News Feed Item

Geovic Mining Corp.: Correction to June 10, 2014 Press Release

DENVER, COLORADO -- (Marketwired) -- 06/11/14 -- Geovic Mining Corp. ("Geovic" or "the Company") (TSX: GMC) (OTCBB: GVCM) announces a correction to the press release issued by the Company on June 10, 2014 entitled "Geovic Mining Corp. Announces Discovery of Chromite Deposit in the Bitoi Delta, Papua New Guinea". The original press release reported an incorrect calculation of "Average chromite" in Table 1 below. The corrected "Average chromite" information is included in the revised Table 1 below. No other information in the original press release has been corrected.

Geovic holds the following equity interests in various exploration projects: a 60.5 percent interest in the advanced Geovic Cameroon PLC Cobalt-Nickel-Manganese Project in Cameroon; a 100 percent interest in Geovic Nouvelle Caledonie SAS's Chromite Project in New Caledonia; a 100 percent interest in Geovic's Chromite Project in Papua New Guinea; a 100 percent interest in Geovic's Arizona Gold Project; and a 10 percent interest in the Wind Mountain Rare Metals Project in New Mexico.

Chromite occurs as heavy mineral sand deposits along the coast of Morobe Province of Papua New Guinea. Previous exploration programs by AMAX Australia in the 1970's, OM Group and others found smaller chromite mineral sand occurrences further South at Hessen and Sachsen Bay. Geovic has been evaluating chromite sand in the Bitoi river delta near Salus, Morobe Province because of the large potential size of the deposits. Geovic's exploration license EL-1981 covering this potential mineralized area is presently being renewed.

Reconnaissance sampling of surface sand yielded elevated chromite content. The average Cr2O3 content of these grab samples was 21.5 +/- 6 wt.% and was determined by X-ray fluorescence analyses. The range of Cr2O3 content varied from 8.2 to 29.3 wt% in the best mineralized sample (see Table 1 below) based on independent analysis provided by Activation Laboratories Ltd. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Table 1 Cr2O3 Content

Area                              Sample         Range of Cr2O3wt. %
Bitoi Delta (N)                    BF-A1        26.6           -        26.8
Bitoi Delta (N)                    BF-A2        23.6           -        23.8
Bitoi Delta (N)                    BF-A3        14.1           -        14.3
Bitoi Delta (N)                    RV-02        23.9           -        24.1
Bitoi Delta (N)                    IN-A1        23.4           -        23.6
Bitoi Delta (N)                    IN-A2        16.8           -        17.0
Bitoi Delta (N)                    IN-A3        21.4           -        21.6
Salus Lake (N)                     BF-A6        29.2           -        29.4
Salus Lake (N)                     BF-A7        27.6           -        27.8
Salus Lake (N)                     BF-A8         8.1           -         8.3
Salus Lake (N)                     BF-A9        22.5           -        22.7
Salus Swamp (S)                    BF-A4        25.6           -        25.8
Salus Swamp (S)                    BF-A5        17.3           -        17.5

Average chromite:                               21.5           -        21.7

An image is available at the following address: http://media3.marketwire.com/docs/951463a.pdf

The location of the samples is shown in Figure 1 above. The discovery has spurred the Company to prepare for a drilling program that confirms further the geology of the deposits. The primary goal of this program will be to measure chromite grades at depth and recover sufficient material for bulk metallurgical testing. Samples will be analyzed for the chrome content in chromite and to identify other valuable products such as olivine and magnetite.

Geovic has submitted samples for electron microprobe analyses (Table 2) that indicate potential for high quality chromite.

Table 2 Electron Microprobe Analyses of chromite and olivine products

Mineral Product                Cr2O3   Al2O3     FeO     MgO    SiO2   Total
Chromite                        55.4    10.2    24.3     8.0       -    97.8
Olivine                            -     0.1     6.6    45.0    40.9    92.5

The Company anticipates that the minerals have the potential to meet foundry and metallurgical grades in the market. The foundry and casting sand is potentially attractive because both olivine and chromite would also be produced. Demand for non-radioactive, high temperature foundry sand is increasing as zircon, a foundry sand that has highly radioactive trace components, is gradually phased out.

Geovic anticipates split-tube and auger drilling to commence subject to renewal of the exploration license and funding. Geovic plans to operate its own drilling equipment in this program, and has successfully drilled similar mineral sand deposits in New Caledonia. Geovic anticipates drilling between 200 to 300 holes with a depth range of 5 to 15m in the Bitoi delta. The spacing of the holes would be sufficiently close to each other to allow a geo-statistic interpretation that could lead to a NI 43-101 compliant resource report. The Company will continue to update its stake and shareholders of progress in this program.

The scientific and technical information in this press release was reviewed and approved by Erwin Schutfort, Vice President of Geovic New Caledonia SAS (Qualified Person, AUSIMM), a Qualified Person under National Instrument 43-101.

Geovic Mining Background

Geovic is a U.S.-based corporation whose principal asset is 60.5% indirect 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.sedar.com, and www.sec.gov. For more information, please go to www.geovic.net.

On behalf of the Board

Michael T. Mason, CEO

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 proposed drilling program, the results of the drilling program, the merits of the Company's mineral projects, the Company's interest in its mineral projects, the Company's drill programs and exploration plans and the Company's plan and expectations regarding its mineral projects. In certain cases, forward-looking statements can be identified by the use of words such as "potential", "planned", "proposes", "expects", "is expected", "scheduled", "estimated", "intends", or variations of such words and phrases or statements 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, risks related to exploration activities and operations; actual results of current exploration activities; conclusions of economic evaluations; predicted capital costs, operating costs, the ability to obtain financing and to market the products, production rates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore resources, grades, or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes, other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other factors as described in detail in the Company's 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.

Geovic Mining Corp.
Michael Mason
Chairman and CEO
Direct (303) 476-6455
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve fu...
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...