Geovic Cameroon Update

DENVER, COLORADO, Jun 24 (MARKET WIRE) --
Geovic Mining Corp. ("Geovic" or "the Company") (TSX: GMC)(OTCBB: GVCM)
announces that Geovic Cameroon, Plc. ("GeoCam"), its 60.5%-owned
subsidiary, and Deloitte & Touche Afrique Centrale Sarl, ("Deloitte"),
GeoCam's independent statutory auditor, were served with summonses in
Yaounde, Cameroon on June 18, 2009, in a proceeding brought by Societe
Nationale D'Investissement du Cameroon ("SNI"), which owns or controls
the remaining 39.5% of GeoCam's shares.

In the proceeding, SNI seeks to have Deloitte removed by the Court as
GeoCam's auditors, as well as an award of attorney fees incurred.
Deloitte was selected as GeoCam's statutory auditor in 2008 by agreement
of all GeoCam shareholders.

Geovic and SNI disagree on the matter of application of foreign currency
exchange rates to approximately US$23 million of GeoCam expenses incurred
by Geovic during the eleven years between 1995 and 2006. It is Geovic's
position that the proper application is that any gain or loss resulting
from the exchange rates in effect at the end of each year during which
the advances were made should be for the benefit or detriment of Geovic,
the shareholder that made the advance, rather than all GeoCam
shareholders, as apparently proposed by SNI. Deloitte agreed with
Geovic's position when it completed its GeoCam audit for the year ended
December 31, 2008. However, SNI disagrees with this interpretation, and
subsequently GeoCam's 2008 financial statements which reflect this
position.

On June 23, 2009, two additional summonses filed by SNI were received by
GeoCam. One requests the Court to invalidate the existing 2008 audit and
appoint an independent expert to review the 2008 financial statements,
while the second seeks to prevent the scheduled June 26, 2009 annual
meeting of GeoCam shareholders at which the 2008 financial statements
would be approved, pending resolution of these disputes.

Through the course of these proceedings, it is hoped the disagreement
between shareholders will be resolved. Geovic has stated its intention to
support the continued retention of Deloitte as GeoCam's statutory
auditor, and has joined the proceedings as a party for that purpose.
However, the Company is actively seeking an amicable solution via methods
other than the aforementioned legal proceedings.

Geovic has not realized any financial benefit related to the application
of foreign exchange rates to its 1995-2006 GeoCam expenditures. Thus, if
Deloitte's conclusions are upheld, Geovic may receive a positive
adjustment to its capital account. Moreover, neither day-to-day business
operations, the present ownership interests of Geovic and SNI in GeoCam,
nor the development of the Nkamouna cobalt-nickel-manganese mine are
anticipated to be affected by the outcome of these proceedings.

Geovic CEO John E. ("Jack") Sherborne states, "Despite disappointment in
the initiation of these proceedings, Geovic is committed to amicably
resolving these issues promptly. Moreover, we remain committed to the
development of the flagship Nkamouna cobalt project, and do not expect
these proceedings to impact its viability or schedule."

Geovic Background

Geovic is a U.S.-based corporation whose principal asset is a 60.5%
interest in a significant cobalt-nickel-manganese deposit in the Republic
of Cameroon. Additionally, the company controls a diverse portfolio of
energy, precious metals, base metals, and uranium projects in the United
States, operated through its wholly-owned subsidiary Geovic Energy
(www.geovicenergy.com).

Additional Company and project information may be found on the websites
www.sedar.com and www.sec.gov.

On behalf of the Board

John E. Sherborne, CEO and Director

Cautionary Note Regarding Forward Looking Statements

Statements contained in this press release that are not historical facts
are forward-looking statements (within the meaning of 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 the Company 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,
grades, or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes, 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. The Company 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.

Contacts:
Geovic Mining Corp.
Andrew C. Hoffman, CFA
VP, Investor Relations
Direct: (720) 350-4130 or Toll-Free: (888) 350-4130
ahoffman@geovic.net
www.geovic.net

Vanguard Shareholder Solutions
Direct: (604) 608-0824 or Toll-Free: (866) 801-0779
ir@vanguardsolutions.ca

Torrey Hills Capital
Direct: (858) 456-7300
info@torreyhillscapital.com

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