- Favorable trends in key cost factors result in project economics that will generate positive operating results at current metals prices -

Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announced today that it has updated the Company’s financial analysis for the Pine Point project, located in the Northwest Territories, Canada. The original financial analysis was announced on September 10, 2008 as part of Tamerlane’s bankable feasibility study. The Company cited significant fluctuations in currency exchange rates, power and diesel costs, lead and zinc spot prices, and shipping rates as the main factors necessitating the updated financial analysis.

Tamerlane noted that the same financial model was used in developing both the original financial analysis announced on September 10 and the updated financial analysis. This model, which was reviewed and overwritten by third party consultants Pincock, Allen and Holt, is based on capital quotations, estimates from suppliers and contractors, operating costs from similar operations within Canada and The Western Mine Engineering’s mining cost service.

As a result of the aforementioned trends in key cost factors, Tamerlane now forecasts total operating costs per pound of zinc to be US$0.49, down from the previously announced estimate of $0.67 per pound.

The cash flow model is based on a long term production schedule. Ore production from the operation is designed at 3,000 tonnes per day. The USD/CAD exchange rate was assumed to be US$1= CA$1.22. The financial model assumes 100% equity financing, though the company plans to pursue an arrangement of approximately 60% senior debt, 25% subordinated debt tied to concentrate off take and the remaining 15% financed through equity issue.

To reflect the effect of lead prices on the direct cost of zinc production, the market zinc price has been set at $0.53 for the purpose of calculating smelter charges. Please refer to the following table for updated information on costs per payable pound of zinc.

Cost per Payable Pound Zinc

Price $/lb Zn

Price $/lb Pb

Operating Cost Per Pound of Zinc

Mining

Milling

Power/ Diesel

Freight

Smelting

Enviro Service

NSR

* $/lb Zinc Produced

Current

0.53

0.67

0.156

0.057

0.049

0.086

0.123

0.009

0.014

0.494


* Additional cost per payable pound capital = $0.19. Assumes all capital paid off over NI 43-101 compliant reserves.

Ross Burns, President and CEO, said: “Despite recent trends in zinc and lead spot prices, this new financial analysis shows that the Pine Point project can generate positive operating results at today’s metals prices. Tamerlane will continue with initiatives currently under way to secure adequate project financing for Pine Point on favorable terms. While many major banks are experiencing severe liquidity problems, Tamerlane’s management is considering other avenues for project financing, including private equity firms. Tamerlane has also completed all necessary documentation with regard to the water license currently being reviewed by the MVLWB. The Company expects the license to be issued in mid November, followed by a Ministerial review period of 30 to 60 days.”

“Ross F. Burns”

President & CEO

For further information, please contact:
Brent Jones, Manager of Investor Relations
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: (360) 332-4653
Fax: (360) 332-4652
Website: www.tamerlaneventures.com

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.