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BELLINGHAM, Wash., USA – Tamerlane Ventures Inc. ("Tamerlane" or “the Company") (TSX-V: TAM) announces a net loss of $1,446,692 or $0.02 per share for the year ended December 31, 2010, compared to a net loss of $1,156,808 or $0.02 per share for the prior year.
At December 31, 2010 the Company had working capital of $4,158,219 compared to $1,306,399 at December 31, 2009, an increase of $2,851,820.
On April 18, 2011, the Company received $2,151,749 in cash proceeds from the exercise of substantially all warrants from a December 2009 private placement of units. Exercised warrants in April 2011 totaled 7,705,553 at an average price of $0.28, out of 7,765,553 warrants outstanding from this financing; 320,000 warrants from the same private placement had been exercised previously, in October 2010.
In addition, there were 195,000 shares issued in March and April of this year pursuant to the exercise of employee stock options for cash proceeds of $35,000. As of April 29, 2011 the Company had 74,243,426 common shares issued and outstanding. In addition, there are 1,812,571 shares remaining reserved for issuance for the exercise of warrants, and 5,270,000 shares reserved for issuance for exercise of stock options. Exercise of all outstanding stock options and warrants would result in approximately $2.63 million being added to the Company’s treasury. If all warrants and options were exercised and there is an exercise of conversion rights for the 3,142,500 shares pursuant to the convertible debenture, there would be 84,468,497 shares outstanding on a fully diluted basis.
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’s immediate focus is bringing the 100%-owned Pine Point project to production. The Company is currently in the financing phase and expects to commence construction this fall. Tamerlane plans to sell the well-known Pine Point Concentrates to various smelting facilities around the world. The Company is also developing its Los Pinos heap leach copper project in Peru.
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.