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Tiomin Announces Settlement With Jaguar Financial
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TORONTO -- July 22, 2009: Tiomin Resources Inc. ("Tiomin" or the
"Company") (TSX: TIO) announced today that Tiomin, its current board of
directors, a former director, Freegold Ventures Limited and Kivu Gold
Corp. ("Kivu") (collectively, the "Respondents") entered into a
settlement agreement (the "Settlement Agreement") with Jaguar Financial
Corporation ("Jaguar") to settle Jaguar's previously announced
application to commence a derivative legal action against the
Respondents.
The terms of the Settlement Agreement provide, among other things,
that:
.. The Settlement Agreement is not an admission of liability on
the part of the Respondents.
.. For a two year period, Jaguar and its associates will not (i)
commence any action or proceeding against Tiomin and/or its
officers and directors, in their capacity as officers and/or
directors of Tiomin, (ii) take any action to remove or replace
any of the current or future directors of Tiomin, (iii)
"solicit" any "proxies" (as such terms are defined in National
Instrument 51-102), or (iv) take any action for the purpose of
convening a shareholders' meeting of Tiomin.
.. For a one year period, any Tiomin shares owned directly or
indirectly by Jaguar and its associated companies will be voted
in accordance with the direction of Tiomin's management, other
than in the context of (i) any related party transaction (as
such term is defined under Multilateral Instrument 61-101),
(ii) any transaction in which any Tiomin director owns greater
than 5% of the issued shares of a counterparty to the proposed
transaction, or (iii) any proposed transaction in which a Tiomin
director is concurrently a director of a counterparty to the
proposed transaction.
.. For a period of two years or unless and until Jaguar ceases to
hold any shares of Tiomin, Tiomin shall not make any further
investment in Kivu, whether directly or indirectly.
.. The balance of the terms of the Settlement Agreement are
confidential.
Commenting on today's settlement with Jaguar, Tiomin's President & CEO,
Robert Jackson said "We at Tiomin are pleased to put this matter behind
us. This settlement will allow management to focus its full attention
on seeking an accretive transaction while realizing returns on Tiomin's
current projects and investments".
About Tiomin Resources Inc.
Tiomin is a mining company traded on The Toronto Stock Exchange with a
focus on the exploration and development of base metals, precious
metals, and titanium mineral sands projects. Tiomin has significant
funds available for its projects, a strong management team, and a very
experienced board. Tiomin's strategy is clear: to create long term
value by realizing a return on the Company's current projects as well
as seeking an accretive transaction that marries Tiomin's cash with
producing or near-producing assets.
To find out more about Tiomin Resources Inc., please visit the company
website at www.tiomin.com.
For further information on Tiomin please contact:
Jim O'Neill, VP Corporate Controller and Investor Relations
E-Mail: joneill@tiomin.com
Phone: 416-350-3779, ext. 231
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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Copyright (c) 2009 TIOMIN RESOURCES INC. (TIO) All rights reserved.
For more information visit our website at http://www.tiomin.com/ or
send mailto:news@tiomin.com
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Vaaldiam Mining Inc.
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PRODUCER |
CODE : VAA.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Vaaldiam Mining is a copper development stage company based in Canada. Vaaldiam Mining produces copper, diamonds in Brazil, and holds various exploration projects in Brazil, in Canada, in Central African Republic, in Peru and in South Africa. Its main asset in production is DUAS BARRAS in Brazil and its main exploration properties are KILIFI and MAMBRUI in Kenya, HILLTOP PROPERTY in Canada, PUKAQAQA in Peru, ZUURVERDIEND and BOSSIESLAAGTE in South Africa and KIMBERLITE in Central African Republic. Vaaldiam Mining is listed in Canada. Its market capitalisation is CA$ 140.6 millions as of today (US$ 143.1 millions, € 103.6 millions). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 1.70, and its lowest recent point on December 24, 2008 at CA$ 0.01. Vaaldiam Mining has 502 264 000 shares outstanding. |