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BELLINGHAM, Wash., USA – Tamerlane Ventures Inc. ("Tamerlane" or “the Company") (TSX-V: TAM) announced today that it has signed two significant contracts to advance its Pine Point lead-zinc project in the Northwest Territories into production.
The Company is pleased to have elected to partner with Axxent Engineering Ltd., with whom it has entered into a major contract.
Axxent Engineering Ltd. is undertaking the definitive engineering on the milling facility and surface infrastructure. This work includes the preparation of the tender packages and final selection of process equipment. Long lead-time items will be sourced and secured.
The Company is also pleased to have selected Rescan Environmental Services Ltd. as its environmental consultants. Rescan Environmental Services Ltd. will be assisting the Company with all of its environmental work for the project, which will include the baseline environmental studies for the additional N-204 deposit located at the northeast corner of the Company’s land package. Rescan has significant experience working in the Northwest Territories and has an office in Yellowknife.
Tamerlane continues to prepare the project for construction. Technical work completed to date has provided confirmation that there has been minimal impact to the capital and operating cost estimates over the last two years.
Mike Willett, CEO of Tamerlane, commented, “Following the closing of the bridge and standby financings last December, we are pleased to announce that we have commenced the awarding of definitive engineering and construction contracts. We are also making significant progress in evaluating financing proposals for the US$50 million tranche of subordinated financing which may come in the form of an off-take or a prepaid metal sales agreement. We anticipate commissioning the metallurgical facilities in the summer of 2013 following delivery of ore from underground.”
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 toward bringing the world-class lead-zinc Pine Point Property back into production in the 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 owns 100% of the Pine Point Project, along with a large contiguous property to the west. The Company is developing and building the project and plans to sell the well-known Pine Point Concentrates to various smelting facilities around the world.
On behalf of Tamerlane Ventures Inc.
“Michael A. Willett”
Chief Executive Officer
For further information, please contact:
Tamerlane Ventures Inc.
Director of Investor Relations and Corporate Communications
Phone: (360) 752-9462
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.