Tiomin Provides Bridge Loan to Freegold Ventures

Tiomin Resources Inc. announce that it will provide a bridge loan of US$2 million to Freegold Ventures Limited (’Freegold’). The funds will be advanced by no later than August 25, 2008.

This US$2 million loan completes a US$4 million bridge loan financing obtained by Freegold, which closed the first US$2 million tranche on July 31st, 2008 (see www.freegoldventures.com).

The bridge loan facility matures on January 15, 2009. Terms for this facility include an annual interest rate of 12.5%, a cash closing fee, and 350,000 warrants to purchase common stock of the Company for a two year period at a price equal to the average market price of the Company’s shares for the 10 trading days immediately preceding closing. The lender will have the right to put the warrants back to the Company one year after closing of the bridge loan at a pro-rata price.

Both loan facilities share the collateral, being a first priority pledge of the shares in Freegold’s wholly owned US subsidiaries and a general security agreement against the personal property of the company (including a second charge against the processing and private property assets currently collateralizing an equipment loan at Golden Summit). Tiomin’s security interest in the collateral is subordinated to that of the first tranche lender, which provided the initial US$2 million loan. Both bridge facilities can be prepaid at any time, and all proceeds generated from subsequent financings must be used to repay the two facilities.

Very little capital is currently available to finance junior mine exploration and development companies. Robert Jackson, President and CEO of Tiomin, who is also a Director of Freegold, commented “The market’s current lack of development capital positions Tiomin to develop strategic partnerships with good quality juniors, which may lead to further debt and equity investments. The risk-adjusted return to Tiomin is attractive and this secured investment is only a small portion of our cash balance. Freegold has a highly prospective exploration portfolio in the United States and an experienced management”.