Timminco Limited

Timminco Limited

April 28, 2008 19:16 ET

Timminco Announces Appointment of Director

TORONTO, ONTARIO--(Marketwire - April 28, 2008) - Timminco Limited ("Timminco")(TSX:TIM) announced today that its Board of Directors has appointed John C. Fox as a director. With this appointment, which fills an existing vacancy, the Board of Directors now has seven members.

Mr. Fox is a Senior Managing Director of Perseus LLC, a merchant bank and private equity fund management company headquartered in Washington, D.C. Prior to joining Perseus in 2000, Mr. Fox was Chief Operating Officer of Ontario Power Generation Inc. (formerly Ontario Hydro), where he was responsible for generation, transmission, distribution, and retailing for one of the largest electric utilities in North America. Mr. Fox also currently serves as a board member of a number of companies, and holds a B.S. in Civil Engineering from the University of Toronto and an M.B.A. from McMaster University in Hamilton, Ontario.

"We are very pleased that John Fox has joined our Board," said Dr. Heinz Schimmelbusch, Chairman of the Board and Chief Executive Officer of Timminco. "His experience and insight will be a valuable resource as we continue to implement our strategies for Timminco's silicon and magnesium businesses."


Timminco is a leader in the production and marketing of lightweight metals, specializing in solar grade silicon for the rapidly growing solar photovoltaic energy industry. Using its proprietary technology, Timminco processes metallurgical grade silicon into low cost solar grade silicon for use in the manufacture of solar cells. Timminco also produces silicon metal, specialty ferrosilicon and alloy magnesium for use in a broad range of industrial applications serving the aluminum, chemical, pharmaceutical, electronics and automotive industries.


This news release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation, concerning Timminco's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might" "be taken", "occur" or "be achieved". In this news release, such information includes statements regarding the implementation of Timminco's strategies for its silicon and magnesium businesses. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Timminco operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Timminco cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Timminco's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, limited history with the solar grade silicon business; expansion of the solar grade silicon business generally; production capacity expansion at the Becancour facilities; protection of intellectual property rights; increasing and maintaining the purity of solar grade silicon; long-term contracts for supplying solar grade silicon; selling prices for solar grade silicon; price volatility for silicon metal; pricing and availability of raw materials for the silicon businesses; dependence upon power supply for silicon metal production; price volatility for magnesium metal; magnesium supply chain interruptions; dependence upon key customers of magnesium extruded products; manufacturing cost reduction initiatives; financing requirements for capital expenditures; limitations under existing credit facilities; foreign currency exchange; dependence upon key executives and employees; customer concentration; completion and integration of potential acquisitions, partnerships or joint ventures; risks with foreign operations and suppliers; environmental, health and safety laws and liabilities; equipment failures; transportation disruptions; conflicts of interest; intellectual property infringement claims; new regulatory requirements; labour disputes; and changes in tax laws.
These factors are discussed in greater detail in Timminco's Annual Information Form for the year ended December 31, 2007, which is available via the SEDAR website at www.sedar.com. Although Timminco has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this news release and Timminco disclaims any intention or obligation to update or revise such information, except as required by applicable law.

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