Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announced today that it has received notice from Northland Utilities Limited that the Minister of the Northwest Territories has granted an exclusive electrical utility franchise to Northland Utilities to provide hydroelectric power to the company’s Pine Point property.
The terms of the franchise provide for supply of low-cost hydroelectric power to Pine Point through September 8, 2018. Today’s announcement is a significant development in the Company’s plans to commence construction, and ultimately begin mining operations at the property. The existing power line and year-round highway that will service Pine Point are located less than 1 kilometer from the main mining site. Tamerlane will also utilize existing railhead from the town of Hay River, located 42 kilometers from Pine Point.
Ross Burns, President & CEO, said: “We are very pleased with the electrical utility franchise granted by the Government. Procurement of sufficient power is a key factor in the development of any mining project. In the case of Pine Point, we are very fortunate to be located in close proximity to an all-year highway, an adequate hydroelectric power source and a railhead in the town of Hay River. This will put Tamerlane in a position to rapidly advance the Pine Point project when metals prices and equity markets rebound. Tamerlane’s management will continue to closely monitor global economic developments, mainly metals prices, while conducting negotiations to secure adequate project financing on favorable terms.”
“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