Welcome!

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.

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

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
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, will describe how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launchi...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...