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Re: News Release - Thursday, February 19, 2009
Tiomin Provides General Update
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TORONTO -- February 19, 2009: Tiomin Resources Inc. (TSX: TIO)
('Tiomin' or the 'Company') announced a number of updates regarding its
strategy and the significant developments to date in 2009. The updates
address the status of the following:
a) China exploration activity suspended;
b) Jinchuan Group ('Jinchuan') acquisition of 70% of Tiomin Kenya
Limited ongoing; and
c) Merger and acquisition strategy.
a) China -- Subsequent to Tiomin's September 2008 acquisition of
Radiant Resources Inc. its 'Chinese-Foreign Co-operative Joint Venture'
company Xinjiang Pacific Resources Corporation ('XPR') continued
exploration work. Due to changing market conditions and other strategic
priorities the Company's management decided, on February 18, 2009, to
suspend further exploration activities in the area. As a result,
charges for impairment in value of mineral properties and deferred
exploration of $2.144 million and $3.085 million were recorded
effective December 31, 2008. The Company is actively seeking another
joint venture partner or other investor in order to obtain future value
from the XPR investment.
b) Jinchuan acquisition of 70% of Tiomin Kenya Limited -- Jinchuan
continues to co-operate with Tiomin while negotiating the required
assistance and support from the Government of Kenya ('GoK') necessary
to reach a definitive investment agreement and make the Kwale Mineral
Sands project a reality. The Company continues to honour the Memorandum
of Understanding while Jinchuan provides monthly contributions to
maintain the existing 'care and maintenance' operations in Kenya.
Further information will be released when the GoK meet the requirements
of the project to Jinchuan's satisfaction.
c) Merger & Acquisition Strategy -- Tiomin, as previously stated, is
actively reviewing merger and acquisition ('M&A') opportunities created
by the combined impact of changing commodity prices and difficult
capital markets. Although the proposed transaction with Cadiscor
Resources was subsequently terminated by mutual agreement of the two
companies, Tiomin believes its M&A strategy will lead to value
creation. Companies with producing or near-producing assets that may be
having difficulty raising the modest amounts of capital required to
start production are potential merger candidates for Tiomin.
Bob Jackson, President and CEO, commented that "The Company continues
to actively and diligently pursue exploration and investment
opportunities to enhance shareholder value and we expect that the
Company's present Board of Directors and management team will generate
the desired results in 2009."
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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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. |