Published : July 23, 2013
DENVER, COLORADO--(Marketwired - July 23, 2013) - Geovic Mining Corp. ("Geovic" or "the Company") (News - Market indicators)(OTCBB:GVCM), on behalf of its 60.5%-owned subsidiary Geovic Cameroon Plc ("Geovic Cameroon"), is pleased to announce that it has agreed to the terms and conditions of a Definitive Agreement ("DA") with Jiangxi Rare Metals Tungsten Holdings Group Company Ltd ("JXTC") of Nanchang, Jiangxi Province, China. JXTC is a state owned large scale industrial enterprise with significant mining and industrial operations in cobalt, copper, tungsten, and other rare metals. The terms and conditions of the DA were agreed amongst JXTC, Societe National d'Investissement du Cameroun (SNI), the National Investment Corporation of Cameroon that owns or represents 39.5% of Geovic Cameroon, Geovic, Geovic Ltd and Geovic Cameroon. Geovic Cameroon plans to develop the Nkamouna cobalt-nickel-manganese Project (the "Project") in Cameroon, Africa. The DA anticipates the completion of a strategic investment by JXTC in the Project.
The transaction contemplated by the DA establishes JXTC's intent to acquire 60.5% of the existing shares of Geovic Cameroon pursuant to the execution of a Share Purchase Agreement between JXTC and Geovic. In addition to acquiring 60.5% interest in Geovic Cameroon, JXTC would also secure 100% of the mixed cobalt-nickel sulphide product (MSP) to be produced by the Project through a Long-Term arm's length Off-Take Agreement with Geovic Cameroon.
Geovic CEO Michael Mason said "This Definitive Agreement represents significant progress advancing the Nkamouna Project toward construction and into production. Construction could commence as soon as the project financing is arranged, bringing much needed jobs and economic diversity and development to Cameroon." Mason added; "The biggest winners here are Geovic Cameroon, a Cameroon corporation, and the people of Cameroon, who shall experience Cameroon's first major mining project transitioning from a vision to reality."
Geovic Mining Background
Geovic is a U.S.-based corporation whose principal asset is 60.5% indirect ownership of a significant cobalt-nickel-manganese deposit in the Republic of Cameroon, Africa. Additional Company initiatives and project information may be found on the websites www.sedar.com, and www.sec.gov. For more information, please go to www.geovic.net.
On behalf of the Board
Michael T. Mason, CEO