Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) announces that it has closed a flow-through brokered private placement, and has issued 542,553 flow-through Units ("FT Unit") at a purchase price of $0.30 per FT Unit for gross proceeds of $162,766. Each FT Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant with a term of 18 months from the date of closing. Each whole warrant will entitle the holder to acquire one additional non-flow-through common share of the Company at an exercise price of $0.45.
Tamerlane has paid a cash finder's fee of $9,766 and has issued 43,403 finder’s options to Kingsdale Capital Markets Inc. Each finder’s option is exercisable for non-flow-through units on terms similar to the FT Units. All securities issued under this private placement will be subject to a four-month hold period.
The proceeds of the private placement will be used for the continued exploration program at the Company’s Pine Point lead-zinc (Pb/Zn) 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 situated adjacent to a paved road, close to existing hydro facilities, and the existing rail head at Hay River connects directly to the south. A bankable feasibility study was completed in 2008 that identified robust economics and a long mine life. The Company is currently building additional resources through a targeted confirmation surface diamond drill program and reviewing options for potential mine financing alternatives and mine development. Historically, the Pine Point Mine was the largest and most profitable zinc-lead mine in Canadian history. Located on the south side of the Great Slave Lake 129 kilometers (80 miles) south of Yellowknife and 80 kilometers (50 miles) east of Hay River, the historic Pine Point Mine extracted over 64,259,570 tonnes of ore at a grade of 7.0% zinc and 3.1% lead between 1964 and 1987.
The Pine Point Project current mineral inventory contains a 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. In addition the property hosts non 43-101 compliant historical resources totaling approximately 50.9 million tonnes at a grade of 1.24 % Pb and 3.84% Zn.
Technical information in this press release was prepared by Mr. Wolfgang A. Schleiss, P.Geo., under the guidance of Mr. Ross F. Burns, P.Geo., LG. Mr. Schleiss is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.
The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves.
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 Pb/Zn 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 the Pine Point Project, along with 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
Phone: (360) 332-4653
Toll Free: (877) 284-6535
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.