GobiMin Inc. (GMN.V) reports that, further to the press release
of August 9, 2012, the consideration for the disposal of the Yanxi
Copper Property has been increased by US$10,831,460 (HK$84,160,440)
based on the resource estimate of the area adjacent to the Yanxi
Copper Property. GobiMin is entitled to 40%.
The first 50% of the Additional Consideration for the amount of
US$5,415,730 has been received, comprising convertible bonds of
US$2,702,703 (HK$21,000,000) of China Daye Non-Ferrous Metals
Mining Limited and cash of US$2,713,027 (HK$21,080,220). The
remaining 50% of the Additional Consideration of US$5,415,730
(HK$42,080,220) in cash will be used to settle the fee related to
the application for the mining licence of the New Area with the
balance receivable upon obtaining the mining licence of the New
Area by June 2014.
With the additional consideration, the net gain on the disposal
of the Yanxi Copper Property will be increased from US$5.96 million
mentioned in the interim financial statements as at 30 September
2012 to US$6.96 million, after netting off the related payment and
expenses including drilling work and the provision for the
application of the mining licence of the new area.
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