GobiMin Terminates MOU to Invest in Silver Refinery in Yongxing, China

Toronto-based GobiMin Inc., a company engaged in the exploration, development and exploitation of mineral properties, mainly in the Xinjiang Uygur Autonomous Region of China, announced that it has decided to terminate its memorandum of understanding to jointly invest with Shandong Zhaojin Group Co. Ltd. in a silver refinery in Yongxing, Hunan province, China. Under the terms of the MOU, GobiMin was to acquire from Zhaojin about 50% equity interest in Chenzhou Zhaojin Precious Metal Production Co. Ltd., which owns 75% of Yongxing Zhaojin Precious Metals Processing Co. Ltd., the silver refinery in Yongxing.