2013-01-02 10:08 AT - News Release

 

Mr. Felipe Tan reports

GOBIMIN INC. - RECEIVED ADDITIONAL CONSIDERATION OF YANXI COPPER PROPERTY

Further to the press release of Aug. 9, 2012, the consideration for the disposal of the Yanxi copper property has been increased by $10,831,460 (U.S.) ($84,160,440 (Hong Kong)) based on the resource estimate of the area adjacent to the Yanxi copper property, of which Gobimin Inc. is entitled to 40 per cent.

The first 50 per cent of the additional consideration for the amount of $5,415,730 (U.S.) ($42,080,220 (Hong Kong)) has been received, comprising convertible bonds of $2,702,703 (U.S.) ($21-million (Hong Kong)) of China Daye Non-Ferrous Metals Mining Ltd. and cash of $2,713,027 (U.S.) ($21,080,220 (Hong Kong)). The remaining 50 per cent of the additional consideration of $5,415,730 (U.S.) ($42,080,220 (Hong Kong)) in cash will be used to settle the fee related to the application for the mining licence of the new area with the balance receivable upon obtaining the mining licence of the new area by June, 2014.

With the additional consideration, the net gain on the disposal of the Yanxi copper property would be increased from $5.96-million (U.S.) mentioned in the interim financial statements as at Sept. 30, 2012, to $6.96-million (U.S.), after netting off the related payment and expenses including drilling work and the provision for the application of the mining licence of the new area.

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