Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announced today that it has been granted 16 mining leases for the Company’s Pine Point property, located in the Northwest Territories, Canada. Tamerlane’s property consists of 16 mining leases and 24 claims.
The 16 mining leases announced today cover approximately 21,526 acres of the total 43,339 acres at Pine Point. An updated exploration map showing claims and mining leases is available for viewing on the Company’s website www.tamerlaneventures.com.
The mining leases are a significant advance in the Pine Point project because these leases cover not only the R190 deposit, which will be the initial target of mining operations scheduled to commence in 2009, but several other nearby deposits that will be mined over the next several years.
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 nearby deposits that will be subject to an updated feasibility study.
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.
Ross Burns, President & CEO, said: “We are extremely pleased to now have mining leases on 16 of the 40 claims at Pine Point, and we look forward to beginning construction and development upon receipt of necessary environmental permits.”
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.