GobiMin Announces the 2013 Results and Pays Dividend

TSX-V: GMN

(Expressed in United States dollars except where otherwise indicated)

TORONTO, April 24, 2014 /CNW/ - (TSXV: GMN) GobiMin Inc. (the "Company" or "GobiMin") announces its financial results for the year ended December 31, 2013 and the declaration of an annual dividend of $0.01 (CAD0.01) per share.

Financial Highlights
As at / For the year ended December 31,		2013		2012		(Restated) 2011
		$		$		$
Revenue		-		-		-
Other revenue		1.5 million		1.1 million		0.9 million
Share of results of associates and a joint venture		0.3 million		0.4 million		0.3 million
Gain on disposal of an associate		-		8.2 million		8.8 million
Change in fair value of other financial assets		(1.4 million)		2.5 million		(2.7 million)
Profit (loss) for the year		(3.6 million)		2.9 million		2.5 million
EBITDA (LBITDA)^(1)		(4.2 million)		5.8 million		2.2 million
Basic earnings (losses) per share		(0.05)		0.06		0.05
Diluted earnings (losses) per share		(0.05)		0.06		0.05
EBITDA (LBITDA) per share^(1)		(0.07)		0.10		0.03
Cash and cash equivalents		54.5 million		46.6 million		62.3 million
Cash and cash equivalents per share^(1)		0.94		0.78		1.00
Working capital		39.7 million		49.3 million		52.4 million
Total non-current financial liabilities		4.5 million		3.4 million		83,000
Total liabilities		34.6 million		33.3 million		23.4 million
Total assets		118.3 million		121.1 million		110.0 million
Annual dividend per share ^(2)		0.01		0.01		0.01

Note:
(1)	As non-IFRS measurements, EBITDA (LBITDA) (earnings (losses) before interest income and expense, income taxes, depreciation and amortisation), EBITDA (LBITDA) per share and Cash and cash equivalents per share do not comply with IFRS and, therefore, the amounts presented in the above table may not be comparable to similar data presented by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
(2)	The Company declared an annual dividend of $0.01 (CAD0.01) per share for 2013 in accordance with its dividend policy and the 2013 annual performance. For 2012, the Company paid an annual dividend of $0.01 (CAD0.01) per share pursuant to its dividend policy and the 2012 annual performance.

Annual Dividend

On April 24, 2014, the Company declared an annual dividend of $0.01(CAD0.01) per share in accordance with its dividend policy and the 2013 annual performance. The dividend is payable on June 24, 2014 to shareholders of record on May 29, 2014.

Business Summary and Development

The Company owns a 70% equity interest in a company incorporated in China to develop and operate the Sawayaerdun Gold Project (the "Gold Project") in Xinjiang. During 2013, GobiMin conducted an approximately 8,600 meters diamond drill holes campaign. In September 2013, GobiMin engaged Mr. Jeremy Clark and Mr. David Allmark, Qualified Persons as defined in the NI 43-101, from Runge Asia Limited trading as RungePincockMinarco to prepare Mineral Resource Technical Report in line with the NI 43-101 Standards of Disclosure for the Mineral Projects, which has been published in April 2014. At a cut-off grade of 1.0 grams/tonne gold, its Zone I and Zone IV are estimated to contain a total of approximately 22 million tonnes at an average grade of 1.8 grams/tonne Au (about 1.27 million contained oz Au) in the Measured and Indicated Resources category and approximately 62 million tonnes averaging 1.4 grams/tonne Au (about 2.7 million contained oz Au) in the Inferred Resources category. The exploration results of 2013 has further increased the confidence and understanding of the mineralization and thus provide more reliable data for the mining plan. The full report can be viewed at SEDAR at www.sedar.com and the Company's website at www.gobimin.com.

GobiMin holds an equity interest of 48.02% in China Precision Material Limited ("China Precision") which engages in metal trading and processing, predominantly in silver.  On April 23, 2014, GobiMin announced that China Precision kicked off its plan to apply for listing on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited ("HKEx") by way of placing.  The application for listing and details of the transaction are subject to approval of the HKEx.

In addition, GobiMin owns 40% equity interest each in three companies incorporated in China to engage in base metals and precious metal exploration, including nickel, copper, and gold, in Xinjiang, and a 3.5% equity interest in the Yanxi Copper Property.

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.  Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in development of mineral properties, the prospective mineralization of the properties, and planned exploration programs.  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."

To receive GobiMin press releases by email, send a message to [email protected] and specify "GobiMin press releases" on the subject line.

 

SOURCE: GobiMin Inc.

Felipe Tan, Chief Executive Officer
Tel: [phone]
Email: [email protected]