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“Geovic Mining
Corp. aims to be the world’s largest primary cobalt producer.”
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GEOVIC ANNOUNCES RESULTS OF 2010
ANNUAL MEETING
June 14, 2010 – Geovic
Mining Corp. (“Geovic” or the “Company”, TSX:GMC, OTC.BB:GVCM) is pleased to
announce that all matters presented to stockholders at the Annual General
Meeting, held on Friday June 11th in Portland, Oregon, were
approved.
All nine director
nominees were elected, as listed below: Wade Nesmith (Chairman), John E.
(“Jack”) Sherborne, William A. Buckovic, Michael Goldberg, Robert J. (“Don”)
MacDonald, Michael T. Mason, John T. Perry, Paul E. Rose, and Gregg Sedun.
Additionally, the 2010
Stock Award Plan was approved, as was the appointment of Ernst & Young
LLP as the Company’s independent auditing firm for 2010.
Geovic Cameroon continues
to advance the Nkamouna Cobalt-Nickel-Manganese project, located in Southeast
Cameroon. Geovic expects the independent Feasibility Study from
Lycopodium Minerals Pty. to be submitted to the Company by the end of the
third quarter of 2010. Additionally, metals marketing activity and
project financing discussions continue with multiple parties, aided by the
Company’s financial advisor, Standard Chartered Bank.
About Geovic
Geovic is a U.S.-based
corporation whose principal asset is 60% ownership of a significant cobalt-nickel-manganese
deposit in the Republic of Cameroon, Africa. Additional
Company initiatives and Project information may be found on the websites www.geovicenergy.com, www.sedar.com, and www.sec.gov.
For
more information, please go to www.geovic.net or contact:
Andrew C. Hoffman, CFA San
Diego Torrey Hills Capital
Vanguard
Shareholder Solutions
V.P., Investor
Relations Direct
(858)
456-7300
Direct (604)
608-0824
Geovic Mining Corp.
info@torreyhillscapital.com
Toll-Free (866)
801-0779
Direct (720)
350-4130
ir@vanguardsolutions.ca
Toll-Free (888) 350-4130
ahoffman@geovic.net
On behalf of the Board
John E. Sherborne, CEO and Director
Cautionary Note Regarding Forward Looking Statements
Statements contained in this press release that are not
historical facts are forward-looking statements (within the meaning of
Canadian securities legislation) that involve risks and uncertainties.
Forward-looking statements include, but are not limited to, statements with
respect to the withdrawal of litigation and the timing of financing and
expected commencement of plant construction in the second half of 2010.
In certain cases, forward-looking statements can be identified by the use of
words such as “proposes”, “expects”, “is expected”, “scheduled”, “estimated”,
“intends”, or variations of such words and phrases or state that certain
actions, events or results “will” occur. Forward-looking statements
involve known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks and
other factors include, among others,; actual results of current exploration
activities; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of metals; possible
variations in ore reserves, grades, or recovery rates; failure of plant,
equipment or processes to operate as anticipated; accidents, labour disputes,
other risks of the mining industry, delays in obtaining governmental
approvals; our ability to obtain financing on acceptable terms or at all; and
other factors as described in detail in the Company’s Annual Information Form
and Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other
filings with the U.S. Securities and Exchange Commission and Canadian
securities regulatory authorities. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
press release speak only as of the date hereof. The Company does not
undertake any obligation to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof to
reflect the occurrence of unanticipated events.
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