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Tamerlane Plans to Expand Resources at Pine Point Lead-Zinc Project
Thursday, March 17, 2011
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BELLINGHAM, Wash., USA – Tamerlane Ventures Inc. ("Tamerlane" or “the Company") (TSX-V: TAM) announced today that it is commencing a confirmation diamond drilling program on the W-85 deposit at the Company’s 100%-owned Pine Point lead-zinc project, located in the Northwest Territories, Canada. As a result of historical drilling and preliminary modeling, it has been determined that this deposit may be mined by surface mining methods. The results of the drilling are expected to expand the existing resources at Pine Point.
The existing historical resource* on W-85 is as follows:
Tonnes Lead % Zinc %
3,760,000 2.3 4.0
The purpose of this program is to convert historical W-85 resources into National Instrument (“NI”) 43-101-compliant reserves and provide enough samples to process the rock through the R-190 flowsheet, which includes dense media separation. The new drill program will consist of approximately 10 diamond drill holes totaling up to 1,307 meters. This drill program will enable the W-85 deposit to be added to the current mineral inventory, which is detailed below. Drilling is expected to continue through mid-July, 2011, and the results of this drilling program are expected to be published by year-end 2011. The Company has contracted with ProCore Drilling of Hay River, Northwest Territories to complete the drill program.
Pine Point Mineral Inventory**
§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 Pine Point Property was the subject of a completed National Instrument 43-101 report (NI 43-101). The reserve and resource technical report was prepared by Pincock, Allen and Holt (PAH) July 30, 2008. The report is named “NI 43-101 Technical Report Update Pine Point Project Northwest Territories Canada”. The reserve is based on the mining of the following deposits: P-190, P-499, O-556, X-25, Z-155, and G-03. The open pit resources are based on a 43-101 report prepared by PAH on the N-204 deposit.
Remaining Historical Resources*
(including W-85)
(Non NI 43-101 Compliant) Tonnes Lead % Zinc %
Total Remaining Historical Resource 34,221,000 1.4 4.4
*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.
The existing Pine Point project currently has approximately nine years of reserves. The upgrading of N-204 to reserve by mid-summer and the upgrading of W-85 to reserve by late this year would result in a reserve that will support a 15-year mine life. This would still leave a significant amount of historical resource that can be upgraded for additional mine life. The objective in expending current funds to upgrade the historical resource is to extend the mine life of the project to a level where the project will support conventional long-term bank debt. It is envisioned that the existing US$60 million bridge loan which the company is currently negotiating will be repaid with conventional, lower-interest bank lending once the project is up and running. Having a greater-than-15-year mine life is expected to allow the Company to negotiate more favorable terms for future financing packages.
Mike Willett, CEO of Tamerlane Ventures, commented, “We plan to build Tamerlane into a mid-tier company, and to do this we need long-life projects. The combination of a long-life reserve coupled with the modest amount of capital expenditure to get the project into production results in Tamerlane being an attractive base metal exploration/development company. As we advance toward building the mine and the processing facility, we expect to continue converting historical resources into reserves, further strengthening the project.”
Mr. Willett continued, “In addition, we also have 35 geophysical anomalies that have been identified since we acquired the property, but which have not yet been tested. Our plan is to move forward with an exploration program to test several of these anomalies.”
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.
About the Pine Point Project
The Pine Point project is an advanced and permitted Pb/Zn project that hosts extensive infrastructure and significant Pb/Zn resources. The project is situated adjacent to a paved road, close to existing hydro facilities, and the existing rail head at Hay River connects directly to the south. A bankable feasibility study was completed in 2008 that identified robust economics. Technical work completed to date has provided confirmation that there has been minimal impact to the capital and operating cost estimates over the last two years. The Company is currently building additional reserves through a program of confirmation diamond drilling.
The Pine Point Mine was the largest and most profitable lead-zinc mine in Canadian history and extracted over 64,259,570 tonnes of ore at a grade of 7.0% zinc and 3.1% lead between 1964 and 1987. The Pine Point Concentrates were sought after by smelters around the world due to their high purity.
On behalf of Tamerlane Ventures Inc.
“Michael A. Willett”
Chief Executive Officer |
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