GEOVIC MINING CORP.

Geovic Mining Corp. announce that estimated resources at its Nkamouna cobalt-nickel-manganese project in Cameroon, Africa have significantly increased following an extensive 2008 drilling program, encompassing 2,045 holes totaling 54,900 meters. Measured and Indicated resources increased 97% to 120.6 million tonnes, grading 0.23% cobalt, 0.65% nickel, and 1.34% manganese. Inferred resources increased 25% to 202.5 million tonnes, grading 0.20% cobalt, 0.59% nickel, and 1.20% manganese. The January 2008 estimate of Nkamouna’s Proven and Probable reserves, at 54.7 million tonnes grading 0.25% cobalt, 0.69% nickel, and 1.33% manganese, was projected to support a 19-year mine life. The approximate doubling in Measured and Indicated resources suggests the potential to double this period.