BELLINGHAM, WASHINGTON--(Marketwire - Feb. 17, 2011) - Tamerlane Ventures Inc. (News - Market indication) -

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Tamerlane Ventures Inc. ("Tamerlane" or "the Company") is pleased to announce that it has signed a term sheet for a US$60 million senior secured financing, which represents the senior debt portion of the three-part financing plan for construction of its Pine Point project. The term sheet was submitted by Durham Capital Corporation ("Durham"), together with its participants and third party lenders.

The US$60 million bridge financing contains a three-year maturity with an option to extend the loan for an additional 2 years. The interest rate is 12% per annum, with interest to accrue for the first 18 months while the project is being constructed. The Company will pay a 3% origination fee and, once the facility is closed, will pay a 0.5% per annum fee on any undrawn amount.

As collateral for the loan, the Company has agreed to grant Durham a senior perfected security interest in the Pine Point project. The loan can be repaid at any time with no prepayment penalty. Covenants include a pre-closing 50% loan-to-value test, and a loan-to-value test 12 months after closing of 70%. The conditions precedent to closing include legal and technical due diligence, a project valuation, completion of satisfactory documentation, and final senior credit approval.

The Company anticipates closing the loan by early summer