)         (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$2.50/lb, and a US$/C$ exchange rate 1.04.
    5. A minimum mining width of 5 metres was used.
    

    At this time, there are no known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issues that may
materially affect this mineral resource.
    GobiMin owns 40% interest of the Yanxi Copper Property while two local
partners each holds a 30% interest.

    Resource Statement

    Scott Wilson RPA has prepared an initial mineral resource estimate for
the Yanxi Copper Property. Thirty-one diamond drill holes have been completed
on the property and 25 holes tested the mineralization included within the
model. The deposit was modeled using Gemcom Software. A mineral envelope grade
of 0.3% copper was used. A block model was developed and grades were
interpolated using inverse distance squared methodologies. The assay database
was examined for outlier values and no cutting of abnormally high values was
deemed to be necessary. The estimate was prepared with an effective date of
September 10, 2008.
    Mr. Neil N. Gow, P.Geo. an Associate Consulting geologist with Scott
Wilson RPA is the Qualified Person for this release as defined under NI 43-101
and has reviewed and approved this press release.

    Resource Definitions Used

    The CIM classification of an Indicated Mineral Resource is that part of a
Mineral Resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic viability
of the deposit. The estimate is based on detailed and reliable exploration and
testing information gathered through appropriate techniques from location such
as outcrops, trenches, pits, working and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed. An
Indicated Mineral Resource estimate is of sufficient quality to support a
Preliminary Feasibility Study which can serve as the basis for major
development decisions. An Inferred Mineral Resource has a lower level of
confidence than an Indicated Mineral Resource for which quantity and grade or
quality, based on geological evidence can be reasonably assumed.

    About GobiMin

    GobiMin is a junior mining company with nickel/copper sulphide operations
and development properties in northwestern China. Through its subsidiaries,
Xinjiang Yakesi Resources Co. Ltd. and Hami Jubao Resources Co. Ltd., GobiMin
controls three concessions, within a 10-kilometre radius, totaling 455
hectares. In operation since 1999, GobiMin currently operates two underground
mines (Yellow Mountain East and Xiangshan) and is also currently developing
its Yellow Mountain nickel/copper deposit.

    FORWARD-LOOKING STATEMENTS AND RISK FACTORS

    The release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond the Company's ability to control or predict which could cause actual
events or results to differ materially from those anticipated in such
forward-looking statements. These risks include, but are not limited to, those
associated with our capacity to finance our activities, the price of minerals
and other commodities, reliance on subcontractors and key personnel, and other
risks and uncertainties detailed from time-to-time in our filings with the
Canadian securities commissions.
    Readers should not place undue reliance on forward-looking statements,
given that (i) our actual results could differ materially from a conclusion,
forecast or projection in the forward-looking information, and (ii) certain
material factors or assumptions which were applied in drawing a conclusion or
making a forecast or projection as reflected in the forward-looking
information, could prove to be inaccurate. Additional information about (i)
the material factors that could cause actual results to differ materially from
the conclusion, forecast or projection in the forward-looking information, and
(ii) the material factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking information, is contained in the Company's annual report and
other documents filed from time to time with the Canadian securities
commissions and which are available at www.sedar.com.

    
      The TSX Venture Exchange has neither approved nor disapproved the
                       contents of this press release.

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




For further information:

For further information: James Xiang, Chief Financial Officer, GobiMin
Inc., Tel: (416) 915-0133, james@gobimin.com, www.gobimin.com

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