Optimization Study Improves Geovic Cameroon Cobalt Project

Market Wire, September, 2008

- Investigate long-term chemical pricing and freight arrangements, and evaluate options to produce some of the chemical requirements on-site to lower purchase and freight costs.

- Continue development drilling targeted at expanding project resources and reserves, thereby enabling future production increases and/or extending mine life.

- Further optimize the mine production schedule to increase ore grades, particularly in the early production years.

- Complete an EPCM contract and receive a definitive capital cost estimate based on increased design definition, purchase orders, firm quotations, and advanced negotiations or execution of definitive sub-contracts.

- Acquire additional staff necessary to monitor construction, train operators, and prepare a definitive capital cost estimate for the balance of project development and construction work to be completed by GeoCam (initial infrastructure, pre-production mining, and tailings dam installation).

David C. Beling, P.E., Executive VP and COO, is the Qualified Person responsible for the technical information contained in this press release. The Alliance is responsible for the OS using data obtained from the technical information presented to them by the Company. Additional Company and project information may be found on the websites www.geovic.net , www.sedar.com , and www.sec.gov .

Geovic Background

Geovic is a U.S.-based corporation whose principal asset is a significant cobalt-nickel-manganese deposit in the Republic of Cameroon, Africa, with initial production scheduled for late 2010. Geovic owns 60% of seven related properties on a 1,250 square kilometer Mine Permit in Cameroon. Nkamouna, the first property planned for production, has proven and probable reserves of 299 million pounds Cobalt, 830 million pounds Nickel, and 1,606 million pounds Manganese. Characteristics of these unique Cameroonian deposits can be found on the Company's website at www.geovic.net .

On behalf of the Board

John E. Sherborne, CEO

Footnotes

(1) IRR equals Internal Rate of Return.

(2) NPV equals Net Present Value using a cash flow analysis discounted at the rate shown; M equals million

(3) US spot 99.8% cobalt cathode monthly mean price published by Platt's Metals Week.

(4) Nickel metal prices from daily cash averages on London Metal Exchange.

(5) High-purity manganese carbonate spot price currently exceeds $1,000/tonne.

(6) USGS recent spot price for similar grade scandium oxide.

Important Notices

Statements contained in this press release that are not historical facts are forward-looking statements (within the meaning of the Canadian securities legislation) that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of metals; the estimation of mineral reserves and resources; the timing and amount of estimated future production, costs of production, and capital expenditures; costs and timing of the development of new deposits; and success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "proposes", "expects", "is expected", "scheduled", "estimated", "intends", or variations of such words and phrases or state that certain actions, events or results "will" occur. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Geovic Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other factors as described in detail in the Company's Annual Information Form and Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof. Geovic Mining does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.