Tamerlane Ventures Inc.
TSX VENTURE : TAM

Tamerlane Ventures Inc.

May 06, 2010 09:00 ET

Tamerlane Confirms Historical Resources at N204 Deposit With Pine Point Drill Program; Hole N204-10-TV2 Averaged 54.51 Feet Grading 4.86% Combined %Zn+%Pb

BLAINE, WASHINGTON--(Marketwire - May 6, 2010) - Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to announce that it has completed drilling at the N204 deposit, which is part of the Company's Pine Point Lead/Zinc (Pb/Zn) project in Northwest Territories, Canada. The Company has received assays from 14 of the 23 holes drilled, which totaled 1,433 meters, and was drilled by ProCore Drilling of Hay River, Northwest Territories.

"The objective of the drill program is to confirm and bring to National Instrument 43-101 resource standards a large historical resource that is close to surface and amenable to open pit mining. This additional deposit could provide a significantly larger resource base for the Company, and add considerable years to the mine life reported in our bankable feasibility study completed in 2008. The assays received to date confirm that grade and the extent of the mineralization is comparable to the historic holes drilled by Pine Point Mines Ltd., and will now allow our technical team to continue to build additional resources well above our confirmed NI 43-101 reserves and resources," commented Ross F. Burns, President & CEO of Tamerlane Ventures.

"We expect to complete metallurgical testing on the mineralization to determine its upgradability utilizing the dense media separation (DMS) process. At Tamerlane's R190 deposit, for example, the low grade mineralization showed an approximate tenfold increase in grade when using the DMS process. If successful, the Company will be able to identify exceptional upside potential well above our robust bankable feasibility study."

About N204 Deposit

The N204 deposit contains a historic (non National Instrument NI 43-101 compliant) resource of 16.3 Mt (at 30% dilution) with an average combined Zn+Pb grade of 4.03%. The deposit is hosted within the B Spongy facies of the Pine Point Formation and is situated at a shallow depth with dry ground conditions, which makes it amenable for potential development by open pit mining methods.

The results of significant drill hole intercepts are tabulated below, along with several cross-sections delineating the ore intercepts for the new holes compared to the historic holes drilled by Pine Point Mines Ltd.

Drill Hole Detail N204 Deposit (example: N204-10-XXX)
Drill
Hole
Interval (Feet) Thickness True
Thickness
Average Combined Inclination
  From To Feet Meters (Feet) %Zn %Pb  %Zn+%Pb    
TV2 47 50.38 3.38 1.03 2.83 2.68 0.73 3.41 -57
73.86 77 3.14 0.96 2.63 1.22 0.47 1.69
147 212 65 19.81 54.51 3.98 0.88 4.86
TV3 77 92 15 4.57 12.27 1.9 0.64 2.54 -55
147 212 65 19.81 53.17 2.84 0.53 3.37
Including: 147 177 30 9.14 24.54 5.44 0.97 6.41
TV4 57 77 20 6.10 17.7 1.5 0.55 2.05 -62
122 187 65 19.81 57.4 1.66 0.29 1.95
Including: 122 137 15 4.57 13.2 5.31 0.42 5.73
TV5 122 172 50 15.24 44.9 2.34 0.4 2.74 -64
Including: 122 137 15 4.57 13.47 4.01 0.44 4.45
147 157 10 3.05 8.98 3.07 0.8 3.87
162 172 10 3.05 8.98 2.36 0.45 2.81
TV6 37 42 5 1.52 4.41 2.65 0.64 3.29 -62
137 177 40 12.19 35.3 3.07 0.7 3.77
Including: 137 167 30 9.14 26.48 3.85 0.93 4.78
TV15 132 172 40 12.19 33.92 6.45 1.16 7.61 -58
Including: 132 152 20 6.10 16.96 11.37 2.12 13.49
162 172 10 3.05 8.48 3.04 0.3 3.34
TV16 137 152 15 4.57 13.47 3.72 0.78 4.5 -64
 Hole TV16 had lower than expected core recovery of only 73%
TV18 167 192 25 7.62 22.3 2.73 0.45 3.18 -63
Including: 167 182 15 4.57 13.38 4.08 0.67 4.75
TV19 162 192 30 9.14 26.94 1.32 0.55 1.87 -64
Including: 162 182 20 6.10 17.96 1.64 0.76 2.4
TV20 122 177 55 16.76 49.39 3.34 0.71 4.05 -64
Including: 122 152 30 9.14 26.94 4.83 1.11 5.94
TV21 127 172 50 15.24 46 2.47 0.49 2.96 -67
Including: 122 147 25 7.62 23 4.29 0.85 5.14
TV22 47 57 10 3.05 8.74 0.84 0.2 1.04 -61
137 167 30 9.14 26.22 3.56 0.99 4.55
TV23 102 137 35 10.67 30.64 2.78 0.74 3.52 -50
Including: 102 112 10 3.05 7.66 3.64 1.23 4.87
127 137 10 3.05 7.66 5.36 1.22 6.58
TV24 32 42 10 3.05 8.2 2.09 0.65 2.74 -55
122 167 45 13.72 36.9 3.72 0.65 4.37
Including: 122 157 35 10.67 28.7 4.52 0.78 5.3  

About the Pine Point Project

The Pine Point project is an advanced and permitted Pb/Zn project that hosts extensive infrastructure and significant Pb/Zn resources. The project is situated adjacent to a paved road, close to existing hydro facilities, and the existing rail head at Hay River connects directly to the south. A bankable feasibility study was completed in 2008 that identified robust economics and a long mine life. The Company is currently building additional resources through a targeted confirmation surface diamond drill program and reviewing options for potential mine financing alternatives and mine development. Historically, the Pine Point Mine was the largest and most profitable zinc-lead mine in Canadian history. Located on the south side of the Great Slave Lake 129 kilometers (80 miles) south of Yellowknife and 80 kilometers (50 miles) east of Hay River, the historic Pine Point Mine extracted over 64,259,570 tonnes of ore at a grade of 7.0% zinc and 3.1% lead between 1964 and 1987.

The Pine Point Project current mineral inventory contains a NI 43-101 compliant proven & probable reserves of 7.8 million tonnes grading 3.01% Pb and 6.16% Zn, measured & Indicated resources of 8.0 million tonnes grading 1.13% Pb and 2.26% Zn. In addition the property hosts non 43-101 compliant historical resources totaling approximately 50.9 million tonnes at a grade of 1.24 % Pb and 3.84% Zn.

The information in this press release was prepared by Mr. Wolfgang A. Schleiss, P.Geo., under the guidance of Mr. Ross F. Burns, P.Geo., LG. Mr. Schleiss is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.

The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves.

About Tamerlane Ventures Inc.

Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company is working towards bringing the world-class Pb/Zn Pine Point Property back into production in Northwest Territories, Canada, and developing its Los Pinos heap leach copper project in Peru. The Company's primary focus is the Pine Point Project, which consists of the Pine Point Mine, which was the largest and most profitable base metal mine in Canadian history. Tamerlane controls the Pine Point Project, along with a large contiguous property to the west.

On behalf of Tamerlane Ventures Inc.

"Ross F. Burns"

President & CEO

Caution Concerning Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; 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 in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.

To view the maps accompanying this news release, please click on the following link: http://media3.marketwire.com/docs/tam56maps.pdf.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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