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Re: News Releases - Friday, February 20, 2009
Tiomin Invests in Kivu Gold Corp.
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TORONTO - February 20, 2009: Tiomin Resources Inc. (TSX: TIO) ('Tiomin'
or the 'Company') is pleased to announce in furtherance to its news
release dated January 14, 2009 that it has completed its further
investment in Kivu Gold Corporation ('Kivu') by way of private
placement of $1,424,375 worth of common shares of Kivu at a price of
$0.215 per Kivu common share (the 'Investment'), thereby increasing its
ownership from approximately 16.9% to approximately 33.5% of the
outstanding common shares of Kivu. Subscribers to the Kivu private
placement, other than Tiomin, including a director of the Company,
purchased an additional 1,475,116 Kivu common shares for aggregate
proceeds to Kivu of approximately $317,150.
Kivu is an exploration company focusing on sub-Saharan Africa. Kivu is
controlled by the directors and officers of Tiomin. On February 14,
2008 the Company completed its first investment in Kivu, when it
acquired 4,000,000 common shares of Kivu, or approximately 16.9% of the
then 23,630,000 issued and outstanding common shares of Kivu.
Non-related directors of Tiomin approved the initial investment based
on their review and analysis, which included receiving an independent
fairness opinion.
As a result of the Investment, the Company now owns 10,625,000 Kivu
common shares or approximately 33.5% of Kivu. The directors, officers
and employees of Tiomin hold 12,550,000 common shares of Kivu, of which
10,000,000 common shares of Kivu are held by Jean-Charles Potvin, the
Chairman of Tiomin, and 1,250,000 common shares of Kivu are held
indirectly by Bob Jackson, the President and CEO of Tiomin, who are
also directors of Kivu.
Scott Wilson Roscoe Postle Associates Inc. completed a report entitled
"Valuation of the Exploration Properties of Kivu Gold Corporation"
dated December 31, 2008 and an independent fairness opinion was
obtained from Fraser Mackenzie Limited that the Investment is fair from
a financial point of view to the shareholders of the Company.
In accordance with the rules of the Toronto Stock Exchange, the
Company's Investment in Kivu was approved by the independent members of
the Company's board of directors.
Bob Jackson, President and CEO of the Company, commented that "the
increased investment in Kivu Gold Corp. is consistent with the
Company's strategy to actively and diligently pursue exploration and
investment opportunities to enhance shareholder value. The Investment
will fund promising exploration activities on the target properties in
2009."
Although the Company's Investment in Kivu was a related party
transaction, the completion thereof was not subject to the shareholders
meeting and valuation requirements of Multilateral Instrument 61-101 as
the fair market value of the Investment did not exceed 25% of the
market capitalization of the Company.
To find out more about Tiomin Resources Inc., please visit the
company's 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. |