Gold Mining Company Limited / EPIC: GML.P / Sector: Natural Resources 23 October 2010 Gold Mining Company Limited (`GMC or `the Company) Signs Share Purchase Agreement to Acquire High Grade Gold Asset in Austria Gold Mining Company Limited, established to make strategic investments primarily in gold and gold related entities, is pleased to announce that, following the signing of the Heads of Terms (announced on 23 August 2010), it has signed a conditional Share Purchase Agreement (`the Agreement) to acquire the entire issued share capital of Kibe Investments No2 Limited (`Kibe), which holds exploration licences covering over 54 sq km of highly prospective land, including the Rotgulden gold project (`the Project), in south-central Austria, a historic high-grade gold production region. The Agreement is subject to certain conditions including, inter alia, shareholder approval as the proposed acquisition constitutes a Reverse Takeover under the PLUS Rules for Issuers.

The consideration for the acquisition is �14,350,000, to be satisfied by a cash payment of �850,000 to the vendors and the allotment of 400,000,000 Ordinary Shares of 0.5 pence each in the Company (220,000,000 of which will be issued to third parties in consideration of each waiving existing rights over the Project). Furthermore, the Board of GMC has taken the decision to apply for admission of the Companys shares to trading on AIM and withdraw from PLUS.

An AIM admission document is currently being finalised and will be circulated to shareholders at the appropriate time.

The admission document will contain further information about the Project and details of the General Meeting to be held to approve the acquisition. **ENDS**
For further information please visit www.goldminingcompany.co.uk or contact: Greg Kuenzel Gold Mining Company Ltd Tel: 020 3006 0260 Gerard Thompson City & Westminster Corporate Finance LLP Tel: 020 7766 0080 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177 Elisabeth Cowell St Brides Media & Finance Ltd Tel: 020 7236 1177
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