GobiMin Inc.

GobiMin Inc.

February 22, 2008 09:26 ET

GobiMin Announces Completion of First Milestone in the IPO Progress of Its Subsidiary in the People's Republic of China ("China")

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2008) - Following the press release published on October 15, 2007 in relation the proposed initial public offering ("IPO") on the Shenzhen Stock Exchange, GobiMin Inc. (TSX VENTURE:GMN) ("GobiMin") is pleased to announce that Xinjiang Yakesi Resources Co. Ltd. ("Yakesi"), its subsidiary in China, has completed the series of pre-IPO transactions mentioned therein. On February 5, 2008, Yakesi achieved a major milestone in the IPO process by obtaining the registration as a joint stock company and re-named as "Xinjiang Yakesi Resources Co. Ltd.".

Yakesi will enter into a 3-month period of tutoring offered by the sponsor to directors and officers of Yakesi for compliance with the related listing requirements. At the end of the tutoring period, the tutoring results will be submitted for approval of China Securities Regulatory Commission.

GobiMin currently owns 93.55% equity interest of Yakesi with the remaining equity interest being owned by other Chinese companies following completion of the pre-IPO transactions and registration of Yakesi as a joint stock company.

About GobiMin Inc.

GobiMin Inc. is a junior mining company with nickel sulphide operations and development properties in northwestern China. GobiMin, through Yakesi, 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.


This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the GobiMin's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. There is no guarantee that Yakesi's proposed IPO will be completed or that its terms will not vary from those described, that the Yellow Mountain deposit will be successfully placed in commercial production, nor that Yakesi will ever be profitable and in a position to declare dividends. Readers should not place undue reliance on forward-looking statements.

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

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