Troymet Exploration Corp.
TSX VENTURE : TYE

Troymet Exploration Corp.

January 16, 2008 15:04 ET

Troymet Exploration Corp.: Tax Rollover Election Reminder to Former Signet Shareholders

COMOX, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2008) - On August 7, 2007, a Plan of Arrangement was completed between Signet Minerals Inc. ("Signet"), Cash Minerals Ltd. ("Cash Minerals") and Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet"). In accordance with the Plan of Arrangement, for every one (1) Signet common share held, Signet shareholders received 0.67 Cash Minerals common shares, 0.50 Cash Minerals share purchase warrants and 0.25 Troymet common shares.

Former Signet shareholders are reminded that a joint tax election form must be completed in order to defer any potential capital gains taxes resulting from the issuance of the Cash Minerals common shares pursuant to the Plan of Arrangement until such time that the Cash Minerals common shares are sold. Failure to complete the tax election form may result in a capital gains income tax liability in 2007. The tax election form, which can be obtained at the Cash Minerals website (www.cashminerals.com/userfiles/file/Tax_Package-AcquisitionofSignetMinerals.pdf), must be completed and received by Cash Minerals on or before January 31, 2008.

In order to complete the tax election form, former Signet shareholders will need to calculate the Adjusted Cost Base ("ACB") of their Signet shares. For former Signet shareholders that received all or part of their Signet shares as a result of the Plan of Arrangement that was completed between Marksmen Resources Ltd. ("Marksmen") and Signet in October 2005, a letter that outlines how to apportion the ACB of the Marksmen and Signet shares can be found on the SEDAR website for Marksmen (February 23, 2006 document). For all other Signet shareholders, a letter disclosing information in respect of the ACB calculations for Troymet, Signet, and Cash Minerals is attached.

We highly recommend that shareholders consult their tax advisors.

If you have any questions regarding the completion of the tax election form, Cash Minerals has established a Technical Assistance Hotline at 1-866-421-3763.

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the Company - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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January 15, 2008

Former Shareholders of Signet Minerals Inc.

Dear Shareholder

Determination of Adjusted Cost Base

The purpose of this letter is to provide general assistance in determining the adjusted cost base of the Cash Minerals Ltd. ("Cash Minerals") shares and warrants and Troymet Exploration Corp. ("Troymet") shares received by you pursuant to the Plan of Arrangement dated August 7, 2007.

As noted in our Circular dated July 10, 2007 on page 42, this information is of general nature only and is not exhaustive so you should consult your own tax advisors.

Calculation of the Adjusted Cost Base of Troymet Shares

Each Troymet share distributed by Signet Minerals Inc. ("Signet") to its shareholders had an adjusted cost base of $0.09752307. Please be aware that the adjusted cost base of the Signet shares you held at the time of the distribution of the Troymet shares will be reduced by this amount multiplied by the number of Troymet shares you received. If this amount is greater than the adjusted cost base of your Signet Shares at the time of the distribution, you will have realized a capital gain equal to the difference. We recommend that you verify the adjusted cost base of your Signet Shares with your tax advisor.

Calculation of the Adjusted Cost Base of Cash Mineral Shares

On the exchange of your Signet Shares you received 0.67 of a Cash Mineral share and 0.50 of a Cash Mineral Warrant. If you choose to elect under section 85 of the Income Tax Act (Canada) (the "Act"), the adjusted cost base of your Cash Mineral Shares will be equal to the "agreed amount" (sometimes referred to as the "elected amount") set out in your election form.

For more information on the calculation of the "agreed amount" please see page 16 of the Tax Package for Signet Shares distributed by Cash Minerals Ltd. (available at http://www.cashminerals.com/main/?investors)

If you decide not to file an election under section 85 of the Act, the adjusted cost base of the Cash Mineral shares you received will be equal to the fair market value of the Signet Shares you exchanged at the time of the Arrangement less the fair market value of the Cash Warrants you received.

Assume, for example, that you held 1,000 Signet shares. Upon the completion of the arrangement you would have received 670 Cash Mineral Shares and 500 Cash Mineral Warrants.

At the time of the Arrangement Signet was trading at $0.70 per share. If we assume this was the fair market value of Signet Shares, the adjusted cost base of the Cash Mineral Shares received in the above example would be calculated as follows:

Fair Market Value of Signet Shares = $700.00

less

Fair Market Value of the Cash Mineral Warrants = $5.00

equals

Adjusted Cost Base of Cash Mineral Shares = $695.00 (or $0.695 per share)

Please be aware that the above example assumes that the fair market value of a Cash Mineral Warrant at the time of the arrangement was $0.01. However, while this was the value agreed to by Signet and Cash Minerals, it is not necessarily binding on the Canada Revenue Agency.

We hope the above summary provides you with the assistance you require.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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