Mr. Michael Mason reports

GEOVIC CAMEROON PLC AGREES TO A DEFINITIVE AGREEMENT WITH CHINA'S JXTC ANTICIPATING A STRATEGIC INVESTMENT IN THE NKAMOUNA PROJECT

Geovic Mining Corp., on behalf of its 60.5-per-cent-owned subsidiary Geovic Cameroon PLC, has agreed to the terms and conditions of a definitive agreement (DA) with Jiangxi Rare Metals Tungsten Holdings Group Co. 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 Corp. of Cameroon that owns or represents 39.5 per cent of Geovic Cameroon; Geovic; Geovic Ltd.; and Geovic Cameroon. Geovic Cameroon plans to develop the Nkamouna cobalt-nickel-manganese 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 per cent 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-per-cent interest in Geovic Cameroon, JXTC would also secure 100 per cent of the mixed cobalt-nickel sulphide product (MSP) to be produced by the project through a long-term arm's-length offtake agreement with Geovic Cameroon.

Geovic chief executive officer 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." Mr. 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."

We seek Safe Harbor.