Tamerlane Appoints New Chief Executive Officer and Appoints Two New Directors at Annual General Meeting
BLAINE, WASHINGTON -- (Marketwire) -- 06/28/10 -- Tamerlane Ventures Inc. ('Tamerlane' or the 'Company') (TSX VENTURE: TAM) is pleased to announce the appointment of Michael A. Willett, P.Eng. as its new Chief Executive Officer. The Company is also pleased to report the appointment of Dr. Edmond H.P. van Hees (Ph.D. Geology) and Fredric J. Bracken P.Eng. (B.Sc. Metallurgy) to the Board of Directors and the re-election of J. Cowan McKinney, Eugene Larabie, William J.V. Sheridan, Ross F. Burns and Margaret M. Kent. Bruce W. Downing has stepped down from the Board of Directors as of June 25, 2010, and the Company wishes to thank Mr. Downing for his contributions over the past year. Ross Burns will retain the position of President of Tamerlane Ventures and work closely with Mr. Willett and the executive team to advance the Pine Point project.
'On behalf of the Board and shareholders, I would like to welcome Dr. van Hees and Mr. Bracken to the Board. I am also very excited to have Mr. Willett join the Company as CEO. Mr. Willett brings a wealth of hands-on base metals mine engineering and project management experience to our team, most recently from Hudson Bay Mining & Smelting Co. Ltd. where he held the position of General Manager Snow Lake Operations. Tamerlane controls 100% of the world-class permitted Pine Point lead-zinc project, and together with our newly strengthened and experienced board, we can continue to push forward to bring this quality and bankable project to production. This is an important point in the future of the Pine Point project, noting the advanced stage of the project and the forecasted future rise in base metal prices. The Pine Point project has a completed bankable feasibility study with robust economics, significant resources, excellent infrastructure including power and a paved highway to site and railway proximal to the site. We believe end-users across North America and Asia will be very interested in becoming involved with such an advanced project to ensure they can secure key off-take agreements on the zinc and lead concentrates that will be produced for many years after production start-up at Pine Point,' commented Margaret M. Kent, Chairman of Tamerlane.
Mr. Willett is a Professional Mine Engineer with over 25 years of experience in management, engineering, and operations in the mining industry. Mike has worked for several mining companies including Hudson Bay Mining and Smelting Co., Ltd., Aurora Quarrying Ltd, and Dynatec Mining Ltd. Mr. Willett has been involved in numerous mining projects, including several mine startups. During his career, he has held positions of progressively greater responsibility up to and including General Manager overseeing a mine and concentrator complex and associated infrastructure. Mr. Willett holds a B.Sc degree in Mine Engineering from Queen's University, and a Masters Certificate in Project Management from the Schulich School of Business, The University of Winnipeg.
Mr. Willett will be working closely with the executive management team to update the feasibility study and subsequently work closely with our financing team on an extensive marketing and finance road show to ensure our advanced project is brought to the attention of numerous financial groups.
Dr. van Hees, Ph.D, with over 30 years of technical and geological expertise, currently is the Assistant Professor at Wayne State University in the geological department. Dr. van Hees has authored and co-authored numerous technical publications and brings significant experience as a consulting geologist since 1986, where he has worked on projects throughout the world with such companies as Kinross, Miramar, Placer Dome Exploration and Chevron Minerals. Dr. van Hees graduated from the University of Waterloo in 1975 (Honors B.Sc Earth Science), the University of Western Ontario in 1979 (M.Sc. Geology) and the University of Michigan in 2000 (Ph.D. Geology).
Mr. Bracken, P.Eng., has over 40 years of experience in the mining industry since graduating in 1960 from the University of Toronto in Metallurgical Engineering. Mr. Bracken currently works as an industry consultant since 2000 in the concentrate marketing field, including international trade consulting. Mr. Bracken brings a wealth of experience gained during his 36 years spent with Cominco where he held various roles of increasing responsibility including General Manager - Concentrate Sales for over 10 years and also roles within the development and technical services departments.
The Company is pleased to report that all of the resolutions that shareholders were asked to consider at the Meeting, including the continuation of the Company's stock option plan and the extension of the shareholder rights plan, were approved by a majority of the votes cast at the Meeting.
Tamerlane has 65,187,073 common shares issued and outstanding. Under the terms of the Company's 'rolling' Incentive Stock Option Plan a maximum of 6,518,707 shares are available to be issued pursuant to the exercise of options at this time. Subject to the approval of the TSX Venture Exchange, the Company approved the issue of 1,150,000 stock options to directors and officers of Tamerlane. The stock options are exercisable into common shares of Tamerlane at an exercise price of C$0.12 per share for a period of five years. Tamerlane's common shares closed at C$0.12 on the TSX Venture Exchange on June 25, 2010. Including this grant of 1,150,000 options, a total of 4,022,500 shares have been reserved for issuance pursuant to outstanding option grants. A further 2,496,207 shares are available for issuance pursuant to future option grants at this time.
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 is working towards bringing the world-class Pb/Zn Pine Point Property back into production in Northwest Territories, Canada, and developing its Los Pinos heap leach copper project in Peru. The Company's primary focus is the Pine Point Project, which consists of the Pine Point Mine, which was the largest and most profitable base metal mine in Canadian history. Tamerlane controls the Pine Point Project, along with a large contiguous property to the west.
On behalf of Tamerlane Ventures Inc.
Ross F. Burns, President
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.
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.
Contacts:
Tamerlane Ventures Inc.
Peter A. Ball
Director of Investor Relations
(360) 332-4653 or Toll Free: (877) 284-6535
pball@tamerlaneventures.com
www.tamerlaneventures.com