TORONTO, Jan. 23 /CNW/ - GobiMin Inc. (the "Company" or "GobiMin") is
pleased to announce that, subject to TSX Venture Exchange approval, it intends
to renew its normal course issuer bid to repurchase some of its common shares
on the TSX Venture Exchange.
During the period from February 8, 2008 to January 31, 2009, the Company
has repurchased 3,236,100 shares for a gross amounts of CAD3,640,095.86 (an
average price of CAD1.125 each) under a normal course issuer bid and the
repurchase was conducted by Desjardins Securities Inc..
The Company has applied for regulatory approval to acquire up to an
additional 3,516,220 common shares, representing 5% of the common shares
presently outstanding. Purchases are expected to be made in accordance with
applicable regulations over a maximum period of 12 months ending January 31,
2010. The directors of the Company believe that the repurchase by the Company
of its own shares at the prevailing market price can, in appropriate
circumstances, maximize shareholder value and be in the best interest of the
Company and its shareholders. Any purchases made will be made on that basis.
The repurchase will be conducted by Desjardins Securities Inc..
About GobiMin Inc.
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 developing its Yellow
Mountain nickel/copper deposit. The Company has entered into agreement to
dispose of these operations on November 23, 2008 (see press release on
November 24, 2008).
GobiMin also has 40% interest in the newly discovered Yanxi Copper
Deposit in Hami region 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 Company is planning the development of
this project, using typical low-cost Chinese mining methods.
GobiMin has another four joint ventures, exploring various base metal
projects in the Xinjiang region. GobiMin also has set up joint venture for
exploration of mineral properties in Indonesia.
GobiMin continues to aggressively seeking opportunities to acquire
identified high grade mining projects for metals, either in exploration,
pre-production or production stage.
FORWARD-LOOKING STATEMENTS AND RISK FACTORS
This 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. There is no guarantee that the transaction
disclosed on November 23, 2008 will be completed or that its terms will not be
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.
"Neither TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release."
To receive GobiMin press releases by email, 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, email@example.com, www.gobimin.com