Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announced today that it has exercised its option on the Los Pinos copper project in Peru, and as a result the Company now owns 100% of the Los Pinos project. Los Pinos is located in the Coastal Cordillera of southern Peru. The concessions comprise Los Pinos No. 1 (600 hectares), Los Pinos No. 6 (90 hectares) and El Pino (100 hectares).
The Los Pinos deposit is an oxide copper deposit developed on a porphyry system. The deposit consists of three mineralized zones, and has the potential for open pit mining, heap leaching followed by solvent extraction/electrowinning to recover the copper.
Tamerlane originally announced the option to acquire Los Pinos on March 27, 2007. The total acquisition cost was US$1,000,000. There is no royalty payable on the Los Pinos project.
In 1994, Pincock, Allen & Holt (PAH) carried out an evaluation of the Los Pinos Project for Asarco Inc. PAH’s report summarized the resource modeling methodology, resource estimate, mine plans, and mineable reserves. Capital and operating costs were reviewed and mine plans were generated. PAH provided data for ASARCO Inc. to incorporate into a prefeasibility-level evaluation of the project. The historical geologic resource estimated by PAH in 1994 was 63,191,000 tonnes with an average grade of 0.36% total copper at a cut-off grade of 0.22% copper. Within the geologic resource, a floating cone pit was designed at $0.90 per pound copper that contained 40 million tonnes of ore at a grade of .41% oxide copper. A mine plan and production schedule demonstrated mining 3.6 million tonnes per year for 10 years at an average grade of 0.40% copper with a strip ratio of 1 to 1 producing approximately 25 million pounds of cathode copper per year. The copper price used in the 1994 study was US$0.90 per pound compared to about US$1.56 per pound at present. Investors are advised that the PAH feasibility data is outdated, and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources.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
The results herein described have been prepared under the guidance of Ross F. Burns, P. Geo., LG, President of the Company, 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.