Timminco Provides Update on Solar Grade Silicon Customers and Operations and Announces Proposed Financing and New President and Chief Operating Office

TORONTO, ONTARIO--(Marketwire - April 20, 2009) - Timminco Limited ("Timminco" or the "Company") (TSX:TIM) announced today an update on its on-going discussions with solar grade silicon customers. These discussions have focused on alternatives to the existing contractual commitments, in the context of maintaining long-term relationships with customers in light of the challenging economic environment and market conditions affecting the solar industry.

In the course of these negotiations, some of the Company's solar grade silicon customers have asserted that their contracts have been terminated due to non-compliance. We are in active discussions with each of these customers with respect to their positions and the terms of future relationships, including quality, quantity and pricing for solar grade silicon. These customers have paid deposits, which were non-interest bearing pre-payments to be credited against future deliveries of solar grade silicon under the contracts. As described in more detail in the Company's financial statements and management's discussion and analysis, in the event of an early termination or completion of a supply contract without full utilization of the deposit amount, any remaining balance on the deposit is to be repaid to the customer within a specified time period.

Timminco also announced an update on its solar grade silicon production operations. For the first quarter of 2009, the Company shipped 131 metric tons (mt) of solar grade silicon. The average selling price for such shipments was $58 per kg, resulting in gross revenue of $7.6 million for this product line in the quarter.

Timminco is pursuing discussions with its controlling shareholder, AMG Advanced Metallurgical Group N.V. ("AMG"; Euronext: AMG), regarding it leading a potential equity offering for aggregate gross proceeds of $15.0 million. Such offering is expected to be by way of a private placement, with AMG subscribing for a minimum of 50%, and up to 100%, of the common shares that may be issued. Such offering would be subject to AMG's supervisory board approval, execution of definitive documents and receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange. Clarus Securities Inc. has been appointed to represent the Company as the sole agent for this offering.

Timminco further announced the promotion of Mr. John Fenger, President - Light Metals, as the new President and Chief Operating Officer of Timminco. Most recently, Mr. Fenger was responsible for the restructuring of Timminco's magnesium business. Mr. Fenger spent most of his career at Elkem AS where he had most recently been Corporate Vice President and General Manager of that company's Foundry Market Division. In that position and as Senior Vice President of Elkem's Materials Division, Mr. Fenger had full responsibility for its silicon business as well as other metals businesses throughout the world. Mr. Fenger has had extensive experience in the solar industry as a co-founder and a Director of Renewable Energy Corporation, Norway (REC). Mr. Fenger has also served with Deloitte & Touche LLP as Director of International Business Consulting and with Allied Resource Corporation.

Dr. Heinz C. Schimmelbusch, Chief Executive Officer of Timminco, stated: "Mr. Fenger's performance in restructuring Timminco's magnesium business, formerly our primary operating division, exhibited his strong managerial skills and operating experience. He will significantly increase the depth of our management team."

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any other state securities laws and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.