Tamerlane Amends Agreement To Acquire Indian
Mountain Lake Property
BLAINE, WASHINGTON--(Marketwire - Feb. 1, 2013) -
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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