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Tiomin Summarizes Kivu's Exploration Activities
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TORONTO -- February 27, 2009: Tiomin Resources Inc. (TSX: TIO)
('Tiomin' or the 'Company') is pleased to provide a summary of
information received from Kivu Gold Corp. ('Kivu') regarding its gold
exploration properties in sub-Saharan Africa. Tiomin owns approximately
33.5% of the outstanding common shares of Kivu.
Kivu's focus is on gold and the market likes a pure gold play. Kivu has
worked quietly, acquiring properties with good geology in
less-travelled parts of Africa. Despite its obvious problems, Africa
remains a tremendous opportunity for Canadian mining companies. Kivu's
exploration projects are located in South Sudan, Uganda and Rwanda. The
projects are summarized as follows:
South Sudan: Upper Luri Project
Kivu can earn a 60% interest in the Upper Luri Project by spending
US$700,000, and increase its interest to 80% by completing a
feasibility study. The initial exploration activities identified gold
stream anomalies over a 20 to 30 kilometre strike zone. Analysis of
satellite imagery indicates areas of interest which are coincident with
gold soil anomalies. In addition, there is potential for platinum in
several locations based on stream sediment sampling.
Uganda: Murchison Project
The Murchison Project includes a 1,127 square kilometre area,
approximately 300 kilometres north of Entebbe that is covered by three
exploration licenses controlled by Kivu.
Rwanda: Mwendo Property
Kivu's license for the Mwenda property includes approximately 308
square miles. Exploration activities to date include 420 assayed soil
samples which yielded extensive gold anomalies with potential for a 12
kilometre strike zone.
Rwanda: Ntendezi, Murya, Birambo, Rangiro and Kinihira licences held
under a JV
In January 2008 Kivu and Coopexmi SarI ('Coopexmi'), a Rwandan company,
entered into a strategic joint venture agreement to acquire and explore
mineral properties in Rwanda. Currently, the agreement includes
licences for five properties known as Ntendezi, Murya, Birambo, Rangiro
and Kinihira. Pursuant to the agreement Kivu will have an option to
acquire up to 75% undivided interest in each of the properties based on
exploration spending levels and completion of a feasibility study.
Exploration work to date has identified visible gold recovered by
panning overburden located over a quartz stockwork.
As previously disclosed, various insiders of Tiomin are also insiders
of Kivu. The TSX reviewed all investments in Kivu by Tiomin and
independent third-parties determined that the transactions were fair to
the shareholders of Tiomin.
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. |