Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announces a net loss of C$617,801 or $0.01 per share, in the first quarter ended March 31, 2008. As at March 31, 2008 the Company had working capital of approximately C$1.7 million.
Pine Point Project update
Tamerlane also announced today details regarding the current status and future plans for the Pine Point Project.
Project highlights to date
• Environmental board recommended in favor of Pine Point land and water permits
• Federal Minister approved project with no further environmental reviews necessary
• 2007 drill program successfully completed; 2008 drill program currently under way
• Signed comprehensive exploration agreements with local aboriginal groups
• Completed feasibility study and NI 43-101 reserve report for R190 deposit
• Contracted all major components of construction and development phase
• Secured mining leases for 16 deposits on Pine Point property
• Currently finalizing updated NI 43-101 technical report and feasibility study
Tamerlane’s Pine Point Project is located in Canada’s Northwest Territories, approximately 42 km east of Hay River. The Company controls a total area of 175 km2, including both the historic Pine Point Mine property as well as a contiguous property to the west originally explored by Westmin Resources (Westmin). Tamerlane’s Pine Point Project includes more than 60 known zinc-lead deposits. The Pine Point Project property is 100% owned by Tamerlane Ventures Inc., subject to a 3% NSR.
Updated Feasibility Study and NI 43-101 Technical Report
In February 2008, Tamerlane entered into a contract with Pincock, Allen and Holt to review Tamerlane’s updated feasibility study and prepare an updated NI 43-101 compliant reserve and resource technical report (see February 11 press release). The updated feasibility study and NI 43-101 technical report will overwrite the reserves and economics of seven deposits including the R-190 deposit. The updated reports are based on a confirmation drilling program that began in November 2007 for the purpose of upgrading resources on the P-499, O-556, X-25, G-03, W-85 and Z-155 deposits to the measured and indicated resource category. The resulting updated feasibility study will convert these resources to proven and probable reserve categories. The work is expected to be completed in mid-June. At the completion of the work, new updated NI 43-101 results will be announced.
Significant intersections announced from the drilling program included drill hole P499-TV2, which returned a 156.5-foot true vertical thickness of 15.19% combined lead and zinc, with an interval of 92 feet of 22.66% lead and zinc. Drill hole P499-TV1 also returned a significant 158-foot true vertical thickness of 25.53% combined lead and zinc, including an interval of 63 feet of 33.74% lead and zinc.
Environment and Mitigation
As announced on February 25, 2008, Tamerlane completed a 2-year process of environmental assessment by the Mackenzie Valley Environmental Impact Review Board (MVEIRB), which culminated in MVEIRB’s recommendation in favor of Tamerlane’s application. Among other things, MVEIRB stated in its report, “It is the Review Board’s opinion that the proposed development is not likely to have any significant adverse impacts on the environment or be a cause of significant public concern.”
Since then, the Minister of Indian and Northern Affairs also approved Tamerlane’s application, and the matter is now in the final regulatory phase, where the applications will be reviewed by the Mackenzie Valley Land and Water Board (MVLWB). Tamerlane will begin construction and development immediately following regulatory approval and receipt of the necessary permits.
Tamerlane is currently in the process of identifying prospective sources of financing, including banks, financial institutions, metal trading companies and other end users of lead and zinc. Financing discussions and negotiations are preliminary in nature, and no agreements have been entered into as of the date of this press release. When the Pincock report is finalized this report will be used as the basis for determining the amount and the structure of the financing.
“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.