Tamerlane Ventures Inc. (TAM: TSX-V) announces that the Company has hired a project manager to advance its Pine Point lead-zinc project in the Northwest Territories through development to production.
David Swisher earned a B.S. in Mining Engineering at the University of Idaho in 1994. He joins Tamerlane after holding positions of increasing responsibility in project planning, operations and maintenance. Mr. Swisher has open pit and underground experience at various mining operations and has expertise in the conditions that will be encountered in mining the numerous open pits at Pine Point.
Mr. Swisher will be responsible for managing the feasibility study, which will include Dense Media Separation (DMS) test work that will be carried out at an independent laboratory prior to finalizing the process flow sheet. He will also oversee the wear testing studies on the steel that will be used to manufacture the cutter head on the continuous miner. As previously announced, the feasibility study is expected to be completed by mid-2006.
Tamerlane will focus on developing the R-190 deposit into production. Drill results from the summer exploration program on this high-grade deposit were presented in a press release dated September 28, 2005, and range from 5% to 52% combined lead and zinc. The historical resource on the R-190 deposit has an in situ value of approximately US$288 million based on current lead (US$0.51/lb) and zinc (US$0.80/lb) prices. High-grade ore from this deposit will be further upgraded using DMS technology for shipping to a smelter. DMS technology is well proven in a number of other applications.
Cash flow generated from the R-190 deposit will be used to fund construction of a mill to process ore from the lower grade deposits on the trend. Financing development of the Pine Point project from operating cash flow will minimize the funds needed from project financing and the equity and/or debt markets.
Ross Burns, President & CEO said: “We are pleased that the project is progressing to the feasibility and development stage. Mr. Swisher’s expertise and enthusiasm will be an asset to the Company as we continue to develop Pine Point into a producing lead-zinc mine.”
“Ross F. Burns”
President & CEO
For further information, please contact:
Tom Thomsen, Investor Relations Consultant
Graham Eacott, Vice President, Investor Relations
Phone: (360) 332-4653
Fax: (360) 332-4652
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and as amended in Section 27E of the 1934 Act.