TSX-V: GMN
TORONTO , July 8, 2014 /CNW/ - (GMN.V) 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.
About GobiMin
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."
To receive GobiMin press releases by email, please send a message to info@gobimin.com and
specify "GobiMin press releases" on the subject line
To unsubscribe GobiMin press releases, please send a message to
SOURCE GobiMin Inc.