GobiMin Inc. announced that 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 China to participate in the development of the Sawayaerdun Gold Project in Tianshan of Xinjiang, China. GobiMin will operate and manage the Joint Venture. This transaction is subject to normal regulatory approval. GobiMin will invest CNY 50,000,000 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. reported unaudited consolidated earnings results for the second quarter ended June 30, 2009. For the quarter, the company reported net loss of $0.5 million or $0.007 per diluted share on revenue of $6.8 million compared to net income of $1.3 million or $0.035 per diluted share on revenue of $9.8 million for the same quarter a year ago. Cash and cash equivalents was $81 million or $1.17 per share compared to cash and cash equivalents of $39 million or $0.54 per share for the same quarter a year ago. Negative EBITDA was $0.5 million or $0.007 per share compared to EBITDA of $2.6 million or $0.035 per share for the same quarter a year ago.

GobiMin Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported operating loss of $461,338 as compared to $1,768,497 for the same period last year. Net cash used in operating activities was $2,305,856 as compared to net cash from operating activities of $752,258 for the same period last year. Purchase of Mineral properties and equipment of $73,946 as compared to $3,763,724 for the same period last year. For six months, the company reported operating loss of $1,418,643, earnings before tax and non-controlling interest and earnings before non-controlling interest of $37,654,057, net earnings of $37,675,609 or 0.535 diluted loss per share on revenue of $939,923 as compared to operating income of $2,674,149, earnings before tax and non-controlling interest of $2,274,296 and earnings before non-controlling interest of $2,018,323, net earnings of $1,837,859 or 0.025 diluted loss per share on revenue of $10,899,723 for the same period last year. Net cash used in operating activities was $3,014,117 as compared to net cash from operating activities of $2,089,419 for the same period last year. purchase of Mineral properties and equipment of $447,940 as compared to $7,443,368 for the same period last year.