GobiMin Receives Additional US$10 M Consideration of Yanxi Copper Property


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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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This article appears in: Investing , Commodities

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