GobiMin has closed its bought deal financing for aggregate gross proceeds of Can$12,937,500.

The syndicate of underwriters was led by Desjardins Securities and included Wellington West Capital Markets and Westwind Partners. The net proceeds of the placement will be used to fund the costs of the feasibility study on the Yellow Mountain property, to finance additional exploration work on a new target identified at Yellow Mountain, for the purchase of capital equipment and underground development work at the Yellow Mountain East mine and for general working capital purposes.

GobiMin has nickel sulphide operations and development properties in north-western China. The company controls three concessions, within a 10-km radius, totaling 455 ha. In operation since 1999, GobiMin is currently increasing its mining capacity to approximately 330,000 tonnes/year of ore from two underground mines (Yellow Mountain East and Xiangshan) for 2007 from 220,000 tonnes last year. The company is also exploring the Yellow Mountain nickel/copper property. www.gobimin.com

Sourced from International Mining Project News - www.im-mining.com