Tiomin Resources Inc.

Tiomin Resources Inc.

October 02, 2007 10:43 ET

Tiomin Appoints Director

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2007) - Tiomin Resources Inc. ('Tiomin' or the 'Company') (TSX:TIO) is pleased to announce the appointment of Mr. Lu Qingua as Jinchuan's nominee to the Board of Directors of the Corporation.

In the transaction announced on June 18, 2007, Jinchuan invested $10.9 million in Tiomin to buy 72,512,134 common shares at $0.15 per share, increasing Jinchuan's interest in Tiomin to 20%, and received an 18-month option to increase its interest in Tiomin to 30% by subscribing for additional common shares of Tiomin at $0.35 per share.

The Subscription Agreement provided for Jinchuan to nominate a director to the Board of Directors of Tiomin and Mr. Lu Qingua has been nominated by Jinchuan and has accepted the nomination.

Mr. Robert Jackson, President and CEO of Tiomin commented "Jinchuan's involvement in Tiomin is very important and all avenues are currently being explored to jointly develop our Kwale Titanium Project in Kenya. However, the future of the Kwale project is still contingent upon the Government of Kenya completing all outstanding issues and upon the interest of international lenders in providing the necessary financing. Our 49% interest in the Pukaqaqa Copper Project in Peru is progressing well and we are evaluating many interesting opportunities in both mineral sands and other metals in different regions around the world. We are working very hard to regain the confidence of our investors and to restore shareholder value".

Jinchuan (www.jnmc.com) is the largest producer of nickel, cobalt and platinum group metals in China, combining mining, milling, smelting & refining and chemical engineering operations. It produces nickel, copper, cobalt, precious metals, various bulk chemicals and nonferrous metals. The output of nickel and platinum group metals are 88% and 90% respectively of total Chinese production.

Certain of the information contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those respect to the prices of metals and minerals, estimated future production, estimated costs of future production and the Company's sales policy, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any forecast results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of copper and gold, the actual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Ontario Securities Commission.

Contact Information

  • Tiomin Resources Inc.
    Jean-Charles Potvin
    Executive Chairman
    (416) 350-3779, ext. 227
    Tiomin Resources Inc.
    Robert Jackson
    President & CEO
    (416) 350-3779, ext. 230
    Tiomin Resources Inc.
    Joyce Misoi
    Project Coordinator & Investor Relations
    (416) 350-3779, ext. 233
    Email: jmisoi@tiomin.com
    Website: www.tiomin.com