GobiMin Receives Final Payment from Sale of Gold Project

Toronto, Canada, Dec. 09, 2022 (GLOBE NEWSWIRE) -- GobiMin Inc. (“GobiMin” or the “Company”) (TSXV: GMN) is pleased to announce that it has received final payment of RMB50 million (approximately CAD9.7 million) in connection with the disposal of its Sawayaerdun Gold Project (the “Transaction”, as described in the Company’s press releases dated July 14, 2022 and August 17, 2022). The Transaction, consisting of the sale of the 100% indirect equity interest in a GobiMin’s wholly owned subsidiary which owns a 70% indirect equity interest in the company holding the mining licence of the Sawayaerdun Gold Project to Zijin Mining Group Northwest Co., resulted in net proceeds and repayment of loans and related interest to the Company for a total of RMB469.87 million (approximately CAD90.9 million).

About the Company

GobiMin, the shares of which are traded under the symbol GMN, is an investment issuer under the rules of the TSXV. It is principally engaged in the investment in properties, equity, debt or other securities as well as direct ownership stakes in various projects.

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Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. Readers 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. 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.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

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