TintinaGold Resources Inc. Proposes Spinout of Colorado Creek Gold Property
Suite 1723 - 595 Burrard Street PO Box 49073 Vancouver, BC, Canada, V7X 1G4 Tel: (604) 628-1162 Fax: (604) 628-1163 Web: www.tintinagold.com Email: [email protected]
FOR IMMEDIATE RELEASE September 22, 2010
Not for dissemination in the United States or through U.S. newswires
NEWS RELEASE
TintinaGold Resources Inc. Proposes Spinout of Colorado Creek Gold Property
Vancouver, BC – September 22, 2010 – TintinaGold Resources Inc. (“TintinaGold” or the “Company”) (TSX-V: TAU) is pleased to announce that it intends to complete a spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the “Arrangement”) in order to pursue the creation of a company focused on precious metals.
Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to TSX Venture Exchange, court and shareholder approval.
Further details regarding the Arrangement will be set out in an Information Circular that will be sent to shareholders in advance of the annual and special shareholders meeting that is expected to be held in January 2011 to seek approval for the Arrangement and routine annual business.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metals properties around the world. The Company’s experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project and the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.
Website: www.tintinagold.com
ON BEHALF OF THE BOARD OF DIRECTORS
"RAJ I. CHOWDHRY"
_________________________________
Raj Chowdhry, C.A.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Notice:
This release contains forward-looking statements regarding the Company’s business or financial condition, including the proposed completion of a spin-out and the timing of a meeting of the shareholders of the Company. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain regulatory, shareholder and other required approvals for the proposed spin-out transaction and on a timely basis. However, the Company cautions that these and similar statements involve risks and uncertainties and actual results could differ materially from those described in this news release as a result of numerous factors, including, but not limited to the following: the timing of and success in completing the proposed spin-out, including the timing and success in obtaining TSX Venture Exchange, court and shareholder approvals, unfavourable changes in regulatory structures and policies and general risks associated with business. Forward–looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
The securities of the new company proposed to be distributed by TintinaGold have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and are expected to be issued in the United States pursuant to exemptions from such registration requirements.