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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) is pleased to announce that there have been favorable developments in the Company’s efforts to regain undisputed control over its Los Pinos copper deposit in Peru, which has been falsely claimed by former general manager Alexander Ernesto Vidaurre Otayza, who stole the share registry of the Company’s Peruvian subsidiary Tamerlane Ventures Peru SAC.
In 2007, the Company through its Peruvian subsidiary entered into an agreement to acquire 100% interest in a sole purpose company, Minera Los Pinos de Cañete SAC (“MLPC”), incorporated in Peru, which owns the Los Pinos mineral concessions in southern Peru. Upon recognition of the theft when the former general manager resigned in 2008, both civil and criminal avenues have been pursued in order to reclaim the Los Pinos mining concessions.
On March 9, 2012 Tamerlane obtained a judicial order appointing Tamerlane’s lawyer in Peru as the judicial administrator of MLPC, eliminating all power of Mr. Vidaurre, the former general manager, to operate the company holding the Los Pinos mining concessions or to register competing title to the concessions in the Public Registry of Peru.
With respect to the criminal action, the Company has learned that the ongoing criminal investigation has been completed, and that the Prosecutor’s Office in the 25th Criminal Court in Lima, Peru has filed an official report charging Mr. Vidaurre and his accomplice/co-conspirator Jaime León Gerardo Sztrancman Waisblack with crimes of forgery and giving a false statement in order to open the Shareholders Meeting Minutes Book and the Shares Ledger Book N°03 of the Company’s Peruvian subsidiary Tamerlane Ventures Peru SAC. The Prosecutor has requested five-year prison sentences for each of Mr. Vidaurre and Mr. Sztrancman. The Company understands that the charges are expected to be enforced by the 25th Criminal Court and that sentencing is expected to occur within 30 days.
In continuing to defend its right to the Los Pinos property the Company will take this judgment against Mr. Vidaurre and Mr. Sztrancman to the civil courts to obtain orders verifying that the Company is the true, exclusive and complete owner of its Peruvian subsidiaries Tamerlane Ventures Peru SAC, Minera Los Pinos de Cañete SAC and the Los Pinos mining concessions.
Tamerlane also announces that the Company has not made the US$1,500,000 principal payment on the senior secured bridge loan, which was due March 31, 2013. The Company is currently engaged in discussions with the senior secured lender, Global Resource Fund which is managed by Renvest Mercantile Bancorp Inc., regarding alternate arrangements.
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 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.