TintinaGold Resources Inc.

TintinaGold Resources Inc.

January 28, 2010 09:15 ET

TintinaGold Announces CDN$5,000,000 Financing by Electrum Strategic Metals LLC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2010) - TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX VENTURE:TAU) is pleased to announce that it has arranged a non-brokered private placement for 12,500,000 units (the "Units") at a price of $0.40 per Unit for gross proceeds of CDN$5,000,000 (the "Financing"). The closing of the Financing is subject to the receipt of the approval of the TSX Venture Exchange.

Each Unit will consist of one common share and one common share purchase warrant of the Company. Each warrant will entitle the holder, on exercise, to purchase one additional common share of the Company at a price of CDN$0.65 per share for a period of four years from the date of the closing of the Financing.

Electrum Strategic Metals LLC ("Electrum") has agreed to purchase all of the Units offered under the Financing. "TintinaGold's portfolio of early stage exploration targets is one of the most prospective we have encountered," commented William Natbony, Chief Executive Officer of Electrum Strategic Metals LLC. "We are strong supporters of management's strategy to take these assets along the value chain for the benefit of all shareholders."

Electrum is a current shareholder of the Company that owns, directly and together with Cougar Gold LLC ("Cougar"), which may be considered a joint actor with Electrum, an aggregate of 11,914,286 shares and 7,827,407 warrants, representing approximately 17.3% of the issued shares of the Company. Upon completion of the Financing, Electrum will own, directly and together with Cougar, a total of 24,414,286 common shares (representing 30.1% of the Company's then issued common shares) and warrants to purchase an additional 20,327,407 common shares of the Company. On a partially diluted basis (assuming the exercise only of the warrants held by Electrum), Electrum's interest in TintinaGold will be increased to 44.1%.

The Company intends to use the proceeds of the Financing for exploration on its properties (primarily the Colorado Creek and the Kugruk properties in Alaska) and for general working capital and other corporate purposes.

"We are delighted to further strengthen our partnership with the Electrum Group of Companies, one of the most successful precious metals explorers and developers in the business," said Raj Chowdhry, President of TintinaGold. "The exploration and project development programs planned for 2010 will remain focused on building upon our track record of discovering significant precious metals deposits in geo-politically safe jurisdictions."

About TintinaGold

TintinaGold is a growth company focused on the exploration and development of precious and base metals properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project and the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska. The Company, in a short period of time, has successfully become one of the most significant gold and base metal explorers in the Tintina Gold Belt – one of the most exciting and prolific gold belts of the world.

About Electrum

Electrum Strategic Metals LLC is a member of the privately-held Electrum Group of Companies which is involved in precious metals exploration and development around the world. Other members of the Electrum Group include Electrum Ltd., which holds one of the world's largest and most diversified exploration portfolios comprising over 100 projects located in 16 countries in the Americas, Africa, Asia and Eastern Europe; Electrum Strategic Holdings LLC, which owns a strategic stake in a portfolio of exploration and development properties in Eastern Europe; Electrum Strategic Resources LLC, which owns a substantial interest in NovaGold Resources Inc., which owns a 50% interest in the 30 million ounce Donlin Creek deposit in Southwest Alaska, approximately 100 kilometers south of the Company's Colorado Creek Property; and Electrum USA Ltd., headquartered in Denver, Colorado, which manages the Electrum Group's exploration and development activities.


Raj I. Chowdhry, C.A., President & CEO

Cautionary Notice: This release contains forward-looking statements regarding the Company's business or financial condition, including the possible completion of a private placement, and the intended use of proceeds. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to: the timing of and ability to obtain required financing and regulatory approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties and are qualified by important factors, including competitive pressures, unfavorable changes in regulatory structures, general risks associated with business and the timing and success in the completion of private placements, which could cause actual results to differ materially from those in the forward looking statement. Forward–looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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