Geovic Mining Corp. announced an update on its chromite mineral sands project in New Caledonia. Geovic holds the following equity interests in various exploration projects: a 60.5% interest in the advanced Geovic Cameroon PLC Cobalt-Nickel-Manganese Project in Cameroon; a 100% interest in Geovic Nouvelle Caledonie SAS's Chromite Project in New Caledonia; a 100% interest in Geovic's Chromite Project in Papua New Guinea; a 100% interest in Geovic's Arizona Gold Project; and a 10% interest in the Wind Mountain Rare Metals Project in New Mexico.

The resources reported above are historical in nature and do not comply with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Geovic believes that the resource categories set out above are very similar to those currently set out in NI 43-101. In order to convert the historic resources to NI 43-101 compliant resources, additional geologic evaluation, including drilling and metallurgical testing, under the direction of a "qualified person" and reviewed by an independent "qualified person" will be necessary.

No more recent evaluation of historic resources has been made to the best of Geovic's knowledge. While Geovic believes that the procedures used by UNOCAL have yielded unbiased estimates of in-situ tonnage and grades, no economic considerations have been applied to determine their appropriateness as resources under NI 43-101. A "qualified person" under NI 43-101 has not done sufficient work to classify the historical resource estimate.

Geovic believes that the historic resource estimate is both relevant and reliable; however, it should not be relied upon and Geovic does not treat it as a current mineral resource.