Sydney, May 27, 2008 (ABN Newswire) - Tamaya Resources Limited (ASX: TMR)(PINK:TMAYF) has raised A$20 million through a placement of securities with institutional and sophisticated investors.

The placement, by way of the issue of 173.9 million shares at 11.5 cents per share and 86.96 million attaching options (being one option for every two shares issued), was undertaken by lead advisor BBY Ltd and Claymore Capital.

The terms of the options are:

a) exercise price of 15 cents per share;

b) expire on the date 24 months after their issue date;

c) will not be listed on ASX; and

d) subject to ASX Listing Rules prevailing from time to time.

The Company has also raised funds through a Share Purchase Plan ("SPP"). The SPP closed on 26 May 2008 and the total amount raised will be announced following the processing of all applications by the share registry.

Executive Chairman Mr. Hugh Callaghan said he was pleased with the response to the SPP given the current equity market conditions: "The Board of Tamaya is pleased with the response from existing shareholders, however we recognise that given the stage of our operations and expansive exploration pipeline there was a requirement to supplement the SPP with additional funds by way of the placement of securities".

"We have raised an additional $20 million of funding for our operations at a critical time when we are looking to expand our copper production and mine development in Chile, and we have brought some new institutions onto the register," Mr. Callaghan said.

The funds raised through the SPP and the placement of securities will be principally used to advance Tamaya's copper mine in Chile as it gears up for Project 4000 and to bring on advanced exploration projects in close proximity to the Company's mine as well as elsewhere in Chile. Funds raised will also contribute towards working capital and be applied to exploration on the Company's portfolio with several drilling targets defined.

ASX Listing Rule 7.1 provides that a company must not, without prior approval of shareholders, issue securities if the securities will in themselves or when aggregated with the securities issued by a company during the previous 12 months, exceed 15% of the number of securities on issue at the commencement of that 12 month period. Accordingly, the placement securities will be issued in two tranches as follows:

a) Tranche 1: $11.3 million comprising the issue of 98.5 million shares and 49.2 million options will be issued following the Annual General Meeting on 28 May 2008; and

b) Tranche 2: $8.7 million comprising the issue of 75.5 million shares and 37.7 million options will be issued following the approval of shareholders at an extraordinary general meeting to be convened as soon as possible to seek shareholders approval for the issue of these securities under ASX Listing Rule 7.1.

More information will be provided at the Company's Annual General Meeting and in a detailed letter to all shareholders this week.

Tamaya views the continued positive response shown in North America as further substantiating the Company's decision to pursue a Toronto Stock Exchange (TSX) dual-listing in 2008.

The Company intends updating shareholders this quarter on the schedule and the implications of listing of securities or projects on the TSX.

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