Geovic Mining Closes $54,000,000 Financing


    GRAND JUNCTION, CO, March 6 /CNW/ - Geovic Mining Corp. (the "Company")
(TSXV: GMC/GMC.WT/GMC.WT.A) is pleased to announce that it has closed the
previously announced offering of units ("Units") of the Company, each Unit
consisting of one common share of the Company and one half of one common share
purchase warrant (each whole warrant, a "Warrant"). Each Warrant has an
exercise price of CDN$3.00 and is exercisable until March 6, 2012. The
Warrants commenced trading on the TSX Venture Exchange today under the symbol
"GMC.WT.A". Canaccord Capital Corporation, Orion Securities Inc., and
Desjardins Securities Inc. (collectively, the "Agents") acted as agents for
the offering.
    On February 23, 2007, the Company announced the filing of a final
prospectus in connection with the sale of 20,000,000 Units at a price per
share of CDN$2.50 for gross proceeds to the Company of CDN$50 million. The
Agents subsequently exercised their over allotment option increasing the size
of the offering by an additional 1,600,000 Units for total gross proceeds of
CDN$54 million.

    This press release is not an offer of securities for sale or the
    solicitation of an offer to buy securities in the United States or
    Canada. Securities may not be offered in the United States.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Geovic Mining Corp., John Sherborne, (970)

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Geovic Mining Corp.

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