Tamerlane Ventures Inc.

Tamerlane Ventures Inc.

February 10, 2011 09:00 ET

Tamerlane Announces Resources for N-204 Deposit

BELLINGHAM, WASHINGTON--(Marketwire - Feb. 10, 2011) -


Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to announce the block model mineral inventory for the N-204 zinc-lead deposit located at the Company's Pine Point Project in the Northwest Territories, Canada. This mineral inventory includes 16,445,000 tonnes at a grade of 3.71% lead zinc combined; 2.93% zinc and 0.78% lead at a cutoff grade of 1.7% combined zinc+lead. Over 70% of this material is contained within a potentially economic pit shell.

The NI 43-101 compliant mineral resources contained within the potentially economic pit shell are as follows:

Category Tonnes Pb+Zn % Pb % Zn%
Indicated 9,166,000 4.33 0.92 3.42
Inferred 2,413,000 3.90 0.86 3.04


  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or part of the Mineral Resources estimated will be converted to Mineral Reserves.
  2. The Whittle analysis used operating costs and metal recoveries from standard industry sources and from the NI 43-101 Technical Report Update prepared for Tamerlane by the consulting firm of Pincock, Allen & Holt, dated July 30, 2008.

Mineral resources are reported from a pit shell created in the Whittle® (4.3) software using the following parameters: a cutoff grade of 1.7% combined zinc+lead; metallurgical recoveries of 89.5% zinc, 83.7% lead and metal prices of US$1.10 per pound for zinc and for lead. Resources are constrained to the Upper and Main mineralized zones and to an optimized Whittle® pit shell. The Whittle® analysis is based on the Company's block model developed in the Vulcan® (8.0) software. These indicated and inferred resources are inclusive within the block model mineral inventory cited above.

The resource estimate was prepared by Pincock, Allen & Holt (PAH) and incorporates 23 new drill holes totaling 1,433 meters. These holes were completed in 2010 to confirm the historic drilling on the N-204 deposit, which consisted of 464 holes totaling 27,309 meters. Selected core holes were also examined by Pincock Allen & Holt to confirm style, magnitude and continuity of mineralization. Check assays were completed at Acme Analytical Laboratories Ltd. in Vancouver for 13% of the total assay samples generated by Tamerlane during the confirmation drilling program.

The Mineral Resources are reported in accordance with Canadian National Instrument 43-101 (NI 43-101) and have been estimated in conformity with the generally accepted, "Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum."

The N-204 deposit is an extensive, 1,600 by 1,300 meter, flat lying deposit occurring within the B-Spongy facies of the Pine Point Formation where sphalerite and galena mineralization fills or coats fossil moldic vugs and fractures in dolomite. Base metal mineralization occurs predominantly in the Main Zone, which is stratigraphically below the Upper Zone where mineralization is lower grade and less extensive. Historically, the deposit was not mined because of low grade and the long haulage distance to the previous operator's mill. Dense media separation (DMS) for lead and zinc deposits had not been developed at that time. This process allows the ore to be crushed and upgraded prior to transport to the concentrator. Tamerlane has completed preliminary DMS test work on the N-204 deposit, which indicates that run-of-mine material from this surface mine can be significantly upgraded using a portable DMS plant. Initial testing indicates that the DMS plant would produce a product with a combined lead-zinc grade up to approximately 10%. This upgraded product would then be trucked to the process plant at the R-190 deposit for concentrate production. The dense media reject material would be backfilled in the pit.

Tamerlane CEO, Mike Willett said, "We're very happy with the confirmation of N-204's mineral resources that amount to in-the-ground contained lead and zinc metal of approximately 852 million pounds of zinc and 232 million pounds of lead. The next steps in the development of the N-204 deposit will include a full feasibility study including a definitive mine plan, fill-in drilling where necessary and further dense media testing to maximize the DMS process. Flotation lock cycle tests will also be completed using the same process that was used for the six zinc-lead deposits containing the current Pine Point reserves."

To date, Tamerlane has reported the following NI 43-101 compliant reserves and mineral resources for other deposits contained in its Pine Point Project area.

Area Category Tonnes Pb% Zn%
R-190 Area* Proven + Probable 7,790,000 3.01 6.16
Measured + Indicated 8,030,000 1.13 2.26
N-204 Indicated 9,166,000 0.92 3.42
Inferred 2,413,000 0.86 3.04
* The R-190 Area includes the following individual deposits:O-556, P-499, R-190, X-25, Z-155 and GO3 which will be mined utilizing underground mining methods.For detailed information see "NI 43-101 Technical Report Update, Pine Point Project, Northwest Territories, Canada, July 30, 2008" prepared by Pincock, Allen & Holt, which is available on www.sedar.com.

In addition the property hosts non NI 43-101 compliant historical resources totaling approximately 34,221,000 tonnes at grades of 1.4 %Pb and 4.4 %Zn.

The technical information in this press release was prepared by Mr. Wolfgang A. Schleiss, M.Sc., P.Geo. and 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 lead-zinc 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.

Michael A. Willett, Chief Executive Officer

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.

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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