Mr. Greg Hill reports

GEOVIC MINING CORP.: UPDATE ON STATUS OF NKAMOUNA FEASIBILITY STUDY

Geovic Mining Corp., on behalf of its 60.5-per-cent-owned subsidiary, Geovic Cameroon PLC, has provided the current status of the feasibility study for its Nkamouna cobalt-nickel-manganese project in Cameroon, Africa.

The report, in preparation by Lycopodium Minerals Pty. of Perth, Australia, will incorporate project changes since 2008, including improvements to the process chemistry, processing plant and mine plan. It will not be completed as initially anticipated by the end of 2010.

Through December, 2010, the following observations and conclusions have been made:

• The process of updating the feasibility study has revealed significantly higher project capital costs. Geovic's third quarter 2010 10-Q disclosed that initial capital costs plus working capital would be at least $100-million higher than the $417-million combined estimate from the previous feasibility study, dated September, 2008. The company now anticipates total initial capital costs plus working capital to be closer to $600-million or $650-million (including estimated contingencies), not including construction of a process refinery which, if needed, is estimated to cost at least an additional $150-million.

• Discussions with potential offtake partners, nearly all located in the Far East, have yielded a high level of interest in purchasing intermediate cobalt/nickel-mixed sulphide precipitate, or MSP, a product that would not require construction of a refinery. Consequently, deferral of the refinery (for converting MSP to finished cobalt and nickel products) is being considered by the Geovic Cameroon shareholders and board of directors, a decision that will be made in the coming months.

• The company is evaluating several opportunities to improve project economics and will actively pursue all such avenues immediately, with the feasibility study projected to be finalized by the end of April, 2011. The feasibility study will address all aspects of project economics and is intended to establish project viability.

We seek Safe Harbor.