Tamerlane Ventures Inc.
TSX VENTURE : TAM

Tamerlane Ventures Inc.

November 28, 2006 17:03 ET

Tamerlane Reports Net Loss of C$213,423 in the Year to Date Period Ended September 30, 2006

BLAINE, WASHINGTON--(CCNMatthews - Nov. 28, 2006) - Tamerlane Ventures Inc. (TSX VENTURE:TAM) announces a net loss of C$28,596, or $nil per share, in the third quarter ended September 30, 2006 and a net loss of C$213,423, or $0.01 per share, in the year to date period. As at September 30, 2006 the Company had working capital of C$4.2 million.

Tamerlane appoints Chief Financial Officer

Tamerlane's board of directors is pleased to announce the appointment of Diana Rollo, BBA, CPA, as Chief Financial Officer. Ms Rollo has 8 years of experience in public accounting as audit manager for two major accounting firms; 12 years experience as chief accounting officer for a publicly-traded Canadian mining company; and over 9 years of experience as chief financial officer and vice president of finance in mid-market companies. Her experience includes financial analysis, budgeting, forecasting and modeling; mergers and acquisitions; as well as enterprise risk management system analysis, design and implementation. Ms Rollo also has experience in US and Canadian GAAP reporting and Sarbanes-Oxley compliance.

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.



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TAMERLANE VENTURES INC.

BALANCE SHEETS

As at September 30, 2006 and December 31, 2005

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September 30,2006 December 31,2005

(Unaudited) (Audited)
ASSETS $ $

Current Assets

Cash and cash equivalents 3,920,454 153,555
Marketable securities 135,000 135,000
Accounts receivable 67,415 109,161
Prepaid expenses 5,000 -
Advance to vendors 110,939 -
Due from related party (Note 8(a)) - 44,080
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4,238,807 441,796

Property and Equipment (Note 2) 4,702 2,297
Property Bond 60,000 60,000
Mineral Interests (Note 3) 4,467,920 2,544,398
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8,771,429 3,048,491
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LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued liabilities 12,274 38,964

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12,274 38,964
SHAREHOLDERS' EQUITY

Share capital (Note 4) 9,006,290 3,150,038
Contributed surplus (Note 7) 288,497 181,697
Deficit (535,631) (322,208)
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8,759,155 3,009,527
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8,771,429 3,048,491
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Approved on behalf of the Board: J. Cowan McKinney, Director
Margaret Kent, Director

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TAMERLANE VENTURES INC.

STATEMENTS OF OPERATIONS AND DEFICIT

For the period ended Three Three Nine Nine
months months months months
September September September September
30, 2006 30, 2005 30, 2006 30, 2005
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$ $ $ $
REVENUE - - - -
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EXPENSES

Amortization 945 - 1,720 -
Foreign exchange loss - - (691) -
Office, rent and
miscellaneous (Note 8(b)) 6,724 56,857 57,723 214,965
Professional fees 9,310 15,900 61,190 25,832
Stock-based compensation 18,200 - 116,800 152,567
Transfer agent and
regulatory fees 13,889 - 35,860 -
Travel and promotion 2,830 8,718 9,264 50,914
Federal taxes 23,320 - 23,320 -
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75,218 81,475 305,187 444,278
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Net Operating Loss (75,218) (81,475) (305,187) (444,278)

OTHER INCOME

Interest income 46,621 3,292 91,763 17,415
Loss on marketable securities - (9,000) - (24,000)
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Net Loss Before Income Taxes (28,596) (87,183) (213,423) (450,863)

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Net Loss for the Period (28,596) (87,183) (213,423) (450,863)

Deficit, Beginning of the
Period (507,035) (829,867) (322,208) (466,187)
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Deficit, End of the Period (535,631) (917,050) (535,631) (917,050)
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Net Loss Per Share - Basic
and Diluted - (0.01) (0.01) (0.03)
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Weighted Average Number of
Shares Outstanding 31,754,702 14,024,662 25,373,970 14,024,662
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TAMERLANE VENTURES INC.

STATEMENTS OF CASH FLOWS

For the period ended Three Three Nine Nine
months months months months
September September September September
30, 2006 30, 2005 30, 2006 30, 2005
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$ $ $ $
Operating Activities

Net loss for the period (28,596) (87,183) (213,423) (450,863)

Items not involving cash:

Amortization 945 - 1,720 -
Stock-based compensation 18,200 - 116,800 152,567

Changes in non-cash working
capital:
Increase in tax credits
recoverable 24,390 (25,366) 41,747 (57,991)
Due from related parties 24,080 - 44,080 -
Increase (Decrease) in
prepaid deposit 2,500 - (5,000) -
Advance to vendors (110,939) - (110,939) -
Accounts payable and
accrued liabilities (131,223) 12,420 (26,690) (27,029)
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(200,645) (100,129) (151,705) (383,316)
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Investing Activities

Acquisition of and
expenditures on mineral
interests (392,466) (333,646) (1,923,522) (971,232)
Marketable securities - 9,000 - 24,000
Purchase of property and
equipment (2,234) - (4,125) -
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(394,700) (324,646) (1,927,647) (947,232)
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Financing Activities

Proceeds from shares issued 189,996 - 6,147,364 133,800
Share issue cost (1,505) - (301,113) -
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188,491 - 5,846,251 133,800
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Increase (Decrease) in Cash
and Cash Equivalents (406,854) (424,775) 3,766,899 (1,196,748)

Cash and Cash Equivalents,
Beginning of the period 4,327,308 930,923 153,555 1,702,896
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Cash and Cash Equivalents,
End of Period 3,920,454 506,148 3,920,454 506,148
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Supplemental Disclosures

Interest paid - - - -
Income taxes paid - - - -
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