GSM Gold Summit Corp.

Timminco Limited and its wholly-owned subsidiary Becancour Silicon Inc.
(collectively, the "Company") announced the results of the Auction held in
respect of the sale of its business and assets, in connection with the
proceedings commenced by the Company under the Companies' Creditors Arrangement
Act on January 3, 2012 in the Ontario Superior Court of Justice (Commercial
List) (the "Court").


The Company has selected a combination of the following two bids as the
Successful Bid:




--  the Portion Bid submitted by QSI Partners Ltd., a subsidiary of Globe
    Specialty Metals, Inc. ("GSM"), in respect of substantially all of the
    silicon metal business and assets of Becancour Silicon, including its
    51% ownership interest in Quebec Silicon Limited Partnership, for a cash
    purchase price of approximately $31.9 million (the "GSM Bid"); and 
    
--  the Portion Bid submitted by Grupo FerroAtlantica S.A., in respect of
    substantially all of the solar grade silicon business and assets of
    Timminco Solar, a division of Becancour Silicon, for a cash purchase
    price of approximately $2.7 million (the "FerroAtlantica Bid").  



The aggregate cash purchase price of the GSM Bid and the FerroAtlantica Bid
combined is approximately $34.5 million, subject to working capital adjustments.
Both bids are subject to customary conditions, including Court approval, and
will terminate on July 1, 2012 unless closing has occurred prior to such date. 


In addition, the Company has selected as the Back-Up Bid a combination of the
Portion Bid submitted by Wacker Chemie AG as purchaser, in respect of
substantially the same assets as the GSM Bid, and the FerroAtlantica Bid. The
Company will proceed with the Back-Up Bid if it is unable to close the
Successful Bid.


The GSM Bid also provides for an additional $2.5 million of debtor-in-possession
("DIP") financing for the Company, in the event the closing has not occurred by
June 8, 2012. QSI Partners Ltd. is the lender of the Company's existing US$4.25
million DIP facility.


The Successful Bid and the Back-Up Bid were selected, in consultation with the
Monitor, following completion of the Auction held in accordance with the Bidding
Procedures. Court approval of the Successful Bid and the Back-Up Bid is required
before any of such bids are deemed to be accepted by the Company.


"We are very pleased with the results of the auction," said Mr. Douglas A.
Fastuca, Chief Executive Officer of the Company. "Globe, FerroAtlantica and
Wacker are all high quality companies, and leaders in the silicon metal
industry. We look forward to working closely with Globe and FerroAtlantica, and
all key stakeholders in the Company, as we prepare for the closing of the
transaction and transition of the business over the next couple of months.
Finally, I would like to thank all other bidders that participated in the
marketing process."


The Bidding Procedures, as well as details of the marketing process and other
information about the CCAA Proceedings are available on the Monitor's website,
at: http://cfcanada.fticonsulting.com/timminco. Capitalized terms used herein
not otherwise defined are as defined in the Bidding Procedures approved by the
Court on March 9, 2012.


About Timminco

The Company's silicon metal operations are carried on through Becancour Silicon,
a wholly-owned subsidiary of Timminco. Becancour Silicon purchases silicon metal
from Quebec Silicon, of which Becancour Silicon owns 51%, for resale to
customers in the chemical (silicones), aluminum and electronics/solar
industries. The Company's solar grade silicon operations are carried on through
Timminco Solar, a division of Becancour Silicon. Prior to ceasing active
production, Timminco Solar produced solar grade silicon, using its proprietary
technology for purifying silicon metal, for customers in the solar photovoltaic
energy industry.


Cautionary Notes

This news release contains "forward-looking information," as such term is
defined in applicable Canadian securities legislation, concerning the Company'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 marketing process for the sale of the Company's business and
assets. 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 the Company operates, are inherently subject to
significant operational, economic and competitive uncertainties and
contingencies. The Company cautions that forward-looking information involves
known and unknown risks, uncertainties and other factors that may cause the
Company's actual results, performance or achievements to be materially different
from those expressed or implied by such information, including, but not limited
to, the factors discussed in Timminco Limited's Annual Information Form for the
year ended December 31, 2010, and its most recent Management's Discussion and
Analysis, each of which is available via the SEDAR website at www.sedar.com.
Although the Company 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 the Company
disclaims any intention or obligation to update or revise such information,
except as required by applicable law.


SEDAR Filer Profile #00000838

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