=======================================================================
Tiomin Announces Closing Of Radiant Business Combination
=======================================================================
TORONTO - September 26, 2008 - Tiomin Resources Inc. ('Tiomin' or the
'Company') (TSX: TIO) is pleased to announce the completion of the
previously announced business combination between Tiomin and Radiant
Resources Inc. ('Radiant') (TSX-V: RRS) (the 'Transaction').
Under the terms of the Transaction, Tiomin has acquired all of the
outstanding common shares, common share purchase warrants and
compensation options of Radiant in exchange for common shares, common
share purchase warrants and compensation options of Tiomin, as
appropriate. In particular, holders of common shares and common share
purchase warrants of Radiant will receive one Tiomin common share or
common share purchase warrant in exchange for one Radiant common share
or common share purchase warrant, as the case may be, held immediately
prior to the effective date of the Transaction (the "Effective Date").
Holders of compensation options of Radiant will receive one unit (a
"Unit") for every one compensation option of Radiant held immediately
prior to the Effective Date, each Unit consisting of one common share
of Tiomin and one common share purchase warrant of Tiomin. Options of
Radiant will be exchanged for options of Tiomin at the sole discretion
of the Corporation.
As at September 25, 2008, the share capital of Radiant consisted of
30,044,988 common shares on an undiluted basis, and 42,328,953
calculated on a fully diluted basis. Tiomin issued approximately
28,898,635 million common shares to Radiant shareholders and has
reserve an additional 9,608,509 common shares for issuance upon
exercise of the common share purchase warrants and compensation options
issued to Radiant securityholders. Following the completion of the
transaction, Tiomin has an aggregate of 474,263,803 common shares
outstanding. The common shares of Tiomin issued in connection with the
transaction are listed on the Toronto Stock Exchange. The common
shares of Radiant will be halted today and will subsequently be
de-listed from the TSX Venture Exchange.
Rationale for the Transaction
Tiomin has cash and seeks good quality exploration properties. Radiant
has a portfolio of exploration properties in the Altay Shan mineral
belt in Xinjiang, northwestern China, in an area with a known history
of mining activity. Radiant has established a joint venture with
Xinjiang Baodi Mining Co. (Baodi), which is owned by the provincial
government. Radiant and Baodi own a joint venture company, Xinjiang
Pacific Resources Corporation ('XPR'), which owns the portfolio of
exploration properties that are of interest to Tiomin. Radiant has
satisfied the contractual requirements to increase its ownership of XPR
from 51% to 70% and is in the process of registering this change.
Radiant has a right to earn up to 90% of XPR.
Recent geophysics by Radiant identified prospective exploration targets
in proximity to the underground Ashele Mine ('Ashele'), which is a
Volcanic Massive Sulfide ('VMS') type mine. Ashele is reported in
China to contain 36 million tonnes of ore grading 2.43% Cu, 1.08% Zn
and 0.45 g/t Au. In other locations around the world, VMS mines are
found to occur in clusters. Examples are the South Urals region of
Russia, the Iberian Pyrite Belt in Spain and Portugal, the Bathurst and
Noranda areas of Canada and the Rudny Altay region of Kazakhstan and
Russia. Radiant believes that the area around Ashele is under-explored
and may contain other VMS deposits. Radiant's competent team in China
provides a strong platform for acquiring and developing a minerals
exploration portfolio that could realize synergistic benefits with
Tiomin's largest shareholder, Jinchuan Group Limited ('Jinchuan'), one
of China's largest mining companies.
About Tiomin Resources Inc.
Tiomin is maximizing shareholder value by the acquisition, exploration
and development of industrial mineral, gold and base metal projects.
Jinchuan, one of China's largest mining companies, owns 20% of Tiomin.
Tiomin has three main assets: $23.7 million of cash at June 30, 2008, a
49% interest in the Pukaqaqa copper and gold project in Peru and a 100%
interest in the Kwale titanium project in Kenya. Tiomin's share price
currently only reflects the value of its cash position and it receives
no value for its other assets in Peru or Kenya. Tiomin is also working
to optimize the value of its shares by acquiring, or investing in,
other prospective exploration properties.
Tiomin and its 51% partner at Pukaqaqa, Compa�ia Minera Milpo S.A.
('Milpo'), have an existing NI 43-101 measured and indicated copper
resource and scoping study at Pukaqaqa, and also recently expanded its
land position through the acquisition of the Puka Sur property.
Tiomin and Milpo plan an extensive exploration program in 2008/09 aimed
at increasing the resources.
In Kenya, TKL's obligations under Kwale's mining lease remain subject
to Force Majeure while the GoK completes the remaining conditions that
will be required by lenders to finance Kwale. Tiomin expects that with
Jinchuan's planned acquisition of a 70% interest in TKL, the Kwale
project will be developed.
Tiomin also owns a 17.9% interest in Kivu Gold Corporation, a company
focused on mineral exploration in sub-Saharan Africa.
To find out more about Tiomin Resources Inc. and Radiant Resources
Inc., please visit the company websites at www.tiomin.com.
For further information on Tiomin please contact:
Jim O'Neill, VP Corporate Controller & Investor Relations
E-Mail: joneill@tiomin.com
Phone: 416-350-3779, ext. 231
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. THE TSX
VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ACCURACY OF THIS PRESS RELEASE
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 in respect of the
completion of the Transaction, 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, variation or fluctuations in the actual prices of copper
and gold, variation in the actual results of current exploration,
delays or changes in 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.
=======================================================================
Copyright (c) 2008 TIOMIN RESOURCES INC. (TIO) All rights reserved.
For more information visit our website at http://www.tiomin.com/ or
send mailto:news@tiomin.com
=======================================================================
.