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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM)  announces that it has executed an amendment to the Forbearance Agreement regarding the Company’s US$10 million senior secured bridge loans with its lender and shareholder, Global Resource Fund (“Global”), which is managed by Renvest Mercantile Bancorp Inc.  As previously disclosed, the Company had defaulted on its obligations to, among other things, make a US$1,500,000 payment against principal due March 31, 2013 and an interest payment of US$135,922.98 due May 24, 2013.  Through the amending agreement the lender has agreed, among other things, not to take action unless a new Event of Default occurs and to capitalize the May interest payment.  The loans are scheduled for repayment on October 16, 2013, but if certain conditions are satisfied, the maturity date of the loans will be extended to August 31, 2014.

As consideration for, among other things, Global’s forbearance, the Company has agreed to, among other things, pay Global a fee of US$350,000 which will be capitalized and added to the face value of the loans such that the amount of the loans due at maturity has been increased to US$11,993,463.15.    Regularly scheduled interest must be paid monthly in cash beginning with the June 2013 payment.  Interest on the loans will remain at 12.5% per annum.  In addition to its relationship with the Company as a secured lender, Global also holds 21,268,827 of the Company’s common shares, or 15.4% of Tamerlane’s outstanding shares.

In connection with the amending agreement, the Company is seeking buyers for its Los Pinos copper property in Peru, with proceeds to be used for retirement of the Global loans.  The Company has already taken steps toward the sale of the property and has engaged a financial advisor, Jennings Capital Inc., to manage the sales process for the property.  Jennings has developed an accelerated timeline for the evaluation of the property by prospective buyers, receipt of offers, negotiation and closing of the transaction.

About the Los Pinos Property

The Los Pinos porphyry copper deposit is located 100 km south of Lima, Peru, at an elevation of 700 meters, 30 km from the coastal town of San Vincente de Canete.  The deposit is contained within the Los Pinos No, 1 & 6 and the El Pino concessions, which total 790 hectares.  The property was drilled by ASARCO Inc. in the early 1990’s and hosts a copper oxide cap over a sulfide deposit that has not been drilled.  The historic resource is 40 million tonnes containing 0.41% copper using a 0.3% cutoff grade.*  A total of 61 diamond drill holes (9,500 meters) have been completed in the oxide zone, with further exploration potential in both the oxide zone and the completely untested sulfide zone.  A prefeasibility study was completed by Pincock, Allen & Holt in 1994.

*The historical estimates presented above are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves.

John Key, CEO of Tamerlane, commented, “We are pleased that the Company and Global have reached agreement to amend the Forbearance Agreement to address the Company’s defaults.  This will give the Company time to monetize the Los Pinos property and to secure financing for our Pine Point project.”

Daryl Hodges, President and CEO of Jennings Capital Inc., stated, “We look forward to working with Tamerlane on the sale of this asset and also to assist the Company in its corporate and Pine Point project financings.”

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.

“John L. Key”
Chief Executive Officer

Tamerlane Ventures Inc.

For further information on the Company or this press release, please contact:

Brent Jones. Director of Corporate Communications and Investor Relations

Tel: (360) 332-4636

E-mail:  This email address is being protected from spambots. You need JavaScript enabled to view it.

www.tamerlaneventures.com

For further information on the Los Pinos property sales process, please contact:

Jennings Capital Inc.

Daryl Hodges, This email address is being protected from spambots. You need JavaScript enabled to view it.

Simion Candrea, This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel: (416) 304-2188

 

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.