Tamerlane Ventures Inc.
TSX VENTURE : TAM

Tamerlane Ventures Inc.

November 21, 2011 09:00 ET

Tamerlane Ventures Inc.: Summer Drill Program Confirms Significant Mineralization at the Pine Point W-85 Deposit

Deposit Expected to be Mined Utilizing Surface Mining Methods

BLAINE, WASHINGTON--(Marketwire - Nov. 21, 2011) - Tamerlane Ventures Inc. (TSX VENTURE:TAM) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Tamerlane Ventures Inc. ("Tamerlane" or the "Company") is pleased to provide assay results from the summer drill program conducted on the W-85 deposit at its Pine Point Project in Canada's Northwest Territories.

The purpose of this drill program was to provide current drill data to convert historical W-85 resources into National Instrument ("NI") 43-101 compliant resources and provide a sample sufficient for metallurgical testing that will confirm the suitability of the ore for the R-190 flowsheet, which includes dense media separation. The drill program entailed drilling 10 diamond drill holes totaling 1,305 meters. This drill program will enable the W-85 deposit to be added to the current mineral inventory, which is detailed below. Tamerlane has retained MineTech International Ltd. to complete the NI 43-101 resource calculation which is scheduled to be completed early in the new year.

Pine Point's current mineral inventory is given in the table below:

Category Tonnes Lead % Zinc %
Underground Proven & Probable** 7,790,271 3.01 6.16
Measured & Indicated 8,030,000 1.13 2.26
Open Pit (N204) Indicated 9,166,000 0.92 3.42
Inferred 2,413,000 0.86 3.04

The W-85 deposit is located on Pine Point's north trend and was discovered in 1970. A total of 194 drill holes totaling 18,789 meters were drilled on the deposit in the period between 1970 and 1984. The deposit is a high grade double lobed prismatic deposit with one lobe at a slightly higher elevation than the other. The prismatic portion of the deposit sits on an unusually broad low grade tabular base. The higher lobe contains comparatively high lead values for deposits in this district. However, in the mid-1980's lead prices were significantly lower than current lead prices, and it was therefore determined that the deposit was not economically viable by open pit mining methods at that time. Although a feasibility study will need to be completed, the Company believes that current metal price trends will support an open pit operation in the future at the W-85 deposit.

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

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

* The historical estimates presented above 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.

2011 Drill Results

In 2011 Tamerlane drilled a total of 10 holes in the W-85 deposit for a total of 1,305 meters, which brings the total number of drill holes in the deposit to 211 totaling 20,925 meters. Several of the drill holes were used to confirm the margins of the deposit and check for potential extensions of the mineralization. The following are the intersections of significance:

Drill Hole Interval (Feet) Interval True Thickness Average Combined
Hole id From To Feet Feet Meters %Pb %Zn %Pb + %Zn
W85-11-TV10 267 287 20 13.0 3.97 0.74 2.63 3.37
W85-11-TV10 317 332 15 9.8 2.97 0.54 1.67 2.21
W85-11-TV10 357 389.5 32.5 21.2 6.45 3.00 5.26 8.26
W85-11-TV10 421.5 422.5 1 0.7 0.23 61.45 7.84 69.29
W85-11-TV11 339 387 48 30.0 9.15 0.53 2.09 2.62
W85-11-TV12 322 342 20 15.4 4.68 1.18 4.54 5.72
W85-11-TV12 357 372 15 9.2 2.81 0.54 2.94 3.48
W85-11-TV12 357 432 75 46.1 14.05 1.35 5.74 7.09
Containing 377 432 55 36.9 11.23 1.68 6.99 8.67
W85-11-TV17 132 197 65 25.9 7.90 2.56 4.88 7.44
W85-11-TV18 132 187 55 33.9 10.34 3.91 2.96 6.87
W85-11-TV18 272 282 10 6.2 1.89 3.08 7.70 10.78
W85-11-TV18 302 332 30 18.6 5.67 0.75 6.19 6.94
W85-11-TV19 272 287 15 9.1 2.76 0.33 3.87 4.20

Holes TV 13, 14 and 16 have heavily mineralized sections and over limit assays are being re-assayed by a method more suited to very high grade lead zinc. It will be two to four weeks before results from those high grade holes will be available. Hole TV 15 was drilled outside the ore body to determine the mineralized zone limits, and no mineralization was found.

In addition to the 2011 drilling, in 2006 Tamerlane drilled 7 holes at the W-85 deposit totaling 831 meters that returned the following long intersections of high grade mineralization.

2006 Drill Results


Drill Hole
Number

Interval (Feet)

Thickness

Average

Combined
%Pb+%Zn
From To Feet Meters %Pb %Zn
W-85
Deposit
W85-TV1
W85-TV4
W85-TV4
W85-TV5
W85-TV6
W85-TV7
W85-TV8
W85-TV8
W85-TV9


106
87
234
201.5
205
165
197
262
260


222
203
262
285
340
235.7
222
350
350


116
116
28
83.5
135
70.7
25
88
90


35.4
35.4
8.53
25.5
41.2
21.6
7.6
26.8
27.4


7.40
7.24
6.94
4.10
3.72
0.60
2.31
5.66
6.12


4.08
5.97
4.72
8.14
10.72
3.42
6.95
9.48
13.71


11.48
13.21
11.66
12.24
14.44
4.02
9.26
15.14
19.83

Mike Willett, CEO of Tamerlane Ventures, commented, "We are pleased to see that the summer drill program is providing confirmation that there is significant mineralization at the W-85 deposit. This is a deposit that is lead/zinc rich and may be accessible through open pit mining methods. Our objective is to continue to add to our NI 43-101 resource base so that we have 15 years or more of reserves and resources. We currently have MineTech International Ltd. working on the resource review for the W-85 deposit, and expect to have a NI 43-101 technical report on resources completed early in the new year. We are also continuing progress with definitive engineering activities necessary to begin construction and development at the R-190 site."

The lead, zinc and iron assays were performed by ALS Global using their assay routine ME OG62. 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 ability and authority to verify the authenticity and validity of 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's immediate focus is bringing the 100%-owned Pine Point Project to production. The Company is currently in the financing phase and expects to commence construction this fall. Tamerlane plans to sell the well-known, Pine Point Concentrates to various smelting facilities around the world. The Company also plans to develop its Los Pinos heap leach copper project in Peru.

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.

Contact Information