Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announced today that it has been issued a Type A Water License by the Mackenzie Valley Land and Water Board (MVLWB) in accordance with the Northwest Territories Waters Act. The license has been approved for a period of 4 years and 7 months, commencing December 12, 2008 and expiring July 28, 2013.
Tamerlane announced its reserve report and feasibility study for the Pine Point Project in August 2007, and updated economic analysis for the project in November 2008. The economic analysis for the Pine Point Project shows total operating costs of US$0.49 per pound of zinc. With the receipt of this permit, Tamerlane now has all necessary environmental permits and leases to begin construction and mining operations.
Regarding financing, the Company stated that it intends to recommence negotiations with potential lenders when the credit markets are more favorable and zinc and lead spot price trends improve. The Company is also continuing discussions with various smelters and end-users of zinc and lead regarding possible off-take agreements. Pine Point was previously in operation from 1964 to 1987, during which time the mine was renowned for its exceptionally clean zinc-lead concentrates, which were almost entirely free of metallurgical impurities.
Tamerlane also announced today the appointment of Wolfgang Schleiss as Vice President of Exploration. Mr. Schleiss has over 25 years experience in exploration geology and resource analysis within the precious/base metals and industrial minerals sector. Throughout his career he has held positions of increasing responsibility at several major U.S. mining companies. Mr. Schleiss has directed precious/base metal exploration programs and been involved in precious/base metal property acquisitions and evaluations throughout North America, Europe and Russia. He has also been responsible for the replacement and estimation of resources/reserves at several mines. Mr. Schleiss specializes in exploration geology and evaluation of potential acquisition targets. Mr. Schleiss is a registered Professional Geologist in the State of Wisconsin and is also a Fellow in the Society of Economic Geologists.
“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.