Timminco Provides Update on Solar Grade Silicon Customers

TORONTO, ONTARIO, May 27 (MARKET WIRE) --
Timminco Limited ("Timminco" or the "Company") (TSX: TIM) announced today
an update on its on-going discussions with solar grade silicon customers.
These discussions have focused on alternatives to the existing
contractual commitments, in the context of maintaining long-term
relationships with customers in light of the challenging economic
environment and market conditions affecting the solar industry.

The Company and one such customer have mutually agreed to terminate the
existing supply agreement, which contemplated shipments of approximately
4,400 mt over a term of five years as originally announced on December
19, 2007, with a view to negotiating in good faith the terms of a new
long-term supply agreement.

The Company has also agreed to issue approximately 3.62 million common
shares of Timminco, representing approximately 3.0% of Timminco's current
issued and outstanding shares, as full and final settlement of the
outstanding deposit of approximately $5.6 million due to this customer
under the terminated supply agreement. The issuance of these common
shares is subject to receipt of all necessary regulatory approvals,
including approval of the Toronto Stock Exchange.

About Timminco

Timminco produces solar grade silicon for the solar photovoltaic energy
industry. Using its proprietary, patent pending technology, Timminco
purifies silicon metal into solar grade silicon (also known as upgraded
metallurgical silicon) for use in the manufacture of solar cells.
Timminco also produces silicon metal, magnesium extrusions and other
specialty metals for use in a broad range of industrial applications
serving the aluminum, chemical, pharmaceutical, electronics and
automotive industries.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information", as such term is
defined in applicable Canadian securities legislation, concerning
Timminco's future financial or operating performance and other statements
that express management's expectations or estimates of future
developments, circumstances or results. Generally, forward-looking
information can be identified by the use of forward-looking terminology
such as "expects", "believes", "anticipates", "budget", "scheduled",
"estimates", "forecasts", "intends", "plans" and variations of such words
and phrases, or by statements that certain actions, events or results
"may", "will", "could", "would" or "might" "be taken", "occur" or "be
achieved". In this news release, such information includes statements
regarding: the negotiation of a new supply agreement with the customer,
and the issuance of Timminco common shares. Forward-looking information
is based on a number of assumptions and estimates that, while considered
reasonable by management based on the business and markets in which
Timminco operates, are inherently subject to significant operational,
economic and competitive uncertainties and contingencies. Timminco
cautions that forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause Timminco's actual
results, performance or achievements to be materially different from
those expressed or implied by such information, including, but not
limited to: deteriorating global economic conditions; future growth plans
and strategic objectives; liquidity risks; limitations under existing
credit facilities; long-term contracts for supplying solar grade silicon;
solar grade silicon production cost targets; selling prices of solar
grade silicon and silicon metal; achieving and maintaining the purity of
solar grade silicon; production capacity expansion at the Becancour
facilities; pricing and availability of raw materials for the silicon
business; customer capabilities in producing ingots; limited history with
the solar grade silicon business; dependence upon power supply for
silicon metal production; protection of intellectual property rights;
government and economic incentives; closure of the magnesium facilities
and the completion of related proposed transactions; cost and
availability of magnesium metal; dependence upon key customers of
magnesium extruded and fabricated products; credit risk exposure;
customer concentration; equipment failures; labour disputes; foreign
currency exchange; dependence upon key executives and employees;
completion and integration of potential acquisitions, partnerships or
joint ventures; risks with foreign operations and suppliers;
environmental, health and safety laws and liabilities; transportation
disruptions; conflicts of interest; interest rates; intellectual property
infringement claims; new regulatory requirements; changes in tax laws;
and climate change.

These factors are discussed in greater detail in Timminco's Annual
Information Form for the year ended December 31, 2008, and Timminco's
most recent Management's Discussion and Analysis, each of which is
available via the SEDAR website at www.sedar.com. Although Timminco has
attempted to identify important factors that could cause actual results,
performance or achievements to differ materially from those contained in
forward-looking information, there can be other factors that cause
results, performance or achievements not to be as anticipated, estimated
or intended. There can be no assurance that such information will prove
to be accurate or that management's expectations or estimates of future
developments, circumstances or results will materialize. Accordingly,
readers should not place undue reliance on forward-looking information.
The forward-looking information in this news release is made as of the
date of this news release and Timminco disclaims any intention or
obligation to update or revise such information, except as required by
applicable law.

Contacts:
Timminco Limited
Robert Dietrich
Executive Vice President - Finance and CFO
(416) 364-5171
(416) 364-3451 (FAX)
Email: rdietrich@timminco.com

The Equicom Group Inc.
Lawrence Chamberlain
(416) 815-0700 ext. 257
(416) 815-0080 (FAX)
Email: lchamberlain@equicomgroup.com

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