GobiMin Inc.
TSX VENTURE : GMN

GobiMin Inc.

January 23, 2008 09:26 ET

Discovery of Lense #30's North West Extension to Near Surface at GobiMin's Yellow Mountain Project

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2008) - GobiMin Inc. (the "Company" or "GobiMin") (TSX VENTURE:GMN) is pleased to report that its 2007 exploration drilling campaign has confirmed the continuity of Lense #30, the main orebody and has also extended the known mineralization to the west by nearly 300 meters towards the surface at its nickel / copper Yellow Mountain (Huangshan) Property. The diamond drilling campaign consisted of 19,220 meters in 38 drill holes. A new resource calculation is in progress. GobiMin has also initiated the construction of the basic infrastructure required to develop Yellow Mountain.

The drilling results indicated:

1. The newly discovered western extension of Lense #30 is located at depth from 300 to 700 meters below surface dipping vertically whereas the main part of Lense #30 lies at a depth between 600 and 900 meters.

2. Several 2 to 5 meter thick high grade intersections were also discovered closer to surface and are associated to the contact between the metamorphic sediment country rock and the mafic intrusion.

The majority of the 2007 diamond drill holes have not only confirmed but expanded the known mineralization as defined by historical drilling. One of the best holes, GYM07-03 intersected continuous disseminated to semi massive sulphide mineralization with an average grade of 0.60% Ni and 0.40% Cu over a core length of 255.3 meters from 404.55 to 659.85 meters, including higher grade sections of 1.72% Ni and 0.97% Cu over 26 meters.

The fact that the majority of the holes have intercepted mineralization as expected confirms the current geological interpretation of the deposit. This drilling program has also identified new exploration targets and a potential to further increase existing mineral resources. The 2007 drilling results are summarized in the table below.

Pre-development work already initiated

In addition to the exploration drilling, other mining development works have been initiated, such as road access construction, electrical power line and energy distribution centre, tower complex, new housing and camp facility for the personnel, as well as pre-stripping of the planned shafts location. GobiMin has obtained from local governments commitments to provide key infrastructures such as electric power, road and water. GobiMin has also committed to provide funding to the local governments for part of the infrastructures.



