GobiMin Inc.
TSX VENTURE : GMN

GobiMin Inc.

June 11, 2007 08:00 ET

GobiMin Receives NI 43-101 Resource Estimate In-Situ 113 Million Pounds Nickel and 73 Million Pounds Copper for Yellow Mountain Nickel-Copper Deposit

TORONTO, ONTARIO--(Marketwire - June 11, 2007) - GobiMin Inc. (the "Company") (TSX VENTURE:GMN) announced today that it has received the Executive Summary from Met-Chem Canada Inc. of Montreal ("Met-Chem") regarding a National Instrument 43-101 compliant technical report on the mineral resource estimate for its Yellow Mountain Deposit (also known as Huangshan Deposit). At 0.2% cut-off, Indicated Mineral Resources are estimated at 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. Met-Chem used different methods to simulate the best cut-off grade factor and has estimated 0.2% to be appropriate. Based on Met-Chem's report, the Company has made an estimate of the metal content in the table below:



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Nickel Copper Cobalt
Classification Tonnage In situ In situ In situ
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Tonnes lbs lbs lbs
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Indicated 12 million 113 million 73 million 7 million
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Inferred 48 million 442 million 287 million 27 million
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Note: Mineral resources which are not Mineral reserves have not
demonstrated economic viability.


This NI 43-101 Mineral Resource estimate is comparable to the historical estimate, at a cut-off grade of 0.2% Ni, of 68 million tonnes at 0.48% nickel and 0.31% copper, under the C and D categories of Chinese Code of Mineral Resources, prepared by the Chinese Geological Survey Team No. 6 of the Xinjiang Bureau of Geology and Mineral Resources. See "Resource Definitions Used" below.

Commenting on the resource estimate, Mr. Felipe Tan, President and CEO, stated, "The Company is pleased that the historical estimate of the scope and size of the deposit is clearly confirmed. Information obtained from last year drilling campaign allows us to pursue the continuity of known mineralization upwards to potentially near-surface. We are particularly encouraged that more than 86% of both the Indicated and Inferred Resources are contained within 2 mineralized lenses (Lenses 30 and 31). Lense 30 alone contains 57% of the Indicated Resources. The Company will aggressively pursue assessing the economic viability of the deposit".

20,000 Meters Drilling Campaign in 2007

Met-Chem believes that the mineralization is open at depth but more importantly there could be continuity of mineralization from Lense 30 along a strike to the North up to shallow depth. Met-Chem has recommended a drilling program for 2007 to focus targets that were identified at near surface on North-South direction and the Southwestern part.

In addition, last year drilling program showed some high grade intersections located directly within the diorite rock formation at near-surface. This is an indication that the diorite rock is not a barren rock and may represent a potential drilling target. The new discovery of a second structural high grade contact in the diorite rock presents a new interpretation of the geology and provides potential to increase both the size and the grade of the deposit at near-surface.

As a result, GobiMin has recently started a 20,000 meters drilling campaign to:

- Focus on upper 500m depth mineralization for an earlier development at near-surface.

- Bring Inferred Mineral Resources into Indicated Mineral resources category.

- Increase the Inferred Mineral Resource tonnage.

- Increase grade by drilling the second structural high grade contact.

Resource Statement

The mineral resource estimate which is effective today was prepared by Met-Chem Canada Inc., an independent consulting firm. The qualified person (as described under National Instrument 43-101) responsible for the resource estimate is Mr. Raynald Jean, Geol., a Principal Resource Geologist at Met-Chem. The determination of resources was constructed using MineSight software and based on a block model dimension of 4x4x4m. The composite length is 2m and applies only inside the 3D solid envelop modelized lenses.

The resource estimate is supported by 83 diamond drill holes for 42,000 meters of previous historical drilling and 18,000 meters of diamond drilling completed in 2006 under the supervision of the Company's senior geologist, Mr. John Guo, a qualified person as defined by National Instrument 43-101. A copy of the full resource calculation report will be available on the SEDAR website (www.sedar.com) and the website of the Company (www.gobimin.com) within 45 days of this press release.

Resource Definitions Used

The CIM classification of an Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from location such as outcrops, trenches, pits, working and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An Indicated Mineral Resource estimate is of sufficient quality to support a Preliminary Feasibility Study which can serve as the basis for major development decisions. An Inferred Mineral Resource has a lower level of confidence than an Indicated Mineral Resource for which quantity and grade or quality, based on geological evidence can be reasonably assumed.

Reserves categories under the Chinese Code of Mineral Resources are based on the level of confidence in how the mineralization is defined. The categories A through D define high to low levels of geological certainty, respectively. In the case of categories A and B mining or exploration drifting may have been carried out within or adjacent to mineralization in each of these categories and therefore represent areas where mineralization has be defined at high to good level of geological confidence. Mineralization in category C may be adjacent to categories A and B and is typically defined by more than one drill hole intersection. Therefore C represents a moderate geological confidence in the delineation of mineralization. Category D represents areas with a low level of confidence in the continuity of mineralization.

About GobiMin

GobiMin has a 97% interest in the Yellow Mountain Deposit situated about 10km West of the Yellow Mountain East Mine where GobiMin is currently mining nickel and copper in Hami mining camp situated in Northwest China. Current production yields an average nickel head grade of 0.54% and for the first quarter of 2007, cash cost (after by-products credit) was US$1.41 and average realized price was US$9.84 per pound of nickel contained in the concentrate (before smelter and refining). However at current market prices, the Company is receiving over US$13 per pound of nickel contained in the concentrate.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. You 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. These risks include, but are not limited to, risks associated with fluctuations in metal prices, risks associated with mining operations including environmental hazards, GobiMin's reliance on key suppliers and on key personnel, the potential for changes in the legislative and regulatory environment in China and other risks and uncertainties detailed from time to time in GobiMin's annual report and other filings with the Canadian securities commissions. The reader 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. Additional information about (i) the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and (ii) the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, is contained in the GobiMin's annual report and other documents filed from time to time with the Canadian securities commissions, all of which are available at www.sedar.com and the Company's website www.gobimin.com.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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