11:41 AM EST - GobiMin Inc. : said it has, through a wholly owned subsidiary, entered into an agreement with Xinjiang Baodi Mining Company and a subsidiary of Brigade No. 2 of Xinjiang Bureau of Geology and Mineral Resources to form a joint venture company in the People's Republic of China to participate in the development of the Sawayaerdun Gold Project in Tianshan of Xinjiang, China. GobiMin would operate and manage the Joint Venture. GobiMin said it would invest RMB50 million in cash to the Joint Venture for a 70% equity interest in the Joint Venture while Baodi and Brigade No. 2 will each retain an interest of 15% in exchange for their prior contribution. GobiMin Inc.
shares V.GMN are trading even at $0.88.
