Geovic Awarded New Caledonian Licenses to Explore Chromite Deposits

Geovic Mining (OTCBB: GVCM; TSX: GMC) has been granted exclusive exploration licenses in New Caledonia, a French overseas island territory in the South Pacific. These licenses will enable the Company to evaluate the quality and extent of promising chromite-rich heavy mineral beach sand deposits in a program expected to commence later this year.

By way of background, several members of Geovic’s senior management team prospected for chromite deposits in the mineral-rich sands along the coast of New Caledonia during the 1980s.  Based on this work, together with subsequent advances in mineral separation technology, the Company determined that an opportunity existed to define and ultimately develop a potentially economic major chromite resource.

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