Mr. Michael Mason reports

GEOVIC MINING CORP. PROVIDES CORPORATE UPDATE

Geovic Mining Corp. provides the following information on changes to its board of directors.

Over the past year, Geovic has been focused on reviewing methods to finance the company's Nkamouna cobalt-nickel-manganese project in Cameroon, of which it owns 60.5 per cent. The company's efforts have increasingly focused on opportunities to introduce additional partners or strategic investors to the project.

Those efforts have been spearheaded by Michael Mason, the chief executive officer, and Greg Hill, chief financial officer, with the support of management and the board of directors. The board has now determined that it is necessary to further focus those efforts while, at the same time, reducing the company's expenses. In order to make the board commensurate with the size of the company and also facilitate efficient decision-making, the board has given more authority to Mr. Mason and has reduced the size of the board of directors.

Effective Feb. 14, 2012, Mr. Mason was appointed chairman of the board of Geovic and will hold that position in addition to his current position as chief executive officer. At the same time, Gregg Sedun, a long-serving Geovic director, has been appointed as lead independent director. Each of Michael Goldberg, John Perry, Wade Nesmith and Jack Sherborne resigned as directors immediately prior to these appointments by the remaining directors.

In addition and resulting from Mr. Mason's added responsibilities, the board eliminated the position of president of the new ventures division of the company and Jack Sherborne, who had held that position, will retire effective March 30, 2012.

"We believe that these changes are important as we move forward with Geovic," said Mr. Mason. "This is a critical time for our company and it is imperative that we remain focused on securing a means to bring our Cameroonian project to fruition. I would like to take this opportunity to thank Wade, Mike and John for their service as directors through particularly challenging times to the company as directors, and to Jack Sherborne who served the company in various capacities for more than 10 years. All of us wish them well in their future endeavours."

We seek Safe Harbor.