BLAINE, WASHINGTON--(Marketwire - Dec. 20, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) announces today that, subject to regulatory approval, the Company will complete, on a best efforts basis, a non-brokered flow through private placement for gross proceeds of up to $1,500,000 comprising up to 30 million flow through shares of the Company at a price of $0.05 per flow through share. All of the securities issued under this flow through private placement and unit offering will be subject to a four-month hold period. The flow through private placement is expected to close by the end of December.
The proceeds from the flow through private placement will be used for exploration drilling at the Company's Pine Point zinc-lead project and the Indian Mountain Lake zinc-lead-gold-silver project, both located in the Northwest Territories, Canada. The deepest hole at Indian Mountain Lake intersected 23 meters of 16.7% zinc and 5 opt Ag at a depth of 335 meters with a true width of 15 meters, dipping 65 degrees. The deposit has been compared to the base metal deposits in the Matagami area of Northern Quebec. The property hosts excellent exploration potential as it is open along strike.
Two directors and officers of the Company have agreed to loan the Company up to $100,000 on an as needed basis. The loans will have a one-year term and will bear interest at 12% per year. The loans may be repaid at any time. A 10% premium will be due upon repayment of the loans.
The Company also announced today that, as of December 14, 2012, Fredric J. Bracken has stepped down from the Board of Directors for personal reasons. The Company wishes to thank Mr. Bracken for his contributions over the past two years. Mr. Bracken remains available to provide strategic advice to the Company with respect to concentrate sales.
Mr. Mike Willett, Tamerlane's CEO, commented, "With the one year extension of our senior secured loans and now funds to continue with our exploration projects, Tamerlane has weathered one of the worst periods in the history of the junior mining industry for raising capital. Our three properties, including Pine Point, Los Pinos and Indian Mountain Lake, are superb assets which give the Company exposure to zinc, lead, copper and precious metals. As the industry stabilizes, we expect to be able to arrange a suitable financing package to put the Pine Point project into production."
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.
Michael A. Willett, Chief Executive Officer
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.
- Investment & Company Information
Director of Corporate Communications and Investor Relations