GobiMin Updates Resource Estimates at Sawayaerdun Gold Project

TSX-V: GMN

TORONTO, April 16, 2015 /CNW/ - (TSXV:GMN): GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce the updated resource estimates prepared by Mining One Pty Ltd ("Mining One") for the Sawayaerdun Gold Project. Mineral Resources contained within the Project have been independently estimated by Mining One and based on data collected by the Company as at October 13, 2014. The 2014 resources have been estimated using result from 313 surface diamond drill holes for a total of 97,204m plus adits and trenches. The resource 2014 infill drilling results have further increased the confidence and understanding of the mineralization particularly within the measured and indicated areas of the resources and thus provide more reliable data for the mining plan. A copy of the full technical report that includes the NI 43-101 resource statement will be posted by GobiMin on SEDAR at www.sedar.com and the Company website at www.gobimin.com.  The current resource estimates are as follow:

Table 1 Estimated Mineral Resources, March 18, 2015 ("Mineral Resources")

SAWAYAERDUN RESOURCES (>1.0 g/t Au) as at March 18, 2015

Domain

Resource Class

Mt

Au (g/t)

Au Metal (t)

Au K Oz

Zone IV Main

Measured

12.94

1.93

24.98

803

Indicated

13.89

1.66

23.06

742

Measured + Indicated

26.84

1.79

48.05

1,545

Inferred

49.71

1.39

69.10

2,222







Zone I Main

Measured

-

-

-

-

Indicated

-

-

-

-

Measured + Indicated

-

-

-

-

Inferred

9.67

1.30

12.57

404







Total

Measured

12.94

1.93

24.98

803

Indicated

13.89

1.66

23.06

742

Measured + Indicated

26.84

1.79

48.05

1,545

Inferred

59.38

1.38

81.67

2,626

Notes:

  1. Resources estimate updated according to the NI43-101 guideline and prepared by Qualified Person as a defined in the NI43-101, Mr. Bin Guo in April 2015.
  2. CIM definitions were followed for Mineral Resources.
  3. Mineral Resources are estimated at cut-off grade of 1.0 g/t Au.
  4. Figures reported are rounded which may result in small tabulation variances. Weighted average are used to report average gold grades.

Project Brief

The Sawayaerdun Gold Deposit located in the Xinjiang Uygur Autonomous Region of the People's Republic of China. The deposit is located within a mining license that is surrounded by an exploration license.  The licenses are held by Xinjiang Tonyuan Minerals Limited which is 70% owned indirectly by the Company.  The mining license is valid until February 25, 2018 and the exploration license is valid until February 2, 2018.   The project is classified as an advanced exploration project.  The deposit consists of a series of repeating gold bearing veins developed within regional shear structures.  

Mineralisation

The main zones of mineralization have been defined within the project area, and are referred to as Zone I and Zone IV. The ore domains generally consists of low to medium grade gold mineralization developed within quartz filled ductile shear zones formed within a meta-sedimentary sequence. The Zone IV domain is approximately 3km long and has been defined to a depth of 700m. This is the most continuous zone so far defined within the project area. The defined ore domains dip at between 60° and 80° toward the northwest and therefore strike northeast. Mineralized zones can range from less than 1m to 50m in thickness.

Exploration

Exploration activities have been carried out in the project area since 1952. Stream sediment sampling in the 1980's lead to the discovery of the deposit in 1985. The deposit has been subject to multiple phases of exploration including surface mapping, diamond drilling, trenching and underground development via adits, cross cuts and strike drives. During 2014, a further 41 diamond holes were drilled primarily into zone IV to further define the continuity of mineralization and to upgrade inferred material to indicated and measured.

Pursuant to NI 43-101, the qualified person responsible for the technical data provided in this press release are Mr. Bin Guo, Geologist of Mining One. Mining One has been engaged by GobiMin to prepare the technical report and Mr. Bin Guo has reviewed and approved the contents of this press release relating to the mineral resource estimate.

About GobiMin

GobiMin holds an equity interest of 70% in Xinjiang Tongyuan Minerals Ltd to explore, develop and operate the Sawayaerdun Gold Project located in Xinjiang.

GobiMin also holds an equity interest of 48.02% in Loco Hong Kong Holdings Limited, a company incorporated in Hong Kong and the shares of which are listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited under the stock code 8162. Loco HK and its subsidiaries are principally engaged in the trading of metals and commodity forward contracts in Hong Kong as well as property holding.

In addition, GobiMin owns 40% equity interests each in three companies incorporated in China to engage in base metals and precious metal exploration, including nickel, copper and gold, in Xinjiang, and a 3.5% equity interest in the Yanxi Copper Property.

GobiMin is aggressively seeking opportunities to acquire high quality mining and exploration projects.

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. The readers are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information.  Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in development of mineral properties, the prospective mineralization of the properties, and planned exploration programs.  The readers should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate.  These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.

"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 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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