BLAINE, WA, Jan. 8 /CNW/ - Tamerlane Ventures Inc. (TAM: TSX-V) announces
today that, subject to regulatory approval, it has closed a non-brokered
private placement of 2,846,152 flow-through units at C$0.65 per unit for gross
proceeds of C$1.85 million. Each flow-through unit consists of one
flow-through common share and one half of one non-flow-through share purchase
warrant. One non-flow-through share purchase warrant entitles the holder to
purchase one common share in the Company over a period of 24 months at an
exercise price of C$1.50 in year 1 and $2.50 in year 2. Tamerlane paid a
finder's fee of 6% cash in respect of investors introduced to the Company. All
of the securities issued under this private placement will be subject to a
four-month hold period.
The proceeds of the private placement will be used for drilling and
grass-roots exploration at the Company's Pine Point zinc-lead property in the
As previously announced, the Pine Point Property's remaining historical(*)
resources total 50.9 million tonnes at a grade of 3.84% zinc and 1.24 % lead.
The new drill program will consist of more than 100 holes, totaling up to
5,000 meters. The purpose of this program is to convert approximately
40 million tonnes of the historical resources into NI 43-101 compliant
reserves and resources.
Drilling will commence in January 2008, and is expected to continue
through late March or early April 2008. The results of this drilling program
will be analyzed and reviewed for long-term mine planning.
In addition to converting historical resources to NI 43-101 compliant
reserves and resource categories, Tamerlane will conduct grass roots
exploration at the Pine Point property. The main focus of this exploration is
a previously under-explored 8,500 acre area along the main trend of lead-zinc
In 2004 the entire property was surveyed by Aeroquest, using a high
quality helicopter borne Aero Tem electromagnetic and magnetic survey, which
resulted in 36 anomalies that have been recommended for follow up exploration.
Approximately $500,000 to $800,000 of this private placement will be used to
follow up these 36 exciting targets with further geophysics, sampling and
Ross Burns, President and CEO said, "We are excited to be infill drilling
the known deposits to bring them into NI 43-101 reserve/resource status.
Additional work on the exceptional number of unexplored targets that we have
identified will undoubtedly result in some exciting exploration results."
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 the data.
(*)Note: a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources, the issuer is not treating
the historical estimate as current mineral resources and the historical
estimate should not be relied upon.
"Ross F. Burns"
President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
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
For further information:
For further information: Brent Jones, Manager of Investor Relations,
E-mail: email@example.com, Phone: (360) 332-4653, Fax: (360)
332-4652, Website: www.tamerlaneventures.com