news 4/5/2013 9:43:00 AM - News Release
Mr. John Key reports
TAMERLANE UPDATES LOS PINOS PERUVIAN PROPERTY LEGAL DEVELOPMENTS
There have been favourable developments in Tamerlane Ventures Inc.'s efforts to regain undisputed control over its Los Pinos copper deposit in Peru, which has been falsely claimed by former general manager Alexander Ernesto Vidaurre Otayza, who stole the share registry of the company's Peruvian subsidiary Tamerlane Ventures Peru SAC.
In 2007, the Company through its Peruvian subsidiary entered into an agreement to acquire 100% interest in a sole purpose company, Minera Los Pinos de Canete SAC ("MLPC"), incorporated in Peru, which owns the Los Pinos mineral concessions in southern Peru. Upon recognition of the theft when the former general manager resigned in 2008, both civil and criminal avenues have been pursued in order to reclaim the Los Pinos mining concessions.
On March 9, 2012 Tamerlane obtained a judicial order appointing Tamerlane's lawyer in Peru as the judicial administrator of MLPC, eliminating all power of Mr. Vidaurre, the former general manager, to operate the company holding the Los Pinos mining concessions or to register competing title to the concessions in the Public Registry of Peru.
With respect to the criminal action, the Company has learned that the ongoing criminal investigation has been completed, and that the Prosecutor's Office in the 25th Criminal Court in Lima, Peru has filed an official report charging Mr. Vidaurre and his accomplice/co-conspirator Jaime Leon Gerardo Sztrancman Waisblack with crimes of forgery and giving a false statement in order to open the Shareholders Meeting Minutes Book and the Shares Ledger Book N degrees 03 of the Company's Peruvian subsidiary Tamerlane Ventures Peru SAC. The Prosecutor has requested five-year prison sentences for each of Mr. Vidaurre and Mr. Sztrancman. The Company understands that the charges are expected to be enforced by the 25th Criminal Court and that sentencing is expected to occur within 30 days.
In continuing to defend its right to the Los Pinos property the Company will take this judgment against Mr. Vidaurre and Mr. Sztrancman to the civil courts to obtain orders verifying that the Company is the true, exclusive and complete owner of its Peruvian subsidiaries Tamerlane Ventures Peru SAC, Minera Los Pinos de Canete SAC and the Los Pinos mining concessions.
Tamerlane also announces that the Company has not made the US$1,500,000 principal payment on the senior secured bridge loan, which was due March 31, 2013. The Company is currently engaged in discussions with the senior secured lender, Global Resource Fund which is managed by Renvest Mercantile Bancorp Inc., regarding alternate arrangements.
We seek Safe Harbor.