TintinaGold Resources Inc.

TintinaGold Resources Inc.

February 03, 2010 09:00 ET

TintinaGold Completes $5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX VENTURE:TAU) is pleased to announce that it has closed its non-brokered private placement previously announced on January 28, 2010.

The Company sold 12,500,000 units (the "Units") to one subscriber, Electrum Strategic Metals LLC ("Electrum"), at a price of $0.40 per Unit, for gross proceeds of CND $5,000,000. Each Unit is comprised of one common share and one 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 $0.65 per share for a period of four years from the date of issuance of the warrant.

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

The securities issued or issuable under the private placement are subject to a four month hold period expiring June 3, 2010.

Electrum reports that Electrum and Cougar Gold LLC, a party that may be considered a joint actor with Electrum, own a total of 24,414,286 common shares (representing 30.1% of the Company's issued common shares) and Electrum owns 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 is 44.1%.

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.

A copy of the early warning report filed by Electrum is available on the SEDAR website under TintinaGold's profile at www.sedar.com and may be obtained by contacting Electrum at 1370 Avenue of the Americas, 19th Floor, New York, New York, 10019.


Raj Chowdhry, C.A., President & CEO

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed use of proceeds of the Company's private placement financing. 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 the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Actual results could differ materially from those described in this news release as a result of many factors, including, but not limited to the following: the timing, results and success of the Company's exploration and development programs, developments in global resource markets, political developments in Canada and the United States and the timing of regulatory and environmental approvals 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, and general risks associated with business, 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.

Contact Information