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Re: News Release - Wednesday, December 10, 2008
Tiomin Resources Adopts Shareholder Rights Plan
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TORONTO - December 10, 2008: Tiomin Resources Inc. (TSX: TIO) ('Tiomin'
or the 'Company') announced today that its Board of Directors has
approved the adoption of a Shareholder Rights Plan (the 'Rights Plan')
effective December 10, 2008. The Rights Plan is effective immediately
but will be submitted to shareholders of the Company for ratification
at the Company's 2009 annual meeting.
If the shareholders ratify the Rights Plan at the annual meeting, it
will continue in effect until the earlier of the termination time, as
defined in the Rights Plan, or the date of the annual meeting of
shareholders of Tiomin in 2012. If shareholders do not approve the
Rights Plan at the annual meeting, it will terminate at the end of such
meeting.
The Rights Plan is designed to encourage fair treatment of shareholders
in connection with any take-over bid for Tiomin and to provide the
Board of Directors of Tiomin with more time to consider any unsolicited
take-over bid for Tiomin and pursue, if appropriate, other value
enhancing alternatives to allow Tiomin's shareholders to receive full
and fair value for Tiomin's common shares. It is not intended to deter
take-over proposals. Tiomin is not aware of any pending or threatened
take-over initiatives directed at the Company.
A copy of the Rights Plan will be available on the Company's website at
www.tiomin.com and on SEDAR at www.sedar.com.
About Tiomin Resources Inc.
Tiomin is maximizing shareholder value by the acquisition, exploration
and development of industrial mineral, gold and base metal projects.
Jinchuan Group Limited ('Jinchuan'), one of China's largest mining
companies, owns approximately 20% of Tiomin.
Tiomin has three main assets: approximately $20.6 million of cash (at
September 30, 2008), a 49% interest in the Pukaqaqa copper and gold
project in Peru and currently 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.
In addition, Tiomin owns a 17.9% interest in Kivu Gold Corporation, a
company focused on mineral exploration in sub-Saharan Africa, and the
Company has earned a 70% interest in a joint venture company, Xinjiang
Pacific Resources ('XPR'), which has portfolio of exploration
properties that are in the Altay Shan mineral belt in Xinjiang Province
in northwestern China. The Company has a right to earn up to 90% of
XPR.
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 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.
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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
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