BLAINE, WASHINGTON--(Marketwired - Jan. 9, 2014) -
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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) announced today that, as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing this news release to clarify its disclosure in its NI 43-101 technical report on the Company's Pine Point property filed in December 2013. The BCSC determined in its review that the mineral resources and economic analysis contained in the NI 43-101 technical report filed in December 2013 were not supported by a compliant NI 43-101 technical report, and that the technical report which was issued in December was deficient. Accordingly, the December 2013 report should not be relied upon until the deficiencies have been corrected, verified, and supported by an updated technical report. The Company's independent qualified parties are making the necessary revisions to the technical report, and the revised report is expected to be completed by the end of January 2014. The Company expects to remain on the BCSC's Issuers in Default list until the revised, compliant technical report is issued.
The Company also announced that on January 7, 2014 Tamerlane was granted an extension of the stay period under the CCAA proceedings until January 31, 2014 to provide additional time for the completion of the sale and investment solicitation process ("SISP"). The Court also approved the sale of certain units of the Company's flotation equipment which had been purchased for the Pine Point project.
John L. Key, CEO
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.