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Re:   News Release - Tuesday, March 03, 2009
      Tiomin Refutes Jaguar Claims, has Support of Jinchuan & Seeks
      Major Transaction
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TORONTO - Mar 3, 2009: Tiomin Resources Inc.  ('Tiomin' or the
'Company') (TSX: TIO) responds to the press release issued yesterday by
Jaguar Financial Corp. ('Jaguar') (TSX: JFC) alleging that the conduct
of the board of directors and management of Tiomin is unfair to the
Tiomin shareholders.   This is untrue.  Where appropriate, Tiomin has
obtained fairness opinions, valuations and approval to support relevant
transactions and has at all times acted in the interests of the
shareholders of Tiomin.  Tiomin is confident that the transactions
cited by Jaguar as unfair were fair in the context of the market at the
time. 

Tiomin considers that there is no new material information in Jaguar's
latest press release that is not already in the public domain and
considers the press release to be a crude and misleading effort at
influencing shareholder opinion against Tiomin's existing board and
management.

Robert Jackson, President and CEO, said "This cheap strategy of
alleging corporate malfeasance when none exists can sometimes backfire
on the perpetrator when investors start to look closely at who is
making the allegations and why.  We encourage the 89.8% of our
shareholders that are not Jaguar to do their homework and educate
themselves fully about Jaguar and its related parties and to make an
informed decision when called upon to do so.  Tiomin shareholders
should ask themselves why certain of Jaguar's own shareholders have
requested a meeting to replace the board of Jaguar, to be held on April
9, 2009.  Our board will continue to represent the interests of the
shareholders, will protect Tiomin's cash and will not be intimidated.
The board and management have devoted themselves to working closely
with our corporate partners, Jinchuan Group Limited ('Jinchuan') and
Compa�ia Minera Milpo S.A.A., to advance our projects in Kenya and Peru
while also working continuously to find a single, accretive,
company-making transaction that will benefit all shareholders".

This strategy received a strong endorsement today.  Jinchuan, a global
mining company, volunteered in writing that it will support the board
and management of Tiomin with its 18.7% interest.  This is a
significant development that will benefit all the shareholders of
Tiomin.  Jinchuan and Tiomin are working with the Government of Kenya
to complete the final items required to sign the previously announced
Investment Agreement to develop the Kwale project. Jinchuan also
confirmed that its technical review will not be completed until after
Tiomin's Annual and Special Meeting.  The transaction is subject to
shareholder approval.  Tiomin is unable to comment on Jaguar's proposal
that Jinchuan acquires all of Tiomin.
 
The Kivu Gold Corp. ('Kivu') transactions were subject to fairness
opinions and technical reviews by qualified independent third parties
and reviewed by the TSX.  We are pleased to tell the Tiomin
shareholders that the Kivu transaction is now beginning to generate
exploration results that are very interesting.

The Freegold Ventures Limited ('Freegold') transaction was subject to
extensive due diligence by both Tiomin and a well-respected US senior
lender that specializes in lending to mining companies.  The loan was
made prior to the full impact of the global credit crisis hitting the
junior resource sector, which has made it difficult for Freegold to
repay the loan.  The extension of the Freegold loan is intended to
permit Freegold to complete various NI 43-101 studies that may add
considerable value to Freegold and allow it to raise money and repay
Tiomin and the US senior lender.  

The Cadiscor Resources Inc. ('Cadiscor') transaction received
wide-spread support from the shareholders of Tiomin who are perplexed
that legal issues raised by Jaguar caused Tiomin and Cadiscor to
terminate the transaction.  Comparable companies to the merged
Tiomin-Cadiscor trade at market capitalizations of between two and four
times the combined market values of Tiomin and Cadiscor.  The new
company intended to produce gold in 2009 and Tiomin regrets that the
transaction cannot proceed.

Jackson commented further "We looked at over 30 transactions before we
decided to merge with Cadiscor.  The transaction would have been good
for Tiomin and, ironically, also good for Jaguar.  It is interesting to
reflect that the share price of the merged Tiomin-Cadiscor could have
been higher than the value proposed by Jaguar in its proposed
transaction for Jinchuan Group Limited to acquire Tiomin.   We fear
that Tiomin's shareholders, including Jaguar, will look back in the
future and see what they lost in not proceeding with the transaction.

Our role as the board and management of Tiomin is to get the best deal
that we can for our shareholders.    Despite Jaguar's comments to the
contrary, we have worked hard to guide Tiomin though these treacherous
markets and have preserved a substantial cash balance to take advantage
of opportunities like Cadiscor.  It is sad that Jaguar is acting to
stop Tiomin realizing on such an opportunity that, in our opinion, was
good for Tiomin".

About Tiomin Resources Inc.

Tiomin is enhancing shareholder value by the acquisition, exploration
and development of industrial mineral, precious and base metal
projects.  Jinchuan, one of China's largest mining companies, owns
approximately 18.7% of Tiomin.

Tiomin has four main assets:

1) approximately $17.3 million of working capital (after the Feb. 20th
   Kivu Gold Corp. investment);

2) 49% interest in the Pukaqaqa copper and gold project in Peru;

3) 100% interest in the Kwale titanium project in Kenya; and

4) 33.5% interest in Kivu Gold Corporation, a mineral exploration
   focused on sub-Saharan Africa.

Tiomin's share price currently only reflects the value of its working
capital position and it receives no value for its other assets in Peru
or Kenya. Tiomin has an outstanding memorandum of understanding with
Jinchuan whereby Jinchuan would acquire 70% of Tiomin Kenya Limited
('TKL') a wholly owned subsidiary of Tiomin that owns 100% of the Kwale
titanium project, for US$25 million invested into TKL and a commitment
to finance and build the project, 70%.

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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