Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announced today that it has commenced a confirmation drilling program at the Company’s Pine Point property, located in the Northwest Territories of Canada.
On August 24, 2007 Tamerlane announced the results of its ore reserve studies for Pine Point, which include reserves for the R190 deposit and indicated resources for several nearby deposits. The purpose of the drill program announced today is to produce the drill holes necessary to upgrade the additional deposits and complete a subsequent feasibility study and reserve report for these deposits to extend the mine life.
Tamerlane’s property is located at the site of the historic Pine Point Mine in Canada's Northwest Territories. Tamerlane controls this property plus a large contiguous property to the west originally explored by Westmin Resources.
As previously announced, the Company will first mine the R190 deposit, which has proven reserves of 1,000,027 tonnes at a grade of 11.16% zinc and 5.49% lead (ref: August 24, 2007 Tamerlane press release). Tamerlane will then use the R190 infrastructure to access some of the aforementioned nearby deposits that will be subject to an updated feasibility study. The new drill program commenced on November 1, 2007 and is expected to be completed by the end of December. Drilling will consist of 15-18 holes, and approximately 3,600 meters.
The Pine Point Property’s remaining historical* resources, totaling 50.9 million tonnes at a grade of 3.84% zinc and 1.24 % lead, will be the target of a 2008 confirmation drilling program.
*Note: a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
In other project developments, Tamerlane has entered into a lease-to-purchase agreement for a 4,000 sq. ft. stand alone office facility in the town of Hay River. This facility will be used for management office space, employee parking, busing to and from the mine site and various other purposes.
Ross Burns, President & CEO, said: “We are extremely pleased to begin additional confirmation drilling and mine planning to significantly extend the mine life at Pine Point. The new office building is also a major step forward for Tamerlane and will provide a local office and base of operations as we continue to advance the project toward production.”
The information in this press release was prepared under the guidance of Mr. Ross F. Burns, P.Geo., LG, who is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.
“Ross F. Burns”
President & CEO
For further information, please contact:
Brent Jones, Manager of 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.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate” and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.