(Expressed in United States dollars except where otherwise indicated)


Toronto, Canada. November 26, 2012 - (TSXV:GMN) GobiMin Inc. ("GobiMin" or the "Company") reports its financial and operating results for the third quarter of 2012. The unaudited interim consolidated financial statements along with management's discussion and analysis have been filed with SEDAR (www.sedar.com) and are also available at the website of the Company (www.gobimin.com.com).

Financial Highlights

Three months ended September 30, 2012 Three months ended September 30, 2012 Year ended December 31, 2011
$ $ $
Revenue - - -
Other revenue and gains 0.19 million 0.18 million 0.9 million
Share of results of associates and a jointly-controlled entity 0.40 million 0.44 million 0.5 million
Gain on disposal of an associate 6 million 8.2 million 8.8 million
Profit for the period/year 4.7 million 7.7 million 2.5 million
LBITDA (1) (1.2 million) (0.5 million) (3.8 million)
Basic and diluted earnings per share 0.084 0.123 0.05
LBITDA per share (1) (0.020) (0.008) (0.06)
Cash and cash equivalents 50.3 million 63.0 million 62.3 million
Cash and cash equivalents per share 0.84 1.01 1.00
Working Capital 29.6 million 55.5 million 53.2 million
Total non-current financial liabilities 44,000 - 83,000
Total assets 112.2 million 123.5 million 120.6 million
Equity attributable to shareholders 86.8 million 86.3 million 84.8 million
Equity attributable to shareholders per share 1.45 1.38 1.36

Notes:

(1) As non-IFRS measurements, LBITDA (losses before interest income and expense, income taxes, depreciation and amortisation), LBITDA per share and cash and cash equivalents per share do not comply with IFRS and, therefore, the amounts presented in the above table may not be comparable to similar data presented by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Business Summary and Development

(1) Gold Project in Xinjiang

The Group owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd. ("Tongyuan") which is developing and operating the Gold Project.

During the quarter ended September 30, 2012, Tongyuan has obtained the exploration and mining licences and the remaining commitment of $873,488 has been paid. The total consideration of $7,034,237 paid for the licences was classified as exploration and evaluation assets in this quarter.

Tongyuan has other commitments of $10,114,437 (RMB63,686,528) for the further development of the Gold Project including the exploration service, construction of an office building and design of mine and related facilities.

For this quarter, drilling of around 21,000 meters has been completed. Up to the end of September 2012, exploration drilling totaled approximately 30,000 meters with a total 66 drill holes completed. Due to the weather condition in winter, it is scheduled that all the field works are suspended by the end of October 2012.

As part of the planned work program, in October 2012 GobiMin has been conducting sample testing and analysis. The resource estimate will be reviewed and updated in accordance with the NI 43-101 standards after laboratory results of the drill cores are available.

(2) Silver Operations

The Group holds an equity interest of 48.02% in China Precision Material Limited ("China Precision") which engages in metal trading and processing, predominantly in silver.

The Group has made advances to China Precision from time to time to finance its silver inventory. As at September 30, 2012, amounts due from China Precision to the Group amounted to $1.1 million while China Precision had a silver inventory of 8.8 tonnes with a market value of about $9.6 million. The Group recorded interest income of $156,761 on these advances for the nine months ended September 30, 2012.

For the nine months ended September 30, 2012, China Precision had a net profit of about $1,203,000 with GobiMin's share amounting to $577,000 (nine months ended September 30, 2011: $824,000). For the three months ended 30 September 2012, China Precision had a net profit of $843,000, with GobiMin's share amounting to $405,000 (three months ended September 30, 2011: $572,000).

(3) Base Metals Exploration Projects in Xinjiang

(a) Four Exploration Companies

Since 2007 to the end of September 2012, the Group has invested a total of $3,652,767 (RMB23,000,000) as capital in five exploration companies in Xinjiang, including the Yanxi Copper Property and four exploration companies in Xinjiang, China for nickel, copper, and gold. The Yanxi Copper Property was disposed of in 2010 at a gain of $6.0 million

The total cost of the investment in the four remaining exploration companies amounted to $2,382,239 (RMB15,000,000). In May 2012, the Group received dividend income of $259,540 (RMB1,634,221) from the four exploration companies, thus reducing the cost of investment to $2,122,699. The equity investments as at September 30, 2012 are $2,088,434 (RMB13,150,028), slightly less than the net cost of investment.

GobiMin continues the exploration programs of its four exploration companies and also actively searches for high quality mining and exploration projects.

(b) Yanxi Copper Property

On July 22, 2010, GobiMin has completed the disposal of 32% of its equity interest in Xinjiang Tongxing Minerals Limited which is engaged in exploration and development of the Yanxi Copper Property in Xinjiang, China. After the disposal, GobiMin retains an 8% indirect unlisted equity interest in the Yanxi Copper Property.

In August 2012, the Yanxi Mining Licence was obtained and the final payment of the consideration for the Yanxi Copper Property was received. The total consideration of $33.3 million comprised $7.7 million cash and $25.6 million in convertible bonds. After netting off provisions for the related tax and expenses, the disposal resulted in a gain of $6.0 million.

The Company is currently conducting drilling work of the New Area adjacent to the Property. The Group will be entitled to additional consideration based on the resources estimate of the New Area. A further announcement will be made once additional information is available.

(4) Normal Course Issuer Bid

On January 20, 2012, GobiMin renewed its normal course issuer bid to repurchase up to an additional 3,129,814 common shares over a maximum period of 12 months ending January 31, 2013. For the nine months ended September 30, 2012, a total of 2,610,500 common shares were repurchased at an aggregate cost of $1,700,955 (CAD1,729,898). For the period from October 1, 2012 to November 26, 2012, a total of 519,314 common shares were repurchased at an aggregate cost of $294,472 (CAD299,483), thus completing the 2012 buy back program. All shares repurchased were returned to treasury for cancellation.

Management believes that the repurchase by the Company of its own shares can maximise shareholder value and is in the best interest of the Company and its shareholders. A copy of the related Notice of Intention to Make a Normal Course Issuer Bid for 2012 shall be provided to shareholders upon receipt of written request to the Company at its registered office.

(5) Working Capital

As at September 30, 2012, the Group has a working capital of about $29.6 million (December 31, 2011: $53.2 million), after netting off its current liabilities of $24.1 million (December 31, 2011: $33.9 million). The working capital is sufficient to support the development of the existing projects and operations, including the Gold Project, in the foreseeable future.

For further information, please contact:

Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500
Email:

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in development of mineral properties, the prospective mineralization of the properties, and planned exploration programs. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.

" Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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