TintinaGold Closes Second Tranche of Private Placement With Two of Three Subscribers for Gross Proceeds of Approximately $19.1 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TintinaGold Resources Inc. (TSX VENTURE:TAU) ("TintinaGold" or the "Company") announces that it has completed the second and final tranche of the non-brokered private placement of common shares previously announced in the Company's February 10, 2011 news release with two of the three subscribers. 

Quantum Partners LP ("Quantum"), a private investment fund managed by Soros Fund Management LLC, Electrum Strategic Metals II LLC, an entity controlled by Electrum Strategic Metals LLC ("Electrum"), and one other subscriber entered into subscription agreements with the Company. On March 21, 2011, the Company completed the second tranche of the private placement with Quantum and Electrum Strategic Metals II LLC, issuing a total of 30,117,410 common shares for gross proceeds of approximately $19.1 million. The issuance of the remaining 393,701 common shares is expected to be completed shortly.

The Company issued 25,451,333 common shares to Quantum for proceeds of approximately $16.2 million in the second tranche. Quantum now holds, directly and indirectly, a total of 47,244,095 common shares which represents approximately 33.5% of the Company's outstanding shares.

The Company issued 4,666,077 common shares to Electrum Strategic Metals II LLC for proceeds of approximately $3.0 million in the second tranche. Electrum now holds, directly and indirectly, a total of 35,120,945 common shares which represents approximately 24.9% of the Company's outstanding shares. Electrum also holds warrants to purchase an additional 18,280,165 common shares. 

The common shares issued to Quantum and Electrum Strategic Metals II LLC in this tranche of the private placement are subject to a hold period and may not be traded until July 22, 2011 pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange.

The proceeds of the private placement will be allocated to fund on-going exploration, environmental baseline work and feasibility studies at the Company's Sheep Creek property located in Montana, USA, and for general working capital.

About TintinaGold

TintinaGold is a growth company focused on the exploration and development of precious and base metal 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 Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

ON BEHALF OF THE BOARD OF DIRECTORS

Louis A. Lepry, Jr., President & CEO

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of proceeds a private placement, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that that actual results of the Company's exploration activities will be consistent with those expected by management. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to TintinaGold's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management and delays in obtaining or inability to obtain required government or other regulatory approvals. 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. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGold does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.