Geovic Mining Corp. announces terms of offering


    Trading Symbol: GMC/GMC.WT/GMC.WT.A

    VANCOUVER, April 11 /CNW/ - Geovic Mining Corp. (TSX-V: GMC/
GMC.WT/GMC.WT.A) (the "Company") announced today that it has entered into an
underwriting agreement with a syndicate of underwriters led by Canaccord Adams
Limited and including Orion Securities Inc., to sell 8,750,000 units at a
price of $4.00 per unit to raise gross proceeds of $35 million pursuant to a
short form prospectus filed in the provinces of Alberta, British Columbia, and
Ontario (the "Offering"). Each unit will consist of one common share and
one-half of one common share purchase warrant. Each whole warrant shall
entitle the holder to purchase a common share of the Company until the date
which is five years following the closing date of the Offering at an exercise
price of $5.00 per common share. The Company has granted the underwriters an
over-allotment option to purchase that number of additional units equal to up
to 15% of the units sold pursuant to the Offering, exercisable at any time up
to 30 days from the closing of the Offering.
    The Company intends to use the net proceeds of the Offering to fund
further development and exploration drilling at the Nkamouna and Mada
Projects, complete a feasibility study on the Nkamouna Project, initiate
pre-construction activities at Nkamouna, for possible future acquisitions and
for general corporate purposes.
    The Offering is expected to close on or about April 26, 2007

    Certain statements contained in this news release constitute
forward-looking statements. Such forward-looking statements involve a number
of known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company's plans to
differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date the statements were made, and readers are advised to
consider such forward-looking statements in light of the risks set forth in
the Company's Annual Information Form dated January 27, 2007, a copy of which
is available at

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The common
shares have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this press
    release, which has been prepared by management.
    %SEDAR: 00008991E

For further information:

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

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Geovic Mining Corp.

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