BLAINE, WASHINGTON--(Marketwire - Feb. 1, 2013) - Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to announce it has entered into an amendment to the option agreement with Panarc Resources Ltd. ("Panarc") for the acquisition of the Indian Mountain Lake property in Canada's Northwest Territories.
The amendment provides for the deferral of $300,000 in exploration expenditures from January 31, 2013 to January 31, 2015, in exchange for the issuance to Panarc of an additional 150,000 shares by the Company. Issuance of the additional shares is subject to TSX Venture Exchange approval.
During 2012, Tamerlane expended approximately $220,000 in exploration expenditures at the Indian Mountain Lake property, including engineering, geological and administrative costs. A total of five Company personnel and consultants were on site at the property for approximately a month. Accomplishments during 2012 were focused on the BB Lake deposit and included a site assessment and review of previous exploration activities; location and mapping of existing drill hole collars; and securing, re-logging and transportation of most of the core to Yellowknife for assaying. Despite its age, the old core was intact and in good condition. Further activities included locating a significant amount of historic data and procuring the data from other parties.
The BB Lake deposit is open at depth with the deepest hole drilled to date intersecting 23 meters of 16.7% zinc and 4.5 ounces per ton silver at a depth of 335 meters with a true width of 15 meters. Planned activities for 2013 at the BB Lake deposit include completing of the transportation of the core to Yellowknife and assaying of the core. The Company plans to commence a drilling program in the fall to confirm the BB Lake high grade zone, test continuity of the orebody and examine whether the orebody is open at depth. The Company intends to complete an NI 43-101 resource report on the BB Lake deposit by the end of 2013. On-site assessment of the additional deposits and claims to locate, document and confirm previous work and to update mapping of mineralized showings, is also planned.
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 is also reviewing strategic alternatives for 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.