Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) is pleased to announce the appointment of Margaret M. Kent as Executive Chairman of the Company. The Company and the new executive management team of Tamerlane is 100% focused on raising the financing required to put the Pine Point Lead Zinc permitted project into production.
"On behalf of the Board of Directors, I am pleased that Margaret “Peggy” Kent has chosen to take the lead executive role to advance the Pine Point lead-zinc project. Peggy is taking an active management role from her previous non-Executive Chairman role to focus a majority of her time to ensure the Pine Point project advances to production from the permitted stage. Peggy is known in the industry for her ability to arrange creative financing packages, raise capital, and advance mining projects to production. Tamerlane is now at a turning point with the current robust economics of the Pine Point project, and the recent rise in commodity prices specifically in lead and zinc. With the newly appointed CEO Michael Willett, newly appointed members of the Board, an experienced management team including VP Exploration Wolf Schleiss, I look forward to what looks to be a promising year ahead,” commented Ross F. Burns, President of Tamerlane.
“CEO Michael Willett brings a wealth of hands-on base metals mine engineering and project management experience to our team, most recently from Hudson Bay Mining & Smelting Co. Ltd. Mr. Willett will be working closely with the executive management team to update the feasibility study and subsequently work closely with our financing team. The Pine Point project has a completed bankable feasibility study with robust economics, significant resources, excellent infrastructure including power and a paved highway to site and railway proximal to the site. I look forward to becoming involved on a daily basis to ensure the Pine Point project moves towards production," commented Margaret M. Kent, Executive Chairman of Tamerlane.
Subject to the approval of the TSX Venture Exchange, the Company approved the issue of 1,100,000 stock options to the Executive Chairman and an employee of Tamerlane. The stock options are exercisable into common shares of Tamerlane at an exercise price of C$0.18 per share for a period of five years. Tamerlane’s common shares closed at C$0.18 on the TSX Venture Exchange on August 6, 2010. Included in this grant are 1,000,000 options to Margaret M. Kent, the newly appointed Executive Chairman of the Company. Options granted to Ms. Kent, over the five year period, will vest upon the successful completion of raising the required capital to put the Pine Point project into production.
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, 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.
The 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”
For further investor information, please contact:
Peter A. Ball, Director of Investor Relations
Phone: (360) 332-4653
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.
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