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Tamerlane Ventures Inc. (“Tamerlane” or the “Company”) (TSX-V: TAM) is pleased to announce that the Company has drawn down US$2.5 million of the previously announced US$10.0 million debt facility with Renvest Mercantile Bancorp Inc., through its Global Resource Fund (“Global”). This draw down represents the final tranche of the current debt facility. The debt facility was closed and announced on December 16, 2010. Cash in the amount of US$62,500 and 250,000 common shares of Tamerlane were paid to the lender under the original terms of the $10 million dollar facility.
As of the date of the draw down, the Company had cash of over $4 million, including the proceeds from the last tranche of the debt facility.
Tamerlane will use the funds for advancing the Pine Point Project including definitive engineering and other work necessary to allow for the construction to commence in 2012.
Current activities ongoing include definitive engineering in several key areas; including final geotechnical design for the mine, final sediment settling pond design, and freeze wall final design. The company is currently negotiating key contracts that will expedite the construction on the project. In addition further expansion of reserves and resources are ongoing to extend mine life.
Tamerlane CEO Michael Willett commented: “Renvest has continued to support the company and the bridge facility has allowed management to move this project closer to construction. Ongoing definitive engineering has allowed us to de-risk the project in substantially all areas. We have one of the few zinc plays out there that is permitted for construction and very advanced from an engineering standpoint. Our team has worked very hard to ready the project for construction.”
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 upon completion of financing. Tamerlane plans to sell the well-known, Pine Point Concentrates to various smelting facilities around the world. The Company also plans to develop its Los Pinos heap leach copper project in Peru.
“Michael A. Willett”
Chief Executive Officer
For further information, please contact:
Tamerlane Ventures Inc.
Director of Corporate Communications and Investor Relations
Fax: (360) 332-5025
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.