GobiMin Inc. Announces Proposed IPO of Its Subsid =?ISO-8859-1?Q?iary=20in=20the=20People=27s=20Republic= by 24hgold

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GobiMin Inc.
TSX VENTURE:	GMN

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October 15, 2007
GobiMin Announces Proposed IPO of Its Subsidiary in the People's Republic of China ("China")
TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) - GobiMin Inc. (TSX VENTURE:GMN) ("GobiMin" or the "Company") is pleased to announce that following a strategic review and upon the recommendation of a leading Chinese securities firm, GF Securities Co., Ltd, GobiMin has authorized its 97% owned subsidiary, Xinjiang Yakesi Resources Co. Ltd. ("Yakesi"), to prepare an initial public offering, targeted for Mid 2008, on either the Shanghai or Shenzhen Stock Exchange. In the last year, GobiMin has embarked on a strategic review which aims to: a) enhance its profile in China in order to participate in the growing mergers and acquisitions in the sector; b) finance the development of its flagship Yellow Mountain nickel/copper deposit; c) finance potential acquisitions; d) tap into the world's most dynamic capital market while retaining access to North American markets. GobiMin reached the conclusion that Yakesi's IPO meets all above criteria in the best interest of its shareholders. Yakesi intends to issue approximately 25% of its shares, classified as "A Shares", to the Chinese public subject to regulatory approval. Net proceeds will be used to fund the cost of developing the already permitted Yellow Mountain Deposit and for acquisitions. Pricing of the shares will depend on market conditions. In preparation for the IPO application, Yakesi will undertake a series of transactions (the "Pre-IPO Transactions") including: a) Yakesi will acquire from a minority partner a 5% interest in its 70% held subsidiary, Hami Jubao Resources Co. Ltd. ("Jubao"), in exchange for an interest of approximately 1.5% in Yakesi. GobiMin owns the remaining 25% interest in Jubao; b) Yakesi will capitalize about RMB 120 million (approximately US$ 16 million) of its retained earnings so as to increase its total registered capital; c) Yakesi will declare a special cash dividend of not less than RMB 37 million (approximately US$ 5 million) to its shareholders, subject to the audit of the financial statements to be completed by December 2007, and will fully repay all amount due to GobiMin including the shareholder loans which amounted to approximately RMB 37 million (approximately US$ 5 million) as at June 30, 2007; d) GobiMin will sell up to 2% of its shares in Yakesi to arms length strategic investors; e) Yakesi will adopt a policy of declaring annual dividends corresponding to at least 10% of its after tax earnings; and f) Yakesi will file an application for registration as a joint stock company under Chinese laws. The Pre-IPO Transactions are subject to approval of the Canadian and Chinese regulatory authorities. Following the IPO, GobiMin's main assets will consist of: a) an equity interest of approximately 67% in Yakesi, a direct 25% equity interest in Jubao (in addition to its indirect interest through Yakesi which will own the remaining 75%) and interests in its other subsidiaries. Yakesi and Jubao own directly and indirectly a 100% interest of the Yellow Mountain deposit, the Yellow Mountain East mine and the Xiangshan mine; and b) Cash held outside of China. As at June 30, 2007, GobiMin had a cash balance (outside of China) of about US$ 16 million while it shall have additional cash of not less than US$ 5 million from the proposed dividend and another US$ 5 million from the proposed repayment from Yakesi. Following the IPO, GobiMin (through its subsidiaries other than Yakesi and Jubao) will continue to acquire and explore mining properties in China with the objective of retaining ultimately approximately 50% of any economically viable properties, whereas Yakesi would finance the eventual placing of the said properties in production. Precise terms will be established on a case by case basis. IPO Process Following the successful completion of a special audit of its financial statements for the last three years and the legal due diligence, the Company is pleased to report that GF Securities Co., Ltd has accepted in principle to act as sponsor of Yakesi for the IPO, subject to the completion of the Pre-IPO Transactions and other related matters and the approval of the China Securities Regulatory Commission. Mr. Felipe Tan, President and Chief Executive Officer of GobiMin commented as follow: "We feel honored to be associated with a prestigious firm such as GF Securities Co., Ltd. A successful IPO of Yakesi will enable GobiMin to tap into today's most exciting capital markets in the world. This in turn will allow us to be bold in our goal to become a major producer in China. As CEO and GobiMin's largest shareholder, I am enthusiastic of our future and I am confident that this transaction will unlock the Company's true value for the benefit of all shareholders." GF Securities, China's 5th largest brokerage in assets, is a leading full-service securities firm in China. Its business encompasses underwriting, M&A, brokerage, proprietary trading and asset management. About GobiMin Inc. GobiMin Inc. is a junior mining company with nickel sulphide operations and development properties in northwestern China. GobiMin, through Yakesi, controls three concessions, within a 10-kilometre radius, totaling 455 hectares. In operation since 1999, GobiMin currently operates two underground mines (Yellow Mountain East and Xiangshan) and is also currently developing its Yellow Mountain nickel/copper deposit. GobiMin's common shares are traded on the TSX-Venture Exchange under the symbol GMN. FORWARD-LOOKING STATEMENTS AND RISK FACTORS This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. There is no guarantee that Yakesi's proposed IPO will be completed or that its terms will not vary from those described above, that the Yellow Mountain deposit will be successfully placed in commercial production, nor that Yakesi will ever be profitable and in a position to declare dividends. Readers should not place undue reliance on forward-looking statements. To receive GobiMin press releases by email, please send a message to info@gobimin.com and specify "GobiMin press releases" on the subject line. 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
Fax: (416) 363-2908
Email: james@gobimin.com
Website: www.gobimin.com

INDUSTRY: Manufacturing and Production - Mining and Metals

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