Tiomin Resources Inc.

Tiomin Resources Inc.

June 12, 2007 09:53 ET

Tiomin Shareholders Approve Jinchuan Group Ltd. Investment, Company Announces Management Changes

TORONTO, ONTARIO--(Marketwire - June 12, 2007) - Tiomin Resources Inc. ('Tiomin' or the 'Company') (TSX:TIO) announces that 99.68% of the votes cast by ballot at its Annual and Special General Meeting voted in favour of the previously announced investment in the Company by Jinchuan Group Ltd. ('Jinchuan').

In the approved transaction, Jinchuan will purchase 72,512,134 common shares of Tiomin at $0.15 per share, for a total of $10.9 million, increasing Jinchuan's interest in Tiomin to 20%. In addition, the transaction grants Jinchuan an 18-month option to increase its interest in Tiomin to 30% by subscribing for additional common shares at $0.35 per share.

Mr. Robert Jackson, who was previously President of the Company, assumes the role of President and CEO while Mr. Jean-Charles Potvin remains as Executive Chairman. Mr. Jackson and Mr. Paul Fortin both join the Board of Directors. Mr. Potvin commented "This transaction and these appointments significantly strengthen Tiomin as we rebuild shareholder value in the Company".

Mr. Jackson is a licenced mining engineer and investment banker who brings almost 30-years of mining industry experience to his role. He holds an MBA from the University of Western Ontario and the Chartered Financial Analyst® designation.

Mr. Fortin is currently a director and General Manager of Gecamines, a copper and cobalt mining company owned by the Democratic Republic of Congo, a position he has held since January 2006. He is an experienced international mining lawyer who was previously General Counsel for Gold Fields Limited and who has advised Barrick Gold Corporation. He was previously a director of Tiomin Kenya Limited and General Manager of the Kwale Project.

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