BLAINE, WASHINGTON--(Marketwire - May 17, 2012) -
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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to announce the appointment of Mr. Tim Chapman to the Board of Directors and the re-election of the following five Directors at the Company's Annual General Meeting (AGM), held in Vancouver on May 16, 2012: Fredric J. Bracken, J. Cowan McKinney, William J.V. Sheridan, Ross F. Burns and Margaret M. Kent. Dr. Edmond H.P. van Hees and Eugene Larabie stepped down from the Board of Directors as of May 16, 2012, and the Company wishes to thank Dr. van Hees and Mr. Larabie for their contributions to the Company.
Mr. Chapman joins Tamerlane's Board as a 44-year veteran executive of the port and waterfront industry in Western Canada. His numerous leadership roles in this industry include 20 years as President and Director of Western Stevedoring Company Limited (1991 - 2011). Mr. Chapman's career also includes such roles as Director, Vancouver Fraser Port Authority; Chair and Director, Waterfront Foreman Employer's Association; and President and Director, BC Wharf Operator's Association. Mr. Chapman has been granted 100,000 stock options.
Also re-appointed as auditors was the accounting firm of KPMG LLP, Chartered Accountants. The "rolling" Incentive Stock Option Plan and By-law No. 1B were also overwhelmingly approved.
Tamerlane has 90,705,856 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan a maximum of 9,070,586 shares are available to be issued pursuant to the exercise of options at this time. The stock options issued to Mr. Chapman are exercisable into common shares of Tamerlane at an exercise price of C$0.10 per share for a period of five years. Tamerlane's common shares closed at C$0.095 on the TSX Venture Exchange on May 15, 2012. Including this grant of 100,000 options, a total of 6,390,000 shares have been reserved for issuance pursuant to outstanding option grants. A further 2,680,586 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'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. The Company also plans to develop its Los Pinos heap leach copper project in Peru.
Michael A. Willett, 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.
Tamerlane Ventures Inc.
Director of Corporate Communications and Investor Relations
(360) 332-5025 (FAX)