Tiomin Resources Inc., a somewhat forgotten company, is focused on the development of its Kwale titanium mineral sands deposit in the coastal province of Kenya, set to become among the lowest cost titanium producers in the world and Kenya's first major mining operation.
The project started 1995 and has since then run in to several obsticals delaying it, but it now looks like things are about to change.
Tiomin Resources, Inc. engages in the exploration and development of industrial mineral and base metal projects. The company holds interests primarily in the Kwale titanium mineral sands project covering an area of approximately 56 square kilometers south of Mombasa in Kenya; the Kilifi prospect covering approximately 107 square kilometers located approximately 55 km northeast of Mombasa near the coast of Kenya; the Mambrui prospect covering approximately 187 square kilometers located approximately 110 km northeast of Mombasa near the coast of Kenya; the Vipingo prospect covering approximately 156 square kilometers located approximately 15 km northeast of Mombasa near the coast of Kenya; and the Pukaqaqa property covering a total of 3,250 hectares located in the Huancavelica Department of central Peru. It also owns interests in a reconnaissance exploration license for mineral sands along the coastline of Tanzania. The company was founded in 1992 and is headquartered in Toronto, Canada.
The biggest chineese miner Jinchuan Group Ltd is coming in with new capital
Obsticals with farmers / goverment now seams to have been solved.
Indications suggest mining finally planned starting ( read links below ).
Notice boardmeeting about approval for Jinchuan Group share financing
If production start stock potential is huge ! ! !
first 30 cent, then 70 cent, 1 dollar, 2 dollar as production will increase value for 11 years
APPROVED TRANSACTION JINCHUAN MINING AT MEETING ! ! !
Toronto, Canada, June 12, 2007:
In the approved transaction, Jinchuan will purchase 72,512,134 common shares of Tiomin at $0.15 per share, for a total of $10.9 million, increasing Jinchuan's interest in Tiomin to 20%. In addition, the transaction grants Jinchuan an 18-month option to increase its interest in Tiomin to 30% by subscribing for additional common shares at $0.35 per share.
Mr. Robert Jackson, "This transaction and these appointments significantly strengthen Tiomin as we rebuild shareholder value in the Company".