Mr. Wade Nesmith reports

GEOVIC ANNOUNCES NEW SENIOR MANAGEMENT APPOINTMENTS

Geovic Mining Corp. has made changes in senior management positions and has appointed new officers.

"Jack Sherborne, our current president and chief executive officer, recently experienced a mild stroke. We are pleased to report that he is expected to make a full recovery. However, due to numerous challenges ahead, Jack has agreed with the board to relinquish some of his responsibilities, including the roles of president and CEO, while at the same time agreeing to take on a new role in charge of our new ventures division," said Wade Nesmith, chairman of the board.

Michael Mason, currently a director of the company, has been appointed as chief executive officer; Barbara Filas, the company's chief administrative officer and executive vice-president of corporate development, will become president; and Timothy Arnold, most recently general manager of General Moly Inc. in Eureka in Nevada, has joined the company as chief operating officer.

Throughout his professional career, Mr. Mason has been involved with metals sales and purchases. For the last few years he has been leading the efforts of Geovic on behalf of Geovic Cameroon PLC (GeoCam), the company's 60.5-per-cent-owned subsidiary that controls the Nkamouna cobalt-nickel-manganese project in Cameroon, as it moves forward to negotiate offtake agreements for GeoCam's future metals production and to identify and meet with potential strategic partners for the project. As CEO, Mr. Mason will primarily be focused on these efforts going forward. Mr. Mason operates a private minerals consulting business and presently also serves as a director of several other public resource companies.

Ms. Filas, as president of Geovic, will assume responsibility for day-to-day activities, including leading the company's initiative to advance the Nkamouna project to development. Before joining the company in February, 2009, Ms. Filas was president of the U.S. practice of Knight Piesold and Co., an international civil, geotechnical and environmental engineering consulting firm. "The board joins me in welcoming Barb to this new role. Over the past two years with Geovic, Barb has demonstrated an ability to execute on initiatives and, together with Jack Sherborne and Greg Hill, our chief financial officer, has furthered our strong relationship with Societe Nationale D'Investissement du Cameroon (SNI)," said Mr. Nesmith.

The company is also pleased to announce the appointment of Mr. Arnold as chief operating officer, replacing David Beling, who has retired. Mr. Arnold graduated with a BS in mining engineering from the University of Idaho in 1982, and brings to Geovic a distinguished career in engineering and management with well-known mining companies such as Coeur D'Alene Mines, Hecla Mining and Barrick Gold. Most recently, he managed the Mount Hope and Liberty molybdenum projects for General Moly Inc. in Nevada. In addition to his diverse corporate experience, Mr. Arnold has held a variety of roles and directorships for numerous mining and trade associations, including the Society for Mining, Metallurgy and Exploration (SME); the Nevada Mining Association; the Mackay School of Mines; and the Resource Development Council for Alaska.

"These are important developments for the company as it advances the Nkamouna project. The next year will be critical for us and we are pleased to be moving into 2011 with a realigned and augmented management team. Our key focus is to finalize the feasibility study update and move forward toward identifying and executing the best plan to finance and develop the Nkamouna project," said Mr. Nesmith. "We are encouraged by the strong support of our partner, SNI and the government of Cameroon. This project is of key strategic importance to Cameroon and we are determined to lead this project to fruition. Mike, Barb and Tim will play key roles in this effort."

As noted, Mr. Sherborne has agreed to take on a new role as president of the company's new ventures division. In this role he will work closely with William A. Buckovic, the company's founder, as they continue to initiate and review strategic exploration and development assets on behalf of the company.

"We recognize the importance to Geovic shareholders of our new ventures asset portfolio," added Mr. Nesmith. "The identification of Nkamouna and its potential is largely due to the exploration expertise of Bill Buckovic. Over the past two years, Bill has identified and acquired other strategic exploration assets and I am pleased that Jack has agreed to lead that important initiative on behalf of the company. Current assets in this portfolio include a chromite-rich mineral sands project in New Caledonia, a grassroots gold prospect in Arizona, uranium properties with in situ development potential in Colorado and Wyoming, and a recently staked heavy rare earths prospect in New Mexico."

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