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Re: News Release - Wednesday, January 07, 2009
Tiomin Resources Comments on 2009 Outlook & Strategy
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TORONTO - January 7, 2009: Tiomin Resources Inc. (TSX: TIO) ('Tiomin'
or the 'Company') is actively reviewing merger and acquisition
opportunities created by the combined impact of collapsing commodity
prices and difficult capital markets. Companies with producing or
near-producing assets that would normally be able to raise the modest
amounts of capital required to start production are unable to do so,
creating potential merger candidates for Tiomin. In addition, the
Company is considering a share buy-back program to purchase its shares
in the marketplace at a large discount to their cash value. Tiomin had
approximately $20.6 million of cash at September 30, 2008.
In Kenya, the proposed transaction with Jinchuan Group Limited
('Jinchuan'), described in the press release of July 29 2008, in which
Jinchuan acquires 70% of Tiomin Kenya Limited ('TKL'), a wholly owned
subsidiary of Tiomin that owns 100% of the Kwale Mineral Sands Project
('Kwale' or 'the project'), for US$25 million invested into TKL and a
commitment to finance and build the project, remains incomplete.
Despite the obvious benefits of the project to Kenya, the Government of
Kenya has still not completed the remaining bureaucratic steps required
to close the transaction, although it has made some progress. Jinchuan
is now funding the majority of the costs of supporting TKL on a
month-by-month basis and Tiomin sees no reason to terminate the July 29
agreement while this arrangement continues. Jinchuan owns
approximately 20% of Tiomin.
In Peru, no material exploration work is underway at Tiomin's 49%-owned
Pukaqaqa copper-gold property due to general economic uncertainty. The
project remains highly prospective and Tiomin is optimistic that work
aimed at expanding resources will resume when market conditions return
to normal.
In addition, Tiomin is considering a further investment in its
17.9%-owned Kivu Gold Corporation, a private related-party company
focused on gold exploration in sub-Saharan Africa, and is evaluating
its continuing commitment to exploration in the Altay Shan mineral belt
in Xinjiang Province in northwestern China.
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) 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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PRODUCTEUR |
CODE : VAA.TO |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Vaaldiam Mining est une société développant des projet miniers de cuivre basée au Canada. Vaaldiam Mining est productrice de cuivre, de diamants au Bresil, et détient divers projets d'exploration au Bresil, au Canada, au Perou, en Afrique Du Sud et en Republique Centrafricaine. Son principal projet en production est DUAS BARRAS au Bresil et ses principaux projets en exploration sont KILIFI et MAMBRUI au Kenya, HILLTOP PROPERTY au Canada, PUKAQAQA au Perou, ZUURVERDIEND et BOSSIESLAAGTE en Afrique Du Sud et KIMBERLITE en Republique Centrafricaine. Vaaldiam Mining est cotée au Canada. Sa capitalisation boursière aujourd'hui est 140,6 millions CA$ (143,1 millions US$, 103,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 29 décembre 2006 à 1,70 CA$, et son plus bas niveau récent le 24 décembre 2008 à 0,01 CA$. Vaaldiam Mining possède 502 264 000 actions en circulation. |