TAM UPDATE! Tamerlane Engages Jennings Capital As Investment
Banker For Pine Point Financing
BLAINE, WASHINGTON--(Marketwired - April 23, 2013) -
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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX
VENTURE:TAM) is pleased to announce that it has signed an engagement agreement
with Jennings Capital Inc. ("Jennings Capital") for the purpose of managing the
financing process with respect to the Company's Pine Point lead-zinc project located in
Canada's Northwest Territories.
As previously announced, over the past year Tamerlane has presented the Pine Point
project to senior mining companies, smelter operators, off-takers, hedge funds and
private equity funds. Management has identified a "short list" of four significant and
well capitalized potential partners that have expressed strong interest in moving forward
with Tamerlane on the Pine Point Project. These parties have signed non-disclosure
agreements and entered the data room of Pine Point in order to assess the required $125
million complete funding package to put Pine Point back into production.
According to the terms of the engagement, the primary role of Jennings Capital will be
to assist the Company in communications, negotiations, and overall management of the
process with these short-listed parties.
Tamerlane also announced today that, in conjunction with the Company's senior
secured lender, negotiations are proceeding with an interested party on the potential
sale of the Company's Los Pinos copper project, located 100 km south of Lima, Peru.
Upon completion, the proceeds from such sale will be used to pay down the Company's
senior secured loan.
John Key, Tamerlane's CEO, commented, "The Tamerlane Board and I are extremely
pleased to be working with Jennings Capital to move the financing process for the Pine
Point Project forward. The Pine Point Project, considered by many to be the next new
operating zinc and lead mine, contains 8 billion pounds of zinc and lead in NI 43-101
compliant reserves and historic resources and remains infrastructure ready to come
back on line in the near future. I believe that Jennings Capital has the background and
experience to meet our financing requirements for completing the construction at Pine
Point as the markets enter their projected zinc deficits."
"In addition, a sale of Los Pinos could provide a milestone to dramatically reduce
Tamerlane's debt, restore its financial health and ease the way for Tamerlane and
Jennings Capital to secure the most attractive financial package for Pine Point