Timminco Confirms $25 Million Debt Financing From Investissement Quebec

TORONTO, ONTARIO, Jul 10 (MARKET WIRE) --
Timminco Limited ("Timminco" or the "Company") (TSX: TIM) today announced
that, further to its announcement on July 7, Timminco's wholly-owned
subsidiary Becancour Silicon Inc. has signed a definitive loan agreement
with Investissement Quebec providing for a two-year term loan of $25.0
million. This loan, which is being provided under the Renfort program, is
expected to be disbursed in full within the next few days upon completion
of the transaction. The funds will be used for general working capital
purposes.

The loan will be interest-bearing at a variable rate of prime plus 9%,
which is currently 11.25% per annum. The loan agreement includes certain
financial and other covenants in respect of Becancour Silicon, including
a minimum working capital ratio and a maximum long-term debt to equity
ratio. The loan will also be secured by a Timminco guarantee and a charge
upon Becancour Silicon's assets, and will be subordinated to the existing
revolving credit facilities provided by Timminco's senior secured lender,
Bank of America, N.A.

About Investissement Quebec and the Renfort Program

Investissement Quebec's mission is to promote the growth of investment in
Quebec and thereby contribute to economic development and job creation.
The Renfort program was launched in December 2008 by Quebec's Ministry of
Economic Development, Innovation and Export Trade (MEDIET) as a working
capital and investment program designed to stabilize successful companies
experiencing temporary difficulties because of the economic situation.
This program has $1.2 billion in funding and offers loans and loan
guarantees to companies in operation for at least three years that carry
out their main activities in Quebec.

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 term loan from Investissement Quebec. 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: 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. In addition, the
proposed debt financing remains subject to conditions as identified in
this news release and there is no assurance that such financing will be
completed on terms acceptable to Timminco if at all. 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.

Sedar File Profile #00000838

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

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

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