Tamerlane Ventures Inc.

Tamerlane Ventures Inc.

July 06, 2011 09:30 ET

Tamerlane Completes Site Work at Pine Point With Goal of Commencing Construction Later This Year

Work Reaffirms High Grade Zinc & Lead on R-190 Deposit: 95.0 Foot Intersection of 38.8% Combined Zinc & Lead in Drill Hole GT3

BELLINGHAM, WASHINGTON--(Marketwire - July 6, 2011) -


Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to provide an update to shareholders regarding its ongoing work program at its Pine Point Property in the Northwest Territories. This program includes geotechnical drilling, resource drilling, surveying, engineering, and environmental studies, with a goal of commencing construction later this year.

Geotechnical Drilling at R-190 Deposit

Three geotechnical drill holes were drilled for detailed geotechnical work which will provide the parameters for underground stope and ramp design. The R-190-11 GT-3 drill hole was designed to penetrate the orebody and the core was processed and sampled. Routine assays of 5 foot sections, using an atomic adsorption assay method, yielded a 95 foot intersection grading 38.8% combined lead and zinc.

R190 – 11 Footage Footage Intersection True Width Lead Zinc
GT3 From To Feet Meters (feet)/(meters) % %
457 552 95 29 82.7 / 25.2 12.1 26.7 38.8
including 467 487 20 6.1 17.3 / 5.3 20.4 32.0 52.4 %
including 497 537 40 12.2 34.6 / 10.5 11.9 37.8 49.7 %

This new information does not change the R-190 reserve, but once again reaffirms the high grade nature of the deposit. The other two geotechnical holes that were drilled were not drilled into the orebody and were drilled to establish the rock quality for the design of the ramp.

Resource Drilling

Drilling is currently underway at the Pine Point Property, and includes drilling to bring the W-85 deposit from historical resources to a NI 43-101 compliant resource, tenure drilling, and foundation soil testing.

The W-85 drilling, now underway, has completed a total of 4 drill holes out of a total 10-hole program with drilling projected to be completed by August and assay results expected in mid-September.

The existing historical resource* on W-85 is as follows:

Tonnes Lead % Zinc %
3,760,000 2.3 4.0

* This resource is not in accordance with current NI 43-101 standards and the company is not treating them as current mineral resources. Historical mineral estimates should not be relied upon and a qualified person has not done sufficient work to date to classify the historic estimates as current mineral resources.

Calculation of a new resource on the W-85 deposit is expected to commence in the early fall, with a NI 43-101 scheduled to be completed by year end. This deposit can potentially be mined via open pit methods. The addition of the W-85 resource will add another deposit to the Company's resources and extend the life of project considerably.

In addition to the W-85 drilling, three drill holes were completed for tenure purposes near the M-40 and X- 65 deposits and the M-14 claim area of the property.

Foundation Soil Testing

A total of 14 soil test holes were completed to provide data for the foundation design of the mill and other buildings to be constructed. A further 3 holes were completed to test the overburden, where the portal is to be collared. All data derived from the soil testing is currently under evaluation.


A boundary survey of 24 claims, that have not been taken to lease, has been contracted and is scheduled to commence in early July. This will allow Tamerlane to convert all its remaining holdings at Pine Point to leases. The current area containing the Pine Point reserves are within Tamerlane's current leases.

Mine Engineering

One focus of the engineering group has been a re-design of the ore body access. Originally access to the ore body was to be accomplished by shaft at the R-190 ore zone, with connecting drifts to the adjacent deposits. The new design will utilize portals and ramps to access each deposit. Only O-449 and P-556 will have a common ramp with a connecting drift. This change, to ramp access, will provide much more project flexibility. When the mining of a deposit is completed, the freeze ring for that deposit will be shut down, the workings rehabilitated, and the equipment moved to another deposit. It will be possible to mine ore from more than one deposit at a time, allowing more mining flexibility and milling options.


The Company is currently completing baseline studies for the additional 5 deposits that are currently carried in reserve and for the N-204 deposit. All permits for this work have been granted. Some of the studies which are currently being undertaken will cover fish, wildlife, wetlands, soils, hydrology, archeological and social aspects. In addition drilling will be conducted for water-well sampling with wells being drilled at the N204 deposit and the G-03 deposit. As a result of initiating a change to ramp access for the R-190 deposit, the company has been completing a consultative process in preparation for submitting a request for an amendment to its water licenses and a reissuance of the land use permit. This amendment and reissuance of the land use permit is expected to be completed by late fall. In the meantime, the Company plans to continue its work under its existing water license land use permit.


Tamerlane CEO, Mr. Michael Willett stated, "The Company is moving the Pine Point Project along at a very rapid pace and since the beginning of the year we have spent over $1.5 million on site drilling and definitive engineering studies. All this work has been completed to prepare the project for construction, later this year. The Company has put together an in-house engineering team to supervise the ongoing work and has retained a group of excellent consulting companies, to assist us in all phases of this final work. We look forward to updating our shareholders on a regular basis, as we move the project forward."

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

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 toward bringing the world-class lead-zinc Pine Point Property back into production in the 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 owns 100% of the Pine Point Project, along with a large contiguous property to the west. The Company is developing and building the project and will sell the well-known Pine 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

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", "estim ate" 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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