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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) is pleased to announce that it is interviewing investment banking firms for the purpose of managing the financing process with respect to the Company’s Pine Point lead-zinc project located in Canada’s Northwest Territories.
Over the past year Tamerlane has presented the Pine Point project to over 100 senior mining companies, smelter operators, off-takers, hedge funds and private equity funds. Management has identified a “short list” of four significant and well capitalized potential partners that have expressed serious interest in helping Tamerlane with a complete funding package to put the Pine Point project into production.
Once the investment bank is chosen to manage the formal process, Tamerlane hopes to secure the $140 million financing package for the Pine Point project via a combination of debt, off-take financing, and equity in the Company or project arranged by one of these four potential partners. The Company intends to secure a financing package that is in the best interests of all of the Company’s stakeholders.
The Company believes that recent heightened interest in Pine Point is a result of, among other factors, improving fundamentals for base metals over the mid- to long-term. Specifically, the closure or contraction of zinc production at several prominent zinc mines, combined with steadily increasing global demand, is expected to result in higher zinc prices and lower inventories for the foreseeable future.
John Key, Tamerlane’s newly appointed CEO commented, “After reviewing the Company’s efforts at Pine Point during the past year, I am impressed with the progress Management has made in technical refinements of the project with the change to a majority of open pit operations. Now that we have identified the serious partner candidates, the selection of an investment banker to assist Tamerlane with the Pine Point project financing will be a significant step toward bringing the project into fruition.”
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 following 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.
“John L. Key”
For further information, please contact:
Tamerlane Ventures Inc.
Director of Corporate Communications and Investor Relations
Phone: (360) 332-4636
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.