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Geovic Mining Corp., through its 60% owned subsidiary Geovic Cameroon PLC

(GeoCam), intends to develop cobalt-nickel-manganese deposits on a 1,250 sq

km Mine Permit in Cameroon, Africa. The cobalt ore is high-grade, near surface,

easily concentrated, and processed to deliver high-quality cobalt, nickel and

manganese products at low capital and operating costs. The company has US $70

million cash on hand as of January 1, 2008 and expects to commence production

by late 2010.

Cobalt uses are expanding

Cobalt has many industrial, military and consumer uses. It is a hard, durable

metal that works well at high temperatures and, accordingly, is used extensively

in the aerospace industry. Cobalt chemical compounds also have many diverse

applications, including use in billions of rechargeable batteries - this market has

grown 280% in the last three years. A new major application is in batteries for

hybrid cars (4-8 pounds-cobalt per car) - a fast growing market that is increasing

worldwide demand for cobalt. Hybrid car production is expected to grow from

25,000 units in 2002 to 8,000,000 units in 2015.*

*Source - HEV Manufacturer's Data (2002-06) as quoted by Credit Suisse.

Telephone: 970.256.9681 Fax: 970.256.9241 Web: www.geovic.ne

Geovicprepares for

cobalt

production

Geovic Mining Corpwww.geovic.net

The Cobalt Company

T S X : G M C

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Cobalt prices and demand are increasing

In January 2008, spot cobalt was trading near US $50 perpound, up from $15 in mid-2006. Although there is no mar-ket for cobalt like the LME or Comex, transparent pricing isprovided by such sources as Platt's Metal Bulletin and BHPBilliton's website. (http://cobalt.bhpbilliton.com/).

World cobalt supply and demand

World cobalt use in 2006 totaled 56,000 tonnes

0

3000

6000

9000

12000

15000

Chemicals Batteries Wear-ResistantAlloys

MagnetsCatalysts Superalloys

IRR 56% 3-year average metal prices

Payback 2.0 years 5,000 tpycobalt 1st full year

NPV 10% $577 million 60% debt and 40% equity

Capex $398 million to be optimized

Opex $3.12/lb cobalt net of nickel credits

Initial life 19 years 1st of 7 deposits

Large reserves and resources

GeoCam's Project may be the world's largest primary cobalt

resource. An independent estimate compliant with CanadianNational Instrument 43-101 has outlined proven and probablereserves of 54.7 million tonnes. This reserve yields 11 milliontonnes of concentrates that average 0.7% cobalt, 1% nickel,and 3% manganese from the Nkamouna deposit, the first ofseven to be developed. The Mada deposit, which is adjacentto the Nkamouna deposit, is currently estimated to containinferred resources of 145 million tonnes averaging 0.21%cobalt and 0.48% nickel. GeoCam plans to annually produce4,160 tonnes cobalt, 3,280 tonnes nickel, 45,000 tonnes man-ganese (in carbonate form) and 4,000 pounds of scandium.Drilling and test pitting resumed in 2008 with the aim of sig-nificantly increasing the resource base and converting theseresources to ore reserves.

Unique geology delivers extraordinaryproject economics

The Cameroon cobalt mineralization is higher grade and

coarser in size than all other laterite deposits. These unique

features allow the ore to be concentrated three-fold using

low-cost washing and sizing, which gives the project excep-

tional financial performance (see chart below). The deposit

occurs in a shallow blanket from 8-16 meters below surface

in weathered rock where no blasting is needed.

After-Tax Economics in 43-101 Technical Report

Geovic Mining Corp. owns 60% of GeoCam, the

Cameroonian corporation that holds exclusive rights to the

project. The National Investment Corporation of Cameroon

SNI, owns 20% and manages the interest of four

Cameroonian individuals who own 19.5%.

GeoCam development and construction schedule

Geovic Mining Corp. offers an excellent opportunity to investors seeking a primary playin a dynamic cobalt market.

Geovic Mining CorpCorporate Head Office: 743 Horizon Court, Suite 300A, Grand Junction, CO 81506, United States , Telephone: 970.256.9681, Fax: 970.256.9241, Web: www.geovic.net

Corporate Info: Exchange: Toronto Stock Exchange, Symbol: (TSX:GMC), Fiscal Year-End: December 31, CUSIP Number: 373686 10 4

Investor Relations: Vanguard Shareholder Solutions, Inc., 866-891-9756, ir@vanguardsolutions.ca

Auditor: Ernst & Young LLP, 700 West Georgia, PO Box 10101, Vancouver, BC, Canada V7Y 1C7, Telephone: 604.891.8200, Fax: 604.643.5422, Toll Free: 1.888.283.9867

Transfer Agent: Pacific Corporate Trust Company, 2nd Floor, 510 Burrard Street, Vancouver, BC, Canada V6C 3B9, Telephone: 604.689.9853, Fax: 604.689.8144

0

20

40

60

80

100

120

Potential supply from Geovic and other new producers

Existing Production/Supply

Demand

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

Actual

Develop Construction Productio

2008 2009 2010

Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

Mada Test Pitting & Drilling

Reserve/Resource Updates

Enviro. &Social Assessment

Optimize FeasibilityStudy

Land Lease & Water Permit

Detail Engineering & Design

Debt Financing

Co-Ni Marketing and Sales

Infrastructure Installations

Mine Development

Tail Dam Production

Plant Construction

Concentrator Commission & Prod.

Process Plant Commission & Prod.

Approved

Stage:

Year:

Quarter:

Pincock Allen & Holt 20

Source: Actual supply and demand by USGS, The Cobalt Development Institute and other inde-pendent research groups. Projections after 2006 were developed by Geovic.

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