Geovic Mining Management Appointments June 27, 2008 ? Grand Junction, CO - Geovic Mining Corp. (?Geovic? or ?The Company?, TSX:GMC) is pleased to announce two key appointments in its senior management ranks.
Wade Nesmith has been appointed Chairman of Geovic?s Board of Directors. An independent director of Geovic since September 2006, Mr. Nesmith has been instrumental to Geovic?s growth since it became a public company in December 2006. Currently, Mr. Nesmith is associate counsel with Lang Michener LLP, where he specializes in corporate governance and regulatory matters. Additionally, he serves as a director of several public companies. Prior to rejoining Lang Michener in 2004, Mr. Nesmith was, from 2000 to 2003, Vice President, Strategic Development, and President of Westport Europe, a division of Westport Innovations Inc., a BC-based, TSX-listed technology company. Richard Howe has been appointed General Manager and a Director of Geovic?s 60%-owned subsidiary, Geovic Cameroon PLC (?GeoCam?), succeeding Gary Morris, whom will retain his position as Chairman of GeoCam?s Board of Directors. Mr. Howe has a long, distinguished career in international business, with more than 25 years of managing operations on four continents for British American Tobacco plc, the UK tobacco multinational. After setting up BAT?s $250 million investment into Russia from 1994 to 1997, BAT Russia, he served as the Chairman and Managing Director, then Chairman, of BAT in Central Africa until 2004. Since 2004, he has served as a non-executive director on both local and multi-national Boards in Cameroon and Equatorial Guinea. Given his unique managerial skill set and intimate knowledge of Cameroon, Mr. Howe is well equipped to lead GeoCam as it approaches major project construction in late 2008. John Sherborne, CEO of Geovic Mining, comments ?these appointments solidify the corporate structures of both Geovic and GeoCam as we head toward the construction phase of our flagship Nkamouna cobalt project. The expanding breadth of management experience should serve shareholders well as we move closer to commencing production in late 2010.? Geovic Background Geovic is a U.S.-based corporation whose principal asset is a significant cobalt-nickel-manganese property in the Republic of Cameroon, Africa, where initial production is scheduled for late 2010. Geovic?s 60%-owned subsidiary, GeoCam, owns 60% of seven related cobalt-nickel-manganese deposits on the 1,250 square kilometer Mine Permit in this area. The unique ore in the first deposit to be developed, Nkamouna, is concentrated and upgraded to approximately 0.7% cobalt, 1.0% nickel and 3.8% manganese by simple washing and sizing prior to processing, thereby substantially enhancing economic performance. Additional Company and Project information may be found on the websites www.geovic.net, www.sedar.com and www.sec.gov. For more information, please contact: Geovic Mining Corp. Andrew Hoffman ? VP, Investor Relations Direct (720) 350-4130 Toll-Free (866) 350-4130 ahoffman@geovic.net Or Vanguard Shareholder Solutions Inc. Keith Schaefer Direct (604) 608-0824 Toll-Free (866) 891-9756 www.vanguardsolutions.ca On behalf of the Board John E. Sherborne, CEO Statements contained in this press release that are not historical facts are forward-looking statements (within the meaning of the Canadian securities legislation) that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of metals; the estimation of mineral reserves and resources; the timing and amount of estimated future production, costs of production, and capital expenditures; costs and timing of the development of new deposits; and success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "proposes", "expects", "is expected", "scheduled", "estimated", "intends", or variations of such words and phrases or state that certain actions, events or results "will" occur. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other factors as described in detail in the Company's Annual Information Form and Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. |