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") (TSX VENTURE:TAM) 
announces that it has executed an amendment to the Forbearance Agreement
regarding the Company's US$10 million senior secured bridge loans with its
lender and shareholder, Global Resource Fund ("Global"), which is managed by
Renvest Mercantile Bancorp Inc. As previously disclosed, the Company had
defaulted on its obligations to, among other things, make a US$1,500,000 payment
against principal due March 31, 2013 and an interest payment of US$135,922.98
due May 24, 2013. Through the amending agreement the lender has agreed, among
other things, not to take action unless a new Event of Default occurs and to
capitalize the May interest payment. The loans are scheduled for repayment on
October 16, 2013, but if certain conditions are satisfied, the maturity date of
the loans will be extended to August 31, 2014.


As consideration for, among other things, Global's forbearance, the Company has
agreed to, among other things, pay Global a fee of US$350,000 which will be
capitalized and added to the face value of the loans such that the amount of the
loans due at maturity has been increased to US$11,993,463.15. Regularly
scheduled interest must be paid monthly in cash beginning with the June 2013
payment. Interest on the loans will remain at 12.5% per annum. In addition to
its relationship with the Company as a secured lender, Global also holds
21,268,827 of the Company's common shares, or 15.4% of Tamerlane's outstanding
shares.


In connection with the amending agreement, the Company is seeking buyers for its
Los Pinos copper property in Peru, with proceeds to be used for retirement of
the Global loans. The Company has already taken steps toward the sale of the
property and has engaged a financial advisor, Jennings Capital Inc., to manage
the sales process for the property. Jennings has developed an accelerated
timeline for the evaluation of the property by prospective buyers, receipt of
offers, negotiation and closing of the transaction.


About the Los Pinos Property

The Los Pinos porphyry copper deposit is located 100 km south of Lima, Peru, at
an elevation of 700 meters, 30 km from the coastal town of San Vincente de
Canete. The deposit is contained within the Los Pinos No, 1 & 6 and the El Pino
concessions, which total 790 hectares. The property was drilled by ASARCO Inc.
in the early 1990's and hosts a copper oxide cap over a sulfide deposit that has
not been drilled. The historic resource is 40 million tonnes containing 0.41%
copper using a 0.3% cutoff grade.(i) A total of 61 diamond drill holes (9,500
meters) have been completed in the oxide zone, with further exploration
potential in both the oxide zone and the completely untested sulfide zone. A
prefeasibility study was completed by Pincock, Allen & Holt in 1994.


(i)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.


John Key, CEO of Tamerlane, commented, "We are pleased that the Company and
Global have reached agreement to amend the Forbearance Agreement to address the
Company's defaults. This will give the Company time to monetize the Los Pinos
property and to secure financing for our Pine Point project."


Daryl Hodges, President and CEO of Jennings Capital Inc., stated, "We look
forward to working with Tamerlane on the sale of this asset and also to assist
the Company in its corporate and Pine Point project financings."


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
following financing. Tamerlane plans to sell the well-known, Pine Point
Concentrates to various smelting facilities around the world.


John L. Key, 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tamerlane Ventures Inc.
Brent Jones
Director of Corporate Communications and Investor Relations
(360) 332-4636
bjones@tamerlaneventures.com
www.tamerlaneventures.com


For further information on the Los Pinos property
sales process, please contact: Jennings Capital Inc.
Daryl Hodges
(416) 304-2188
daryl.hodges@jenningscapital.com


Jennings Capital Inc.
Simion Candrea
(416) 304-2188
simion.candrea@jenningscapital.com

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