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Tiomin Adds Exploration Land In Peru And Updates Status In Kenya
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TORONTO - May 12, 2008: Tiomin Resources Inc. ('Tiomin' or the
'Company') (TSX: TIO) is pleased to announce that it has acquired a 49%
interest in the 5,000 hectare (12,400 acre) Pukaqaqa Sur property,
which is contiguous to Tiomin's existing resource at the Pukaqaqa Norte
copper-gold project, located in central Peru. Tiomin and its 51%
partner, Compa�ia Minera Milpo S.A. ('Milpo'), plan to explore the new
property in 2008/9.
Bob Jackson, Tiomin CEO, said "We enjoy a close working relationship
with Milpo and will use our strong cash position to finance our share
of the costs at Pukaqaqa".
In Kenya, the Kwale Titanium Project ('Kwale') remains in Force Majeure
while the Government of Kenya ('GoK') completes the remaining
conditions likely to be required by lenders. Tiomin is confident that
Kwale can ultimately be developed but notes that bureaucratic processes
are unpredictable and often take longer than expected.
Mr. Jackson commented "Kwale was financed and ready to start
construction in 2006 but the GoK bureaucracy was not ready, which
ultimately prevented Tiomin from accessing the debt. Kenya has calmed
down since the election-related troubles and the GoK is making progress
with its tasks. However, our prior experience means that we will not
attempt to restart Kwale until the GoK meets all the lenders' previous
conditions. In the meantime, we have slashed our costs in Kenya while
we wait for the GoK and appointed Joyce Misoi, who formerly managed
Tiomin's investor relations, to advise on political developments in
Kenya. Various parties have approached us about Kwale and our options
include another attempt at building Kwale ourselves, a partial sale and
an outright sale. Each alternative has risks and advantages and we
continue to evaluate our choices".
For further information please contact (416) 350 3779 or visit
www.tiomin.com:
Jean-Charles Potvin Robert Jackson Jim O'Neill
Executive Chairman President & CEO Corporate Controller
Investor Relations
joneill@tiomin.com
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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