Madneuli

Tbilisi – GeoProMining (“GPM” or “the Group”), a diversified international mining group, announces that as part of an ongoing corporate restructuring process at the Group level, GPM Georgia BV, a subsidiary of the Group, has transferred from another Group subsidiary, LLC GeoProMining, GPM’s 99.15 percent stake in the GPM operating company Madneuli.

This transfer of the Madneuli shares within the Group is part of GPM’s strategy to simplify its ownership structure in order to achieve greater transparency.

A mandatory tender offer (MTO) in connection with the ownership change has been made at the price of USD 2.076 per share for the remaining 0.85% of shares not owned by GPM Georgia BV. Shareholders wishing to participate in the MTO must submit their consent to sell their shares by 20 December 2011.