Tamerlane Receives Positive NI 43-101 Updated Summary Technical Report for the Company's Pine Point Project
2014年3月27日 - 5:59AM
Marketwired Canada
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UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.
Tamerlane Ventures Inc. (the "Company") (TSX VENTURE:TAM) is pleased to announce
that it has received an updated National Instrument 43-101 Summary Technical
Report ("Technical Report") for its Pine Point Project in the Northwest
Territories, Canada.
The Technical Report provides for a 12 year mine life. Using metal prices of
US$0.95 zinc and US$1.00 lead, the Pine Point Project has a net present value of
C$111,680,545 and an internal rate of return of 35%.
The Reserves summarized in the Technical Report are presented in the table below:
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Classification (Diluted and
Deposit Recovered) Tonnes %Zn %Pb
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R-190 Proven Reserve 647,000 12.47 6.10
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Probable Reserve 357,000 8.27 3.79
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J-68 Proven Reserve 265,516 5.80 2.68
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Probable Reserve 2,780 2.34 0.63
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HZ Proven Reserve 911,600 3.65 3.10
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Probable Reserve 773,796 3.67 2.21
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W-85 Proven Reserve 2,326,514 4.58 2.82
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Probable Reserve 1,125,598 3.14 1.47
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X-65 Proven Reserve 2,510,470 3.65 1.45
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M-67 Proven Reserve 473,465 4.57 1.35
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Probable Reserve 210,419 5.20 0.89
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K-68 Proven Reserve 262,800 3.27 1.09
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Probable Reserve 769,126 2.61 0.76
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M-62/63 Proven Reserve 803,721 2.25 1.01
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O-53 Probable Reserve 274,812 2.71 0.83
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N-204 Probable Reserve 12,800,000 2.60 0.70
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ADDITIONAL RESOURCES NOT INCLUDED IN THE FINANCIAL ANALYSIS OF THIS TECHNICAL REPORT
Six underground deposits were classified as Reserves in a Technical Report in
July 30, 2008 (PAH, 2008). Of the six deposits only one deposit, R-190, has been
included in the financial analysis of this Technical Report. The remaining five
2008 Underground Reserves were not included in the financial analysis of this
Technical Report and have been reclassified as Measured and Indicated Resources.
The author of this Technical Report believes that experience from the R-190
underground mine is essential to final evaluation of the remaining five deposits
to Reserve status.
A summary of the Measured and Indicated Resources are as follows:
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Deposit Tonnes % Zn % Pb
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X-25 Measured 2,195,000 2.37 0.98
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Indicated 1,026,000 2.46 0.67
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P-499 Measured 43,000 2.12 0.84
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Indicated 531,000 1.87 0.76
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O-556 Measured 138,000 1.88 1.86
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Indicated 664,000 1.92 1.32
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Z-155 Measured 113,000 1.69 0.80
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Indicated 292,000 1.90 0.96
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G-03 Measured 394,000 2.14 2.08
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Indicated 1,018,000 1.76 1.24
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The Technical Report will be filed on SEDAR by Friday, March 28, 2014.
This positive Technical Report was prepared by Albert Siega, P.Eng., MBA, an
independent engineering and project consultant, in conjunction with Paul Gann,
P.Geo. Mr. Siega and Mr. Gann have verified the data in the news release that
pertains to the Technical Report. Both Mr. Siega and Mr. Gann are Qualified
Persons under NI 43-101 standards.
Readers are cautioned that the conclusions, projections and estimates set out in
this press release are subject to important qualifications, assumptions and
exclusions, all of which are detailed in the Technical Report. To fully
understand the summary information set out above, the Technical Report should be
read in its entirety and can be found on SEDAR at www.sedar.com.
John L. Key, Tamerlane Ventures Inc.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development mining company with
advanced base metal development projects in Canada and Peru.
Pursuant to an order of the Ontario Superior Court of Justice made on August 23,
2013, the Company was granted protection under the Companies' Creditors
Arrangement Act ("CCAA") and Duff & Phelps Canada Restructuring Inc. ("D&P") was
appointed monitor ("Monitor") in the CCAA proceedings. Pursuant to an order of
the Court dated January 30, 2014, the CCAA proceedings were terminated and D&P
was discharged as Monitor.
On January 30, 2014, the Company's principal secured lender brought a motion
before the Court to place the Company in receivership. Pursuant to a Court order
made on that date, the Company was placed in receivership and D&P was appointed
receiver ("Receiver") of the Company's properties, assets and undertakings. The
Company is currently conducting a sale process of its assets and business.
For further information on the receivership proceedings and the sale process,
please visit the Receiver's website at:
http://www.duffandphelps.com/intl/en-ca/Pages/RestructuringCases.aspx?caseId=858
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.
Neither the Receiver and/or D&P, in its personal capacity, prepared or reviewed
the Technical Report. Investors and/or prospective purchasers are responsible
for conducting their own due diligence and are encouraged to independently
review and verify the information contained in the Technical Report. Neither the
Receiver and/or D&P, in its personal capacity, assume or accept responsibility
to any party for any reliance they place on the Technical Report.
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. A number of risks and uncertainties could cause
the Company's actual results to differ materially from those expressed or
implied by the forward-looking statements in this press release. No assurance
can be given that any of the events anticipated by the forward-looking
statements will occur as planned or at all, or, if they do occur, what benefits
the Company will obtain from them. Additional 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.
John L. Key
jkey@tamerlaneventures.com
www.tamerlaneventures.com
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