Tamerlane closes C$2 million financing

    BLAINE, WA, June 30 /CNW/ - Tamerlane Ventures Inc. (TAM: TSX-V)
announces today that the Company has closed a non-brokered private placement
with MRI Trading AG of 2,500,000 Units at a subscription price of C$0.80 per
Unit for gross proceeds of C$2.0 million. Each Unit comprises one Common Share
and One-Half of One Common Share Purchase Warrant. Each whole Common Share
Purchase Warrant entitles the holder to purchase an additional Common Share at
an exercise price of C$1.00 per share for a period of 18 months. The proceeds
from the unit offering will be used on the Company's Pine Point zinc-lead
project in the Northwest Territories and for general corporate purposes.
    For introducing investors to the Company, the Company paid a 6% cash
finder's fee paid by the issuance of 150,000 Units. Each Unit has the same
terms and conditions as the Units mentioned above.
    Tamerlane also announced that it is currently in negotiations for a $40
million mezzanine financing facility and a smelter off-take agreement for the
Pine Point Project with MRI. These negotiations are part of Tamerlane's
strategy to secure a total financing package for Pine Point on attractive
commercial terms. MRI Trading AG is a top-tier trader of concentrates and
other non-ferrous raw materials, and is part of the MRI Group of companies, a
leading investment and commodities trading group. MRI has a global presence
through its offices in Beijing and Shanghai, Santiago de Chile, Lubumbashi,
Johannesburg, New Delhi and Brisbane.
    All of the securities issued in this private placement will be subject to
a four-month hold period.

    "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: bjones@tamerlaneventures.com, Phone: (360) 332-4653, Fax: (360)
332-4652, Website: www.tamerlaneventures.com

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