Keywords : Capital Markets | China | Copper | Nickel |

PRESS RELEASE


GobiMin Inc.
TSX VENTURE:	GMN	Stock Quote	Stock Chart

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May 16, 2007

GobiMin Announces Closing of Private Placement

TORONTO, ONTARIO--(CCNMatthews - May 16, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GobiMin Inc. (TSX VENTURE:GMN) (the "Company") announced today the closing of its recently announced bought deal financing for 3,450,000 common shares at a price of $3.75 per common share for aggregate gross proceeds of $12,937,500. The syndicate of underwriters was led by Desjardins Securities Inc. and included Wellington West Capital Markets Inc. and Westwind Partners Inc. The Underwriters received an aggregate cash commission of $793,125.

The securities issued pursuant to this private placement are subject to a four-month hold period. Following this closing, GobiMin has a total of 72,972,902 common shares issued and outstanding.

The net proceeds of the placement will be used to fund the costs of the feasibility study on the Yellow Mountain property, to finance additional exploration work on a new target identified at Yellow Mountain, for the purchase of capital equipment and underground development work at the Yellow Mountain East Mine and for general working capital purposes.

About GobiMin Inc.

GobiMin Inc. is a junior mining company with nickel sulphide operations and development properties in northwestern China. The Company controls three concessions, within a 10-kilometre radius, totaling 455 hectares. In operation since 1999, GobiMin is currently increasing its mining capacity to approximately 330,000 tonnes of ore annually from two underground mines (Yellow Mountain East and Xiangshan) for 2007 from 220,000 tonnes in 2006. The Company is also exploring aggressively the Yellow Mountain Nickel/Copper property. GobiMin's shares are traded on the TSX-Venture under the symbol GMN.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

CONTACT INFORMATION

GobiMin Inc.
James Xiang
Chief Financial Officer
(416) 915-0133 Ext 222
Fax: (416) 363-2908
Email: james@gobimin.com

INDUSTRY: Manufacturing and Production - Mining and Metals

GobiMin Inc.


	CODE : GMN.V
	ISIN : CA38020T1021

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GobiMin is a copper development stage company based in Canada.

GobiMin produces copper, nickel in China, and holds various exploration projects in China.

Its main asset in production is HUANGSHAN DONG in China and its main exploration properties are HUANGSHAN, YANXI and XIANSHAN in China.

GobiMin is listed in Canada and in United States of America. Its market capitalisation is CA$ 92.1 millions as of today (US$ 73.6 millions, € 69.8 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.24, and its lowest recent point on September 09, 2021 at CA$ 0.19.

GobiMin has 50 310 000 shares outstanding.

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