RE: RE: RE: NRTamerlane Signs Contracts to Advance Its Pine Point Lead-Zinc Project Into Production
BELLINGHAM, WASHINGTON, Mar 7, 2011 (Marketwire via COMTEX News Network) --
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Tamerlane VenturesInc. ("Tamerlane" or "the Company") (TSX VENTURE:TAM) announced todaythat it has signed two significant contracts to advance its Pine Pointlead-zinc project in the Northwest Territories into production.
The Company is pleased to have elected to partner with Axxent Engineering Ltd., with whom it has entered into a major contract.
AxxentEngineering Ltd. is undertaking the definitive engineering on themilling facility and surface infrastructure. This work includes thepreparation of the tender packages and final selection of processequipment. Long lead-time items will be sourced and secured.
TheCompany is also pleased to have selected Rescan Environmental ServicesLtd. as its environmental consultants. Rescan Environmental ServicesLtd. will be assisting the Company with all of its environmental workfor the project, which will include the baseline environmental studiesfor the additional N-204 deposit located at the northeast corner of theCompany's land package. Rescan has significant experience working in theNorthwest Territories and has an office in Yellowknife.
Tamerlanecontinues to prepare the project for construction. Technical workcompleted to date has provided confirmation that there has been minimalimpact to the capital and operating cost estimates over the last twoyears.
Mike Willett, CEO of Tamerlane, commented, "Following theclosing of the bridge and standby financings last December, we arepleased to announce that we have commenced the awarding of definitiveengineering and construction contracts. We are also making significantprogress in evaluating financing proposals for the US$50 million trancheof subordinated financing which may come in the form of an off-take or aprepaid metal sales agreement. We anticipate commissioning themetallurgical facilities in the summer of 2013 following delivery of orefrom underground."
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 plans to sell the well-knownPine Point 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.
SOURCE: Tamerlane Ventures Inc.
TamerlaneVentures Inc. Gregg Sloate Director of Investor Relations and CorporateCommunications (360) 752-9462 (360) 752-9463(FAX)gsloate@tamerlaneventures.com www.tamerlaneventures.com
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