Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) announced today that, as a result of a review by the British Columbia Securities Commission (“BCSC”), the Company is issuing the following news release to clarify its disclosure in its NI 43-101 technical report filed in September 2013. Based upon the BCSC’s review, the mineral resources and economic analysis contained in the September 2013 report are not supported by a compliant NI 43-101 technical report, and the technical report which was issued is deficient. The report should not be relied upon until the deficiencies have been corrected, verified, and supported by an updated technical report. Further, the BCSC has noted a number of technical disclosure issues regarding information contained on the Company’s web site. As a result of the technical report deficiencies and web site disclosure issues, the BCSC has placed the Company on its Issuers in Default list.
The Company is currently operating under the Companies’ Creditors’ Arrangement Act (Canada) (“CCAA”), and does not have the funds to remedy the technical deficiencies in the NI 43-101 technical report as specified by the BCSC within the BCSC’s time limitations. Consequently, readers should not rely on the information contained in the report. With respect to the corporate presentations and other information posted on the Company’s web site, the Company has made the modifications necessary to comply with the BCSC’s requirements.
As noted, the Company is currently under CCAA protection and a process is underway to restructure the Company. It is not expected that the Company will be removed from the Issuers in Default list or complete a revised NI 43-101 report until such restructuring is completed. For further information on the Company’s CCAA filing and the restructuring process, readers are encouraged to contact:
the Monitor, Duff & Phelps Canada Restructuring Inc.
Bobby Kofman (416) 932-6228
the Financial Advisor, PricewaterhouseCoopers Corporate Finance Inc.
Stephen Mullowney (416) 687-8511
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. Tamerlane has put its Los Pinos copper property up for sale to pay down debt.
“John L. Key”
For further information, please contact:
Tamerlane Ventures Inc.
Director Corporate Development and Legal
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 projections and forward-looking information within the meaning of applicable securities laws that involve various risks and uncertainties regarding future events including: (i) that Tamerlane will be able to restructure its financial affairs; and (ii) the timing and duration of CCAA protection. No assurance can be given that any of the events anticipated by the forward-looking statements will occur as planned or at all, or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. Readers are cautioned that the foregoing list of factors is not exhaustive. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.