Optimization Study Improves Geovic Cameroon Cobalt Project

Market Wire, September, 2008

Geovic Mining Corp. ("Geovic" or "The Company") (TSX: GMC)(OTCBB: GVCM), on behalf of its 60%-owned subsidiary Geovic Cameroon PLC (GeoCam), is pleased to announce results of an Optimization Study (OS) of the Nkamouna Cobalt-Nickel-Manganese Project in Cameroon, Africa. The OS includes many improvements to the December 2007 Feasibility Study (FS), and should facilitate the completion of project financing. All currency is expressed in US dollars as of the second quarter 2008. OS highlights include:

- Initial capital disbursements reduced from $397 million to $379 million despite the inclusion of an $11 million circuit to recover manganese

- After-tax, undiscounted cash flow estimated at $2.6 billion on revenues of $6.6 billion during the initial 17 years of production

- Cash operating costs reduced from $3.12 to $2.02 per pound of cobalt, net of byproduct credits from nickel, manganese and scandium

- Production scheduled to commence in late 2010 and increase to full capacity in early 2011

Financial Projections - Base Cases                  2008 OS        2007 FS
                                                    -------        -------

100% Equity - After-Tax
  IRR, %     (1)                                         44             33
  NPV 8%, $ M (2)                                     1,024            696
  NPV 8%, $ M (GMC 60% Share)                           614            417
  Payback, Production Years                             1.9            2.9

Initial Capital Disbursements, $ x M
  Plant and Infrastructure                              321            351
  GeoCam G&A                                             24             20
  Pre-Production Mining & Equipment                      34             27
                                                        ---            ---
  Sub-Total (exclusive of escalation)                   379            397

Working Capital during Startup & Commissioning           38             33
                                                        ---            ---
  Total Initial and Working Capital                     417            431
  GMC 60% Share of Total Capital                        250            259

Sustaining Capital during Production                     86             51
Project Life, Years                                      17             18

Operating Costs, $/lb cobalt
  Direct, net of byproducts                           (0.46)          1.99
  Indirect                                             1.48           0.42
  Production Tax                                       1.00           0.71
                                                       ----           ----
  Total Cash Costs                                     2.02           3.12

3-Year Average Metal Pricing, Ending Date          June '08        Oct '07
                                                   --------        -------

  Cobalt, $/lb (3)                                    26.57          20.08
  Nickel, $/lb (4)                                    12.39          11.16

Spot Pricing (mid-2008)
  Manganese Carbonate, $/tonne (5)                    1,000             na
  Scandium, $/lb(6)                                     317             na

Revenue Components, % of Total
  Cobalt                                                 66             70
  Nickel                                                 22             30
  Manganese                                              12              0
  Scandium                                      less than 1              0

The OS is based on producing high-purity cobalt oxide, nickel carbonate, and manganese carbonate as well as average purity scandium oxide. No premiums or discounts were applied to the metal prices used in the OS. As project economics are most sensitive to product prices, financial projections are shown below for both metal and commodity prices as of September 1, 2008 and a possible low price scenario.

Financial Sensitivity to Product Prices

Price Bases for Initial Project Life           Sep. 1, 2008       Low Case
                                               ------------       --------

  Cobalt, $/lb                                        33.00          15.00
  Nickel, $/lb                                         8.73           7.00
  Manganese, $/tonne                                  1,200          1,000

100% Equity - After Tax
  IRR, %                                                 50             18
  NPV 8%, $ M                                         1,263            314
  NPV 8%, $ M (GMC 60% share)                           758            142
  Payback, Production Years                             1.7            4.6
  Cash Cost, net of byproduct credits, $/Lb Co         3.86           5.36

Below is a summary of project operating costs, which are the next most sensitive aspect of project economics:

Project Operating Costs                           OS, $ x M      % of OPEX
                                                  ---------      ---------

  Direct:   Mining                                      319             12
            Processing                                1,703             67
            General & Administrative                    137              5
  Indirect: Reclamation, Product Freight, etc.          242             10
            Production Taxes at Base Case Prices        166              6
                                                      -----            ---
            Total                                     2,566            100