Update on Mining Licence of the Yanxi Copper Deposit

TSX-V: GMN

TORONTO, Aug. 2, 2012 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce that further to the press release of June 1, 2012, it has received the notice of payment of the mining license fee of the Yanxi Copper Deposit from the PRC government and the payment was made today accordingly.  It is expected that the Yanxi Mining Licence will be granted soon. Upon obtaining the Yanxi Mining Licence, the Company will receive the final payment of the consideration in connection with the disposal of the Yanxi Copper Deposit pursuant to the related sales and purchase agreement and supplemental agreements thereof.

About GobiMin

GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd. for the development of the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns a 40%-50% interest each in four other base metal joint ventures in Xinjiang and will retain an 8% equity interest in the Yanxi Copper Deposit.  In addition, the Company also holds a 48.02% equity interest in a silver operation.

GobiMin is aggressively seeking opportunities to acquire high quality mining and exploration projects.

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. The 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 readers 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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SOURCE: GobiMin Inc.

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