2007 Drilling Result Table
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HOLE No FROM TO LENGHT(i) Cu% Co% Ni% SECTION Remarks
(m) (m)
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GYM07-01 458.52 572.60 114.08 0.40 0.04 0.66 32383750E Lense 30, N-S ext.
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Includ-
ing 559.50 572.60 13.10 0.87 0.07 1.57
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Lense 30 missed,
isolated
GYM07-02 187.30 189.30 2.00 0.30 0.04 0.21 4681500N intersection
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GYM07-03 404.55 659.85 255.30 0.40 0.04 0.60 4681475N Lense 30, N-S ext.
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Includ-
ing 578.75 604.75 26.00 0.97 0.09 1.72
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GYM07-04 372.73 382.86 10.13 0.28 0.03 0.39 4681525N Lense 30, N-S ext.
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GYM07-05 439.40 448.40 9.00 0.35 0.03 0.55 4681525N Lense 30, N-S ext.
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GYM07-06 519.70 547.50 27.80 0.47 0.03 0.55 4681525N Lense 30, N-S ext.
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GYM07-07 4681600N Waste, hole lost
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GYM07-
07A 293.85 304.85 11.00 0.26 0.03 0.36 4681575N Lense 30, N-S ext.
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GYM07-08 211.32 215.32 4.00 0.35 0.05 0.58 4681575N Lense 30, N-S ext.
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GYM07-09 427.32 435.52 8.20 0.85 0.04 0.86 4681575N Lense 30, N-S ext.
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GYM07-11 403.65 593.85 190.20 0.46 0.05 0.75 32383750E Lense 30, N-S ext.
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Includ-
ing 574.85 592.85 18.00 1.17 0.07 1.74
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Waste, Below 0.2%
Ni/2 m,
GYM07-13 32383750E Lense missed
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Waste, Below 0.2%
Ni/2 m,
GYM07-14 4681600N Lense missed
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Waste, Below 0.2%
Ni/2 m,
GYM07-15 4681600N Lense missed
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GYM07-18 363.70 373.70 10.00 0.46 0.04 1.03 4681400N Lense 30, N-S ext.
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Contact sed/mafic
intrusive,
GYM07-30 328.03 342.55 14.52 0.20 0.02 0.25 32383850E E-W ext.
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GYM07-31 467.04 581.74 114.70 0.26 0.03 0.39 4681575N Lense 30, N-S ext.
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Includ-
ing 572.74 579.74 7.00 0.34 0.04 0.79
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Lense 30, E-W
GYM07-32 542.77 679.07 136.30 0.26 0.03 0.42 32383950E inserted hole
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Includ-
ing 654.07 664.07 10.00 0.56 0.05 1.00
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Lense 30, E-W
GYM07-33 537.35 596.35 59.00 0.22 0.03 0.37 4681500N inserted hole
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E-W Lense 30
GYM07-35 642.64 708.03 65.39 0.20 0.02 0.33 4681600N inserted hole
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E-W Lense 30
GYM07-37 611.40 753.20 141.80 0.35 0.04 0.55 4681700N inserted hole
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Includ-
ing 697.50 714.20 16.70 0.37 0.05 0.80
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Contact sed/mafic
intrusive,
GYM07-47 108.06 111.16 3.10 0.10 0.03 0.33 32383950E E-W ext.
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Contact sed/mafic
intrusive,
GYM07-48 192.02 197.52 5.50 0.23 0.02 0.37 32383950E E-W ext.
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Contact sed/mafic
intrusive,
GYM07-49 366.12 384.32 18.20 0.39 0.02 0.28 32383950E E-W ext.
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Waste, Below 0.2%
Ni/2 m,
GYM07-54 32383750E Lense missed
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Contact sed/maf,
GYM07-59 289.55 294.55 5.00 0.27 0.03 0.45 32384150E E-W ext.
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Contact sed/maf,
GYM07-68 178.31 183.90 5.59 0.31 0.02 0.37 4681475N E-W ext.
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Contact sed/maf,
GYM07-70 72.95 76.95 4.00 0.18 0.04 0.49 4681475N E-W ext.
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GYM07-71 461.70 465.70 4.00 0.79 0.04 0.84 4681525N Lense 30, N-S ext.
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GYM07-75 308.84 337.14 28.30 0.52 0.03 0.45 4681350N Lense 30, N-S ext.
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GYM07-76 469.20 635.61 166.41 0.24 0.03 0.35 4681350N Lense 30 N-S ext.
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Waste, Below 0.2%
Ni/2 m,
GYM07-77 4681350N Lense missed
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GYM07-78 172.41 196.51 24.10 0.43 0.03 0.43 4681400N Lense 30, N-S ext.
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GYM07-80 151.20 165.20 14.00 0.45 0.02 0.36 4681425N Lense 30, N-S ext.
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GYM07-81 323.00 361.00 38.00 0.34 0.03 0.37 4681425N Lense 30, N-S ext.
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GYM07-83 219.40 222.70 3.30 0.35 0.03 0.61 4681525N Lense 30, N-S ext.
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GYM07-84 169.01 206.51 37.50 0.35 0.03 0.48 4681475N Lense 30, N-S ext.
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GYM07-85 41.52 46.52 5.00 0.31 0.03 0.52 4681475N Lense 30, N-S ext.
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(i) Length equals not the true thickness


GobiMin will update the National Instrument ("NI") 43-101 mineral resources estimate for the Yellow Mountain project to reflect the new 2007 drilling results in the first quarter 2008. In June 2007, GobiMin published the NI 43-101 Technical Report prepared by Met-Chem Canada. That report stated that the Indicated Mineral Resources of Yellow Mountain (Huangshan) Property are estimated to 12 million tonnes, averaging 0.44% nickel, 0.29% copper and 0.026% cobalt while Inferred Resources total 48 million tonnes, averaging 0.42% nickel, 0.27% copper and 0.026% cobalt, at 0.2% nickel cut-off.

The recently completed drilling program was planned by Met-Chem Canada in collaboration with GobiMin's geologists. Mr. Raynald Jean, Senior Geologist of Met-Chem Canada visited the property in two occasions during the 2007 drilling campaign. He is the designated Qualified Person as defined under NI 43-101. The observed and verified QA/QC program complied with NI 43-101 and the related best practices.

About GobiMin Inc.

GobiMin is a junior mining company with nickel sulphide operations and development properties in northwestern China. Through its subsidiaries, Xinjiang Yakesi Resources Co. Ltd. and Hami Jubao Resources Co. Ltd., GobiMin 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. Readers should not place undue reliance on forward-looking statements.

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