GobiMin increases In-Situ Nickel & Copper by Almost 100% for Yellow Mountain Nickel-Copper Deposit



    TSX-V: GMN

    TORONTO, Aug. 6 /CNW/ - GobiMin Inc. (the "Company" or "GobiMin") is
pleased to announce that the Company has received an updated NI 43-101
compliant Mineral Resource Estimate from Met-Chem Canada Inc. of Montreal
("Met-Chem") for its Yellow Mountain Deposit (also known as Huangshan
Deposit).
    At 0.2% Ni cut-off, Indicated Mineral Resources are estimated at over 22
million tonnes averaging 0.45% nickel, 0.30% copper and 0.03% cobalt. The new
Indicated Resources almost doubled from the initial Mineral Resource Estimate
of 12 million tonnes (See news release on June 11, 2007). Inferred Resources
now totals 44 million tonnes averaging 0.46% nickel, 0.30% copper and 0.03%
cobalt.
    The new mineral resource estimate uses the new data of the 2007 drilling
campaign totalling 38 boreholes for 17,200 meters. Met-Chem uses the same
cut-off grade factor than the previous estimate that is considered appropriate
at this study stage. Resources estimation was done using computerized
geological block models and square inverse distance interpolation method. Core
samples were analyzed for copper, cobalt and nickel using acid digestion with
an Atomic Absorption Spectrometry finish. Based on Met-Chem's report, the
Company has made an estimate of the metal content in the table below:

    
    Nickel
    ----------------------------------------------------------------
                       New Estimate     Previous Estimate
    Classification    In-Situ Nickel    In-Situ Nickel (*)   Change
                            Lbs                Lbs              %
    ----------------------------------------------------------------
    Indicated            221 million          113 million      +96%
    ----------------------------------------------------------------
    Inferred             438 million          442 million       -1%
    ----------------------------------------------------------------


    Copper
    ----------------------------------------------------------------
                       New Estimate     Previous Estimate
    Classification    In-Situ Copper    In-Situ Copper (*)   Change
                            lbs                Lbs              %
    ----------------------------------------------------------------
    Indicated            147 million           73 million     +101%
    ----------------------------------------------------------------
    Inferred             290 million          287 million       +0%
    ----------------------------------------------------------------


    Cobalt
    ----------------------------------------------------------------
                       New Estimate     Previous Estimate
    Classification    In-Situ Cobalt    In-Situ Cobalt (*)   Change
                            lbs                lbs              %
    ----------------------------------------------------------------
    Indicated             14 million            7 million     +100%
    ----------------------------------------------------------------
    Inferred              28 million           27 million       +4%
    ----------------------------------------------------------------
    (*) Previous NI 43-101 compliant resource estimate prepared by Met-Chem
    on July 20, 2007

    The factors behind the dramatic increase of Indicated

    Mineral Resources are:

    -  About 50% of the increase (56 and 39 million lbs of In-Situ nickel and
       copper respectively) results from the 2007 discovery of the Northwest
       extension of mineralization of main Lens No.30 to near-surface.
    -  The 2007 drilling program resulted in reduced spacing between drill
       holes which in turn brought a significant portion of the Inferred
       Resources category into the Indicated Resources category. This
       accounted for the other half of the increase in mineral resources.

    Based on the new geological interpretation and model, Met-Chem estimates
    that:

    -  The mineralization between Lens No.31 and Lens No.30 could be
       connected and therefore significant tonnage can potentially be added
       if a drilling campaign were successful in linking them.
    -  Lens No.34, situated between surface and below 400m, could be much
       larger if more definition drilling is undertaken.
    

    The Company is actively preparing a new drilling campaign under the
guidance of Met-Chem to test the continuity of the various lenses.
    Mr. Raynald Jean, a Qualified Person within the meaning of National
Instrument 43-101 and Senior Geologist at Met-Chem, has prepared the National
Instrument 43-101 resources evaluation which GobiMin will file on SEDAR within
45 days.
    GobiMin is advancing the construction of the Yellow Mountain project
towards a production capacity of 4,000 tonnes/day mining and milling capacity.
This adds to the Company's current 1,500 tonnes/day capacity.

    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. Yellow Mountain project is an
intrusive complex 3.9 km long, 600 m thick on west side and 55 m on east side;
extends at least 1,500 m below surface. GobiMin's common shares are traded on
the TSX-Venture Exchange under the symbol GMN.

    FORWARD-LOOKING STATEMENTS AND RISK FACTORS

    This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond GobiMin'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 nickel 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 Yellow Mountain Deposit
will be successfully placed in commercial production.
    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 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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