Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announces today that, subject to regulatory approval, it has closed a non-brokered private placement of 2,846,152 flow-through units at C$0.65 per unit for gross proceeds of C$1.85 million. Each flow-through unit consists of one flow-through common share and one half of one non-flow-through share purchase warrant. One non-flow-through share purchase warrant entitles the holder to purchase one common share in the Company over a period of 24 months at an exercise price of C$1.50 in year 1 and $2.50 in year 2. Tamerlane paid a finder’s fee of 6% cash in respect of investors introduced to the Company. All of the securities issued under this private placement will be subject to a four-month hold period.
The proceeds of the private placement will be used for drilling and grass-roots exploration at the Company’s Pine Point zinc-lead property in the Northwest Territories.
As previously announced, the Pine Point Property’s remaining historical* resources total 50.9 million tonnes at a grade of 3.84% zinc and 1.24 % lead. The new drill program will consist of more than 100 holes, totaling up to 5,000 meters. The purpose of this program is to convert approximately 40 million tonnes of the historical resources into NI 43-101 compliant reserves and resources.
Drilling will commence in January 2008, and is expected to continue through late March or early April 2008. The results of this drilling program will be analyzed and reviewed for long-term mine planning.
In addition to converting historical resources to NI 43-101 compliant reserves and resource categories, Tamerlane will conduct grass roots exploration at the Pine Point property. The main focus of this exploration is a previously under-explored 8,500 acre area along the main trend of lead-zinc mineralization.
In 2004 the entire property was surveyed by Aeroquest, using a high quality helicopter borne Aero Tem electromagnetic and magnetic survey, which resulted in 36 anomalies that have been recommended for follow up exploration. Approximately $500,000 to $800,000 of this private placement will be used to follow up these 36 exciting targets with further geophysics, sampling and drilling.
Ross Burns, President and CEO said, “We are excited to be infill drilling the known deposits to bring them into NI 43-101 reserve/resource status. Additional work on the exceptional number of unexplored targets that we have identified will undoubtedly result in some exciting exploration results.”
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.
*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.
“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.