Geovic CMR Plc extends partnership with China’s JXTC

Geovic Mining Corp. ("Geovic" or "the Company", NEX:GMC.H, OTCBB:GVCM), on behalf of its 60.5%-owned subsidiary Geovic Cameroon Plc (“Geovic Cameroon”), is pleased to announce that it has agreed to an extension of the Definitive Agreement (“DA”) with Jiangxi Rare Metals Tungsten Holdings Group Company Ltd (“JXTC”) of Nanchang, Jiangxi Province, China through December 31, 2014.

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.

JXTC is a large state-owned enterprise with significant mining and industrial operations in cobalt, copper, tungsten, and other rare metals.

The terms and conditions of the DA extension were agreed amongst JXTC, Societe Nationale d'Investissement du Cameroun (SNI), the National Investment Corporation of Cameroon that owns or represents 39.5% of Geovic Cameroon, Geovic, Geovic Ltd and Geovic Cameroon.

Geovic Cameroon plans to develop the Nkamouna cobalt-nickel-manganese Project (the “Project”) in Cameroon, Africa. The DA, as extended, anticipates the completion of a strategic investment by JXTC in the Project.

The transaction contemplated by the DA, as extended, establishes JXTC’s intent to acquire 60.5% of the existing shares of Geovic Cameroon pursuant to the execution of a Share Purchase Agreement between JXTC and Geovic.

In addition to acquiring 60.5% interest in Geovic Cameroon, JXTC would also secure 100% of the mixed cobalt-nickel sulphide product (MSP) to be produced by the Project through a long-term arm’s length Off-Take Agreement with Geovic Cameroon.