NEWS INFO ON TAM Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to announce that the Board of Directors, effective as of today, has appointed Mr. John L. Key Chief Executive Officer of the Company. Mr. Key brings 40 years of deep industry knowledge in both operations and senior management, including 28 years of experience at Cominco Ltd. and its successor Teck Cominco.
The appointment of Mr. Key, who has significant experience in general management of both underground and open pit base metals mining, comes as Tamerlane continues a strategic shift in its focus to further increase the ratio of open pit to underground lead-zinc reserves and resources. The Company has already had considerable success in this endeavor, with the addition of 12.8 million tonnes of open pit reserves in 2012, which more than doubled both the projected Pine Point mine life and the total proven and probable lead-zinc reserves in Tamerlane's mineral inventory.
Prior to joining Tamerlane, Mr. Key held several senior management and executive positions, including President and CEO of Gryphon Gold Corporation, a TSX-listed company, from 2008 to 2012. During his tenure, Mr. Key's leadership was crucial in advancing Gryphon Gold from an under-capitalized junior exploration company to a production-stage mining company. As a result of this and other management initiatives implemented under Mr. Key's guidance, the company's market capitalization increased by fifteen times the 2008 level over 4 years.
Mr. Key also held the top position at the largest open pit zinc mine in the world during his 5 1/2 year tenure as General Manager of Red Dog Operations for Teck Cominco. Mr. Key's numerous accomplishments during his time operating in the arctic environment at Red Dog are highlighted by two major mine expansion projects, which in aggregate required the oversight of a budget of some $300 million and increased the annual production rate from 500,000 tonnes of zinc concentrates to over 1 million tonnes of concentrates.
Mr. Key was also General Manager of Cominco's Polaris Operations from 1993 to 1995. His considerable experience in permitting, community relations and other regulatory issues in the Northwest Territories of Canada will be crucial in advancing Tamerlane to the production stage of development, including the permitting of several open pit deposits at Pine Point.
Mr. Key will provide critical leadership to the Company during a time when lead and zinc prices are expected to rise, given the closure or decline in production at several prolific global zinc mines. Mr. Key is a proven leader with experience in financing, operating and leading large-scale mines in the Americas.
Mr. Key holds a Bachelor of Science (BS), and a Professional Degree in Mining Engineering, Mineral and Mineral Engineering from the University of Missouri - Rolla.
The Company also announced today that, effective immediately, Mike Willett has resigned as Tamerlane's CEO, citing personal reasons.
Margaret Kent, Executive Chairman, commented, "On behalf of the Board of Directors, I am very pleased to welcome Mr. Key to the management team. John's experience with large-scale open pit operations will play an essential role in advancing Pine Point to the production stage, with its existing open pit reserves and resources. Furthermore, his considerable experience in executive-level positions gives Tamerlane's current and prospective investors a heightened level of confidence in Tamerlane's ability to achieve its near- and long-term goals."
About Tamerlane Ventures Inc.