Progress Update on Mada Drilling Program in Cameroon
June 25, 2008 ? Grand Junction, CO - Geovic Mining Corp. (?Geovic? or ?The Company?, TSX:GMC), on behalf of its 60%-owned subsidiary Geovic Cameroon PLC (GeoCam), is pleased to announce the progress of its drilling program at the Mada cobalt-nickel-manganese property in Cameroon, Africa. Mada is a northern, adjoining extension of the Nkamouna deposit, with very similar geologic properties and mineral grades. The purpose of drilling out Mada is to determine if it contains additional high-grade reserves for utilization at the planned Nkamouna processing plant (to optimize cash flow in the early years of production), as well as provide additional reserves to significantly increase production if supported by market conditions.
In August 2006, Pincock, Allen & Holt conducted an NI 43-101 resource estimate of the Mada deposit, yielding inferred resources of 145 million tonnes grading 0.21 % cobalt, 0.48% nickel, and 1.15% manganese. This estimate was based only on hand dug pits since no drilling had been carried out in this area at the time. The pits, averaging 13 meters deep, did not penetrate the entire Mada mineral zone due to the high-perched water table. Beginning in 2008, GeoCam started drilling to test the full extent of the Mada mineral zone. To date, this on-going program has completed in excess of 1,255 drill holes and pits within the 59-square kilometer Mada mineralized area. Through it, the Company aims to significantly expand Mada?s resource base, as well as convert some of the current resources to higher resource categories and/or proven/probable reserves. Approximately 16% of the new Mada drill holes, encompassing more than 3,500 samples, are awaiting analysis at a commercial assay lab. Moreover, an additional 5,000 samples are being prepared for shipment from Cameroon. Upon receipt of these assay results in the coming months, the Company will highlight them in press releases and post them on Geovic?s web site at www.geovic.net. Additionally, a location map will be posted on the website showing the extent of the ongoing Mada drilling in relation to the 8-square kilometer Nkamouna deposit. By year-end, the Company plans to use the expanded database as a basis for new NI 43-101 compliant ore reserve/resource statements for the Nkamouna and Mada properties. Additionally, the new data will be utilized to optimize the mine plan for the Nkamouna operation?s start up, currently anticipated in late 2010. Geovic Background Geovic is a US based corporation, whose principal asset is a significant cobalt-nickel-manganese deposit in the Republic of Cameroon, with initial production scheduled for late 2010. Geovic owns 60% of seven cobalt-nickel-manganese deposits located on a 1,250 square kilometer Mine Permit in Cameroon. The unique ore in the first deposit to be developed 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. |