- Company updates status of financing and Mackenzie Valley Land and Water Board work plan for water licensing and land use permits -
Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announces today that the Company has received from the Mackenzie Valley Land and Water Board (MVLWB) a detailed work plan and schedule for the issue of land and water use permits for the Company’s Pine Point zinc-lead project, located in the Northwest Territories, Canada. Tamerlane also provided an update on the status of project financing for Pine Point.
As previously announced, Tamerlane has signed an agreement with MRI Trading AG for a mezzanine debt financing facility of US$40 million, which will be used for construction and development of the Pine Point Project. The mezzanine facility with MRI is a major component of the project financing for Pine Point. The facility will be linked to a smelter off take contract and payment for concentrates at the railhead; eliminating the need for a large working capital facility. MRI is a top-tier trader of concentrates and other non-ferrous raw materials. It is part of the MRI Group of companies, a leading investment and commodities trading group, with a global presence through its offices in Beijing and Shanghai, Santiago de Chile, Lubumbashi, Johannesburg, New Delhi and Brisbane.
Tamerlane will be announcing the senior secured portion of the financing package as soon as the Pincock, Allen and Holt overwrite of the Company’s updated feasibility study is complete.
According to the work plan published by the MVLWB, a Board decision regarding the Land Use Permit, which is required to begin construction and development at Pine Point, may be issued on July 31, 2008. This is a significant development in the overall project because once the Land Use Permit is issued construction and development can commence immediately.
Regarding the Water License necessary to begin mining operations, the MVLWB schedule indicates a final Board decision in November 2008, followed by a 30 – 60 day Federal Minister approval process.
Upon receipt of the MVLWB work schedule, Tamerlane expressed appreciation to the MVLWB Board Members for the timely order of events outlined in the schedule, and reiterated the Company’s eagerness to cooperate fully with the Board and all other stakeholders to ensure a complete and thorough licensing process.
“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.