Tiomin Reports Third Quarter Financial Results

TORONTO, ONTARIO, Nov 09 (MARKET WIRE) --
Tiomin Resources Inc. ('Tiomin' or the 'Company') (TSX: TIO) reported its
results today for the third quarter ended September 30, 2009. Tiomin had
a strong cash position at the end of the quarter, with cash and cash
equivalents plus short term investments totaling $12.4 million. Tiomin
had a working capital of $13.6 million. In addition to its cash position,
Tiomin now owns marketable securities valued at $2.3 million on November
6, 2009.

For the third quarter, Tiomin reported a loss of $31.3 million or $0.07
per share mainly as a result of the termination of the Investment
Agreement ('IA') signed with Jinchuan Group Limited ('Jinchuan') of China
on August 27, 2009. Jinchuan was to purchase 70% of Tiomin Kenya Limited
('TKL') by investing US$25 million into TKL. The termination of the IA
has resulted in an other than temporary impairment to the Kwale Mineral
Sands Project ("Kwale" or the "project") and thus the decision to write
off the project. The loss for the quarter ended September 30, 2009 was
approximately $30 million worse than the prior period a year ago.

Robert Jackson, President and CEO of Tiomin, said "We continue to seek a
company-making transaction consistent with our strategy of marrying our
strong cash position with producing or near producing assets or
particularly good quality late stage exploration properties, investors
must not forget that we still own 49% of the highly prospective Pukaqaqa
copper-gold project in Peru".

Results of Operations
(Expressed in thousands of Canadian dollars except share and per share data)

---------------------------------------------------------------------------
Three months Three months Nine months Nine months
ended ended ended & at ended & at
September 30 September 30 September 30 September 30

---------------------------------------------------------------------------
---------------------------------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Loss before interest
and amortization 32,863 1,078 36,416 3,190
---------------------------------------------------------------------------
Loss before income tax 31,331 959 35,209 2,977
---------------------------------------------------------------------------
Loss per share $0.07 $0.00 $0.07 $0.00
---------------------------------------------------------------------------
Total assets 23,659 68,205
---------------------------------------------------------------------------
Working capital 13,572 21,597
---------------------------------------------------------------------------
Mineral properties 3,811 8,915
---------------------------------------------------------------------------
Deferred exploration
and development 2,868 29,739
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Share Capital:
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Outstanding (000's) 482,264 474,264
---------------------------------------------------------------------------
Warrants (000's) 103,294 107,642
---------------------------------------------------------------------------
Options (000's) 43,251 40,444
---------------------------------------------------------------------------

Tiomin's consolidated financial statements and management discussion
and analysis (MD&A) for the third quarter ended September 30, 2009 will
be available shortly on the company website at www.tiomin.com and filed
on www.sedar.com.

Cash Flow and Liquidity

At September 30, 2009 the Company had a working capital surplus of
$13,572,000, including $12,367,000 in cash, cash equivalents and short
term investments, compared to $19,964,000 in working capital at December
31, 2008. For the quarter ended September 30, 2009, Tiomin used cash of
$13,467,000 and $17,139,000 for the same period in 2008 of which
$12,000,000 was a short term investment in 2009 and $14,000,000 for the
same period in 2008 For the nine months ended September 30, 2009, the
Company used cash of $18,933,000 and $22,838,000 for the same period in
2008 of which $12,000,000 was a short term investment in 2009 and
$14,000,000 for the same period in 2008. At November 6 Tiomin also holds
marketable securities valued at $2.3 million.

Kwale Mineral Sands Project, Kenya

On October 27, 2009, two days before the shareholders of the Company were
to vote on the proposed transaction, Jinchuan terminated the IA.
Jinchuan's decision was taken after 15 months of process, citing a
previously unraised concern that "Jinchuan is not satisfied with the
Disclosure Schedule". This has resulted in an other than temporary
impairment to the Kwale project and the Company has written off all the
costs associated with the Kwale project as below and reversed related
party amounts owing to Jinchuan and the long term loan owing to the
Canadian International Development Agency.

Tiomin is considering its alternatives for Kwale.

Mineral Properties $ 5,828,000
Deferred Exploration $ 23,986,000
Leasehold properties $ 781,000
Land $ 16,000
Value added tax $ 394,000
Prepaid share issuance costs $ 497,000
Jinchuan payable ($ 849,000)
CIDA loan ($ 386,000)

Total $ 30,267,000

Freegold Ventures Limited

On October 1, 2009 the Company announced that it had closed the
previously announced transaction with Freegold to acquire a 19.99% equity
interest in Freegold, by increasing its ownership, by converting
approximately 66% of the $2,543,303.21 bridge loan at August 31, 2009,
including accrued interest and fees, owed by Freegold to Tiomin into
16,714,773 common shares of Freegold converted at $0.09 per common share
to hold a total of 17,324,773 common shares. At close of business on
November 6, 2009, Freegold shares closed at $0.11 or $1,905,725.

In addition, on October 1, 2009 Freegold transferred to Tiomin 1,000,000
common shares of Western Standard Metals Limited ('Western Standard')
(TSX VENTURE: WSM) at a deemed price of $0.184 per common share, which
reduced the debt to $854,974 still owing by Freegold to Tiomin. At close
of business on November 6, 2009, Western Standard shares closed at $0.40
or $400,000.

Jaguar Settlement

On July 22nd Tiomin announced that the Company, its current board of
directors, a former director, Freegold Ventures Limited and Kivu Gold
Corp. ('the Respondents') entered into a settlement agreement (the
'Settlement Agreement') with Jaguar Financial Corporation ('Jaguar') to
settle Jaguar's previously announced application to commence a derivative
legal action against the Respondents. Additional information regarding
the Settlement Agreement is included in the July 22nd press release and
the MD&A for Q2 2009 filed on SEDAR.

About Tiomin Resources Inc.

Tiomin Resources Inc. ("Tiomin") (TSX: TIO) is a mining company traded on
The Toronto Stock Exchange with a focus on the exploration and
development of base metals, precious metals, and titanium mineral sands
projects. Tiomin has significant funds available for its projects, a
strong management team, and a very experienced board. Tiomin's strategy
is clear: to create long term value by realizing a return on the
Company's current projects as well as seeking an accretive transaction
that marries Tiomin's cash with producing or near-producing assets.

To find out more about Tiomin Resources Inc., please visit the company
website at www.tiomin.com or review the documents filed on www.sedar.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.

Contacts:
Tiomin Resources Inc.
Bruce Ramsden
VP Finance and CFO
416-350-3779, ext. 232
bramsden@tiomin.com

Copyright 2009, Market Wire, All rights reserved.

-0-