Twin Mining Engages M Partners to Secure Financing to Launch a New Diamond Venture

Twin Mining Corporation ( TSX : TWG) (“Twin Mining”) announces that it has retained M Partners Inc. (the “Agent”) as exclusive lead agent to secure financing for a new diamond exploration venture which will increase the visibility and unlock the value of Twin Mining's gold and diamond assets.

Twin Mining plans to incorporate a new subsidiary (“Diamondco”) which will acquire all of Twin Mining's diamond exploration assets (the “Spin-Off”), the Brodeur property on Baffin Island , Nunavut and the TORNGAT property in Nunavik , Quebec (the “Properties”). In exchange for the Properties, Twin Mining will receive shares from Diamondco equal to the value of the Properties based on an independent valuation. The transfer of the Properties from Twin Mining to Diamondco will be subject to Diamondco obtaining adequate private placement financing. Twin Mining may distribute all or part of its shareholdings in Diamondco to Twin Mining's shareholders. Completion of the transaction is subject to receipt of all requisite regulatory approvals.

The objective of the Spin-Off is to unlock the value of Twin Mining's gold and diamond assets. Twin Mining will focus on the development of its 100%-owned Atlanta Gold Mine in Idaho , U.S.A. At the same time, as a pure diamond exploration company, Diamondco will be incorporated to raise the capital required to explore and develop the Properties and pursue the acquisition of other diamond exploration properties of merit. Through Diamondco, Twin Mining shareholders will continue to participate in the upside potential of such properties.

Twin Mining entered into a letter agreement dated March 27, 2006 with the Agent pursuant to which the Agent has agreed to act on a best efforts basis as Diamondco's exclusive lead agent in respect of a private placement of up to $5,000,000 of which a minimum of $1,500,000 will be from the issuance of regular common shares and the remainder will be from flow-through common shares (collectively, the “Common Shares”) of Diamondco. The net proceeds from the private placement will be used for exploration work on the Properties and for working capital. Subject to the Agent raising a minimum of $5,000,000, the Agent retains the exclusive right of first refusal to act as agent or underwriter of any further financing, debt or equity, undertaken by Diamondco for a period of 6 months.

The Agent will receive a cash commission equal to 7% of the gross proceeds received by Diamondco and share purchase warrants to acquire 7% of the Common Shares sold under the private placement. The warrants will be exercisable at the offering price of the Common Shares for a period of 18 months from the date of issuance of such warrants.

Twin Mining is at an advanced development stage on its 100% owned Atlanta Gold Mine in the mine-friendly state of Idaho, U.S.A. and a gold explorer on its Abitibi gold project in Quebec. Twin is a diamond explorer on its Brodeur diamond project in Nunavut and on its TORNGAT diamond project in Nunavik , Quebec .