BELLINGHAM, WASHINGTON--(Marketwire - June 21, 2011) -
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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (News - Market indicators) announces a net loss of $1,111,984 or $0.02 per share for the three months ended March 31, 2011, compared to a net loss of $365,942 or $0.01 per share in the same period of the prior year.
At March 31, 2011 the Company had working capital of $2,726,220 compared to $4,158,221 at December 31, 2010, a decrease of $1,432,001. The decrease resulted primarily from general and administrative expenditures, interest payments, and exploration and evaluation expenditures on the Pine Point Project. In April 2011 the Company received cash proceeds of an additional $2,151,749 from the exercise of warrants.
The 2010 figures are reported in accordance with IFRS as the Company's date of transition from Canadian GAAP to IFRS was January 1, 2010. These figures have not been previously disclosed. For more details regarding the Company's adoption of IFRS, see the Company's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three months ended March 31, 2011, which have been filed on www.sedar.com, and are also available on the Company's website at www.tamerlaneventures.com.
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 this fall. 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.
On behalf of Tamerlane Ventures Inc.
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.
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.