Name and Location
Nkamouna cobalt/nickel/manganese project, Cameroon.

Project Description
The project will involve the development of an openpit mine using hydraulic shovels and excavators and 54-t trucks as the primary mining equipment. The Nkamouna project is estimated to contain 54,7-million tons of proven and probable ore reserves at average grades of 0,25% cobalt, 0,69% nickel and 1,33% manganese.

Value
$398-million.

Duration
Prior to the global credit crisis, the mine was expected to start production in late 2010, and to ramp up to full capacity in early 2011.

Client
Geovic Mining Corporation holds 60% of Geovic Cameroon (GeoCam), which owns the Nkamouna project. The balance is held by the National Investment Corporation of Cameroon and local investors.

Key Contracts and Suppliers
Bateman International Projects, Roberts & Schaefer Australia and Group Five (optimisation study), Citibank (financial adviser), Behre Dolbear International (technical and marketing consultant) and Environmental Resources Management (environmental and social consultant).

Latest Developments
Geovic Mining has reported that it will delay both fundraising and construction for its Nkamouna cobalt project in response to turmoil in the global commodity, capital and credit markets. The company planned to raise both debt and equity finance for the project. The company plans to continue with limited preconstruction activities, while deferring previously budgeted work such as exploratory drilling and engineering commitments, until global financial and commodities markets improve.

On Budget and on Time?
Fundraising and construction for the project have been delayed until global financial and commodities markets improve.

Contact Details for Project Information
Vanguard Shareholder Solutions on behalf of Geovic Mining Corporation,
tel +1 604 604 0824, fax +1 604 688 0854 or email ir@vanguardsolutions.ca.
GeoCam deputy GM Edouard Bateky,
tel +237 221 4518 or fax + 237 221 1802.