Tiomin Resources Inc.

Tiomin Resources Inc.

February 23, 2009 17:00 ET

Tiomin Extends Freegold Ventures' Bridge Loan

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - Tiomin Resources Inc. ('Tiomin' or the 'Company') (TSX:TIO) announced today that it renegotiated the terms of the US$2 million bridge loan the Company advanced to Freegold Ventures Limited (TSX:ITF)(OTCBB:FGOVF)(FRANKFURT:FR4) ('Freegold') on August 22, 2008. The loan repayment originally due January 15, 2009 and previously extended to February 10, 2009, was further extended to July 15, 2009.

Tiomin and the other bridge lender reached an agreement with Freegold to further extend the maturity date of the combined US $4.1 million in bridge loans to July 15, 2009. As consideration of this extension, the interest rate on the two loans was increased from 12.5% to 15.0%, and Tiomin and the other lender each will be receiving extension fees consisting of 360,000 common shares of the Freegold, 500,000 warrants to purchase common stock of the Freegold for a two year period at a price of C $0.25/share, and a cash fee equal to 3% of the loan principal, payable upon the earlier of the receipt of new financing or March 31, 2009. The revised bridge loan agreement is subject to execution of definitive documentation and regulatory approval.

About Freegold Ventures Limited (TSX:ITF)(OTCBB:FGOVF)(FRANKFURT:FR4)

Freegold is a North American exploration and development company with a management team experienced in mine development and production that has a proven track-record in transitioning exploration companies into gold producers. Freegold is currently exploring advanced-stage gold projects in Idaho and Alaska. More details regarding these projects can be obtained by reviewing its website, www.freegoldventures.com, and reviewing its recent press releases.

About Tiomin Resources Inc.

Tiomin is enhancing shareholder value by the acquisition, exploration and development of industrial mineral, precious and base metal projects. Jinchuan Group Limited ('Jinchuan'), one of China's largest mining companies, owns approximately 18.7% of Tiomin.

Tiomin has four main assets:

1) approximately $17.3 million of working capital (after the Feb. 20th Kivu Gold Corp. investment);

2) 49% interest in the Pukaqaqa copper and gold project in Peru;

3) 100% interest in the Kwale titanium project in Kenya; and

4) 33.5% interest in Kivu Gold Corporation, a mineral exploration focused on sub-Saharan Africa.

Tiomin's share price currently only reflects the value of its working capital position and it receives no value for its other assets in Peru or Kenya. Tiomin has an outstanding memorandum of understanding with Jinchuan whereby Jinchuan would acquire 70% of Tiomin Kenya Limited ('TKL') a wholly owned subsidiary of Tiomin that owns 100% of the Kwale titanium project, for US$25 million invested into TKL and a commitment to finance and build the project, 70%.

To find out more about Tiomin Resources Inc., please visit the company website at www.tiomin.com.

Certain of the information contained in this news release constitutes 'forward-looking statements' within the meaning of securities laws. Such forward-looking statements, including but not limited to those with respect to the prices of metals and minerals, estimated future production and estimated costs of future production involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements 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 documents of the Company filed from time to time with the Ontario Securities Commission.

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