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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) announces today that, subject to regulatory approval, it intends to complete a non-brokered private placement of up to 1,333,333 flow-through units at Cdn$0.30 per unit, with each unit comprised of one flow-through share and one half warrant for a common share in the Company for gross proceeds of up to Cdn$400,000. Each full warrant will be exercisable for 18 months at a price of $0.45. Tamerlane will pay a finder’s fee of 6% cash and 8% broker warrants 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 private placement is expected to close no later than March 15, 2009.
The proceeds of the private placement will be used for the continuation of surface drilling and exploration to upgrade resources at the Company’s Pine Point zinc-lead property in the Northwest Territories, Canada.
The securities referred to in this news release have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About the Pine Point Project
The Pine Point project is an advanced and permitted Pb/Zn project that hosts extensive infrastructure and significant Pb/Zn resources. The project is accessed by paved road, has existing hydro power, and is located 40 kilometers by paved road from the existing rail head at the town of Hay River. The Company is currently reviewing options for potential mine financing alternatives and mine development, and continuing to build additional reserves through this current targeted confirmation diamond drill program.
The Pine Point Project mineral inventory contains NI 43-101 compliant Proven & Probable reserves of 7.8 million tonnes grading 3.01% Pb and 6.16% Zn, Measured & Indicated resources of 8.0 million tonnes grading 1.13% Pb and 2.26% Zn, and Inferred resources of 4.1 million tonnes grading 0.82% Pb and 2.36% Zn.
Historically, the Pine Point Mine was the largest and most profitable zinc-lead mine in Canadian history having extracted over 64,259,570 tonnes of ore at a grade of 7.0% zinc and 3.1% lead between 1964 and 1987.
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.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company is working towards bringing the world-class zinc-lead Pine Point Property back into production in Northwest Territories, Canada, and developing its Los Pinos heap leach copper project in Peru. The Company’s primary focus is the Pine Point Project, which consists of the Pine Point Mine, which was the largest and most profitable base metal mine in Canadian history. Tamerlane controls this project plus a large contiguous property to the west.
On behalf of Tamerlane Ventures Inc.,
“Ross F. Burns”
President & CEO
For further investor information, please contact:
Peter A. Ball, Director of Investor Relations
Toll Free: (877) 284-6535
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.