TORONTO, July 8, 2014 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce that further to the press release of January 2, 2013, the Company has received approximately US$5.4 million (HK$42.1 million) in cash for the remaining 50% balance of the Additional Consideration (the "Remaining Consideration") for the area adjacent to the Yanxi Copper Property (the "New Area") upon obtaining the mining licence of the New Area.
Taking into account of this Remaining Consideration and the first 50% of the Additional Consideration of approximately US$5.4 million received in December 2012, the Company has received a total Additional Consideration of approximately US$10.8 million for the New Area. After netting off the related payments and expenses of approximately US$5.8 million including drilling work for the application of the mining licence of the New Area and amount payable to the local shareholders, the Group recorded a gain before tax of approximately US$5.0 million for the New Area.
As at March 31, 2014, GobiMin had approximately US$40.9 million (CAD43.6 million) in cash and cash equivalent, which represents approximately US$0.71 (CAD0.75) per share based on the total issued capital of 58,002,982 shares.
GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd. for the development of the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns 40% equity interests each in three companies incorporated in Xinjiang, China to engage in base metals and precious metal exploration, including nickel, copper and gold, and retains a 3.5% equity interest in the Yanxi Copper Property. In addition, the Company also holds a 48.02% equity interest in a silver operation in Hong Kong. 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. 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."
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SOURCE: GobiMin Inc.
For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500
Email: [email protected]