NewsTamerlane Completes Site Work at Pine Point With Goal of Commencing Construction Later This Year
Work Reaffirms High Grade Zinc & Lead on R-190 Deposit: 95.0 Foot
Intersection of 38.8% Combined Zinc & Lead in Drill Hole GT3
BELLINGHAM, WASHINGTON, Jul 06, 2011 (MARKETWIRE via COMTEX News Network) --
NOTFOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THEUNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAYCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Tamerlane VenturesInc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased toprovide an update to shareholders regarding its ongoing work program atits Pine Point Property in the Northwest Territories. This programincludes geotechnical drilling, resource drilling, surveying,engineering, and environmental studies, with a goal of commencingconstruction later this year.
Geotechnical Drilling at R-190 Deposit
Threegeotechnical drill holes were drilled for detailed geotechnical workwhich will provide the parameters for underground stope and ramp design.The R-190-11 GT-3 drill hole was designed to penetrate the orebody andthe core was processed and sampled. Routine assays of 5 foot sections,using an atomic adsorption assay method, yielded a 95 foot intersectiongrading 38.8% combined lead and zinc.
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R190 - 11 Footage Footage Intersection True Width Lead Zinc Pb+
GT3 From To Feet Meters (feet)/(meters) % % Zn%
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457 552 95 29 82.7 / 25.2 12.1 26.7 38.8
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including 467 487 20 6.1 17.3 / 5.3 20.4 32.0 52.4%
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including 497 537 40 12.2 34.6 / 10.5 11.9 37.8 49.7%
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Thisnew information does not change the R-190 reserve, but once againreaffirms the high grade nature of the deposit. The other twogeotechnical holes that were drilled were not drilled into the orebodyand were drilled to establish the rock quality for the design of theramp.
Resource Drilling
Drilling is currently underway atthe Pine Point Property, and includes drilling to bring the W-85 depositfrom historical resources to a NI 43-101 compliant resource, tenuredrilling, and foundation soil testing.
The W-85 drilling, nowunderway, has completed a total of 4 drill holes out of a total 10-holeprogram with drilling projected to be completed by August and assayresults expected in mid-September.
The existing historical resource(i) on W-85 is as follows:
------------------------------- Tonnes Lead % Zinc %------------------------------- 3,760,000 2.3 4.0-------------------------------
(i) This resource is not inaccordance with current NI 43-101 standards and the company is nottreating them as current mineral resources. Historical mineral estimatesshould not be relied upon and a qualified person has not donesufficient work to date to classify the historic estimates as currentmineral resources.
Calculation of a new resource on the W-85deposit is expected to commence in the early fall, with a NI 43-101scheduled to be completed by year end. This deposit can potentially bemined via open pit methods. The addition of the W-85 resource will addanother deposit to the Company's resources and extend the life ofproject considerably.
In addition to the W-85 drilling, threedrill holes were completed for tenure purposes near the M-40 and X- 65deposits and the M-14 claim area of the property.
Foundation Soil Testing
Atotal of 14 soil test holes were completed to provide data for thefoundation design of the mill and other buildings to be constructed. Afurther 3 holes were completed to test the overburden, where the portalis to be collared. All data derived from the soil testing is currentlyunder evaluation.
Surveying
A boundary survey of 24claims, that have not been taken to lease, has been contracted and isscheduled to commence in early July. This will allow Tamerlane toconvert all its remaining holdings at Pine Point to leases. The currentarea containing the Pine Point reserves are within Tamerlane's currentleases.
Mine Engineering
One focus of the engineeringgroup has been a re-design of the ore body access. Originally access tothe ore body was to be accomplished by shaft at the R-190 ore zone, withconnecting drifts to the adjacent deposits. The new design will utilizeportals and ramps to access each deposit. Only O-449 and P-556 willhave a common ramp with a connecting drift. This change, to ramp access,will provide much more project flexibility. When the mining of adeposit is completed, the freeze ring for that deposit will be shutdown, the workings rehabilitated, and the equipment moved to anotherdeposit. It will be possible to mine ore from more than one deposit at atime, allowing more mining flexibility and milling options.
Environmental
TheCompany is currently completing baseline studies for the additional 5deposits that are currently carried in reserve and for the N-204deposit. All permits for this work have been granted. Some of thestudies which are currently being undertaken will cover fish, wildlife,wetlands, soils, hydrology, archeological and social aspects. Inaddition drilling will be conducted for water-well sampling with wellsbeing drilled at the N204 deposit and the G-03 deposit. As a result ofinitiating a change to ramp access for the R-190 deposit, the companyhas been completing a consultative process in preparation for submittinga request for an amendment to its water licenses and a reissuance ofthe land use permit. This amendment and reissuance of the land usepermit is expected to be completed by late fall. In the meantime, theCompany plans to continue its work under its existing water license landuse permit.
Comments
Tamerlane CEO, Mr. Michael Willettstated, "The Company is moving the Pine Point Project along at a veryrapid pace and since the beginning of the year we have spent over $1.5million on site drilling and definitive engineering studies. All thiswork has been completed to prepare the project for construction, laterthis year. The Company has put together an in-house engineering team tosupervise the ongoing work and has retained a group of excellentconsulting companies, to assist us in all phases of this final work. Welook forward to updating our shareholders on a regular basis, as we movethe project forward."
The information in this press release wasprepared under the guidance of Mr. Ross F. Burns, P.Geo., LG, who isdesignated as a Qualified Person with the qualifications and authorityto verify the authenticity and validity of the data.
About Tamerlane Ventures Inc.
TamerlaneVentures Inc. is an exploration and development mining company withadvanced base metal development projects in Canada and Peru. The Companyis working toward bringing the world-class lead-zinc Pine PointProperty back into production in the Northwest Territories, Canada, anddeveloping its Los Pinos heap leach copper project in Peru. TheCompany's primary focus is the Pine Point Project, which consists of thePine Point Mine, which was the largest and most profitable base metalmine in Canadian history. Tamerlane owns 100% of the Pine Point Project,along with a large contiguous property to the west. The Company isdeveloping and building the project and will sell the well-known PinePoint Concentrates to various smelting facilities around the world.
On behalf of Tamerlane Ventures Inc.
Michael A. Willett, Chief Executive Officer
Caution Concerning Forward-Looking Information
Thispress release contains forward-looking information within the meaningof applicable securities laws. We use words such as "may", "will","should" , "anticipate", "plan", "expect", "believe", "estimate" andsimilar terminology to identify forward-looking information. It is basedon assumptions, estimates, opinions and analysis made by management inlight of its experience, current conditions and its expectations offuture developments, as well as other factors which it believes to bereasonable and relevant. Forward-looking information involves known andunknown risks, uncertainties and other factors that may cause our actualresults to differ materially from those expressed or implied in theforward- looking statements and, accordingly, readers should not placeundue reliance on those statements. Risks and uncertainties that maycause actual results to vary include, but are not limited to, thespeculative nature of mineral exploration and development, including theuncertainty of reserve and resource estimates; operational andtechnical difficulties; the availability to the Company of suitablefinancing alternatives; fluctuations in zinc, lead and other resourceprices; 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 inforeign exchange rates; as well as other risks and uncertainties whichare more fully described in our annual and quarterly Management'sDiscussion and Analysis and in other filings made by us with Canadiansecurities regulatory authorities and available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of t