GobiMin Provides Update on Yakesi's IPO



    TSX-V: GMN

    TORONTO, July 7 /CNW/ - Subsequent to the press release published on
February 22, 2008 on the proposed initial public offering ("IPO") on the
Shenzhen Stock Exchange of Xinjiang Yakesi Resources Co. Ltd. ("Yakesi"), a
subsidiary of GobiMin Inc. ("GobiMin" or "Company"), Yakesi:

    
    -   completed a 3 month tutoring offered by the IPO sponsor, GF
        Securities Co., Ltd. (the "Sponsor")
    -   is in the final stage of the preparation of the prospectus.
    

    However, recent IPO market conditions in China as well as around the
world have been extremely weak. China's benchmark Shanghai Composite Index
(SSEC) fell over 20% in June and has plunged 55% from its high. The Sponsor is
of the view that the rising volatility in global capital markets, increasing
stock market volatility due to recession and inflation threats as well as
rising oil prices altogether will hamper its ability to underwrite the IPO. As
reported, several prominent Chinese IPOs have been recently postponed despite
obtaining regulatory approvals. At the recommendation of the Sponsor, Yakesi
agreed to delay the filing of the prospectus until such time as market
conditions permit.
    GobiMin remains committed to executing its existing projects. With
approximately US$39 million cash and equivalents in hand as of June 30, 2008,
the Company is well funded for the planned operation and investments. Delay of
the IPO will not hinder the Company's growth, including the development of the
Yellow Mountain Project.

    About GobiMin Inc.

    GobiMin Inc. is a junior mining company with nickel/copper sulphide
operations and development properties in northwestern China. GobiMin, through
Yakesi, 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. 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 1 control or predict, which could cause actual
events or results to differ materially from those anticipated in such
forward-looking statements. There is no guarantee that the proposed IPO will
proceeded and that the Yellow Mountain deposit will be successfully placed in
commercial production. Readers should not place undue reliance on
forward-looking statements.

    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.

    %SEDAR: 00009152E




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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GobiMin Inc.

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