GoldMining Inc. announced that it has completed a maiden mineral resource estimate for its 100% owned Yarumalito Gold-Copper Project (the "Yarumalito" or the "Project"), Antioquia, Colombia. The mineral resource estimate was prepared by Global Mineral Resource Services of Vancouver, Canada and includes a pit constrained inferred resource of 66,271,000 tonnes grading 0.58 g/t gold (1,236,000 ounces) and 0.09% copper (129,262,000 pounds) or 0.70 g/t gold equivalent (1,502,000 ounces) using a 0.5 g/t gold equivalent cut-off. See Table 1 below for information regarding the resource estimate. The Project: Yarumalito is located approximately 75 km southwest of the city of Medellin in the Department of Antioquia in Central Colombia and approximately 40 km south of GoldMining's La Mina Project. The Project is accessible by paved road with nearby high-capacity power lines, water and labour. Yarumalito is comprised of one concession for a total area of approximately 1,453 Ha. Exploration programs from 2008 to 2013 outlined several geophysical and geochemical anomalies across the property including the Obispo, La Suiza, Balastreras, Escuela, El Guaico and El Sucre targets. Diamond drill programs (18,540 m in 55 holes) during that period primarily focused on the Balastreras-Escuela mineralization, which has a surface projection of approximately 1,700 m by 400 m and is intersected in drill holes and underground workings to a depth of 600 m. The Yarumalito deposit was modelled on a series of north-south cross-sections spaced 100 m apart from which a three-dimensional wireframe model was constructed for the mineralized zone at an approximate grade boundary of 0.1 g/t gold. Diamond drill holes (50) totaling approximately 16,635 m were used to define the model. High-grade gold values were capped at 9 g/t gold with 12 assays falling above this value. Assay sample lengths were composited at 5.0 m. Gold, copper and gold equivalent grades were interpolated into the block model in a single pass using inverse distance square weighting. Individual blocks within the model measure 5 x 20 x 25 m in dimension. For a grade to be interpolated into a block it was necessary that a minimum of two and a maximum of four composites be located within the volume of the search ellipse. A maximum of one composite was allowed per drill hole to ensure that each block was informed by a minimum of two drill holes. Average bulk density of 2.3 and 2.7 g/cm3 were used to convert block model volumes to tonnages for oxides and sulphides, respectively. Gold equivalent grades were calculated based on the following formula: AuEq = ((Au ppm*48.2) + (Cu ppm*0.006))/48.2, where 41.8 equals $/gram for gold based on a gold price of $1,500/ounce and 0.006 equals $/ppm for copper based on a copper price of $2.70/pound. No allowance was made for metallurgical recoveries. The block model was validated in three ways: (i) visual comparison of block values with underlying drill hole composite values; (ii) comparison of descriptive statistics for the gold and copper block values with assay and composite values, and (iii) swath plots of gold equivalent composites, gold equivalent block grades and modeled tonnage. Resources were classified as inferred because the drilling is relatively widely spaced and there has been limited metallurgical testwork. Additional infill drilling and metallurgical test work would be required to confirm grade continuity and metallurgical recoveries, respectively to potentially upgrade the existing resource to indicated or measured categories. Reasonable prospects for eventual economic extraction were determined by reporting the resource within a conceptual pit shell. The conceptual pit delineated resource is reported within a pit shell using an assumed gold price of $1,500/oz, copper price of $2.70/lb, pit slope of 45º, mining cost of $2.00/t and processing cost of $8.00/t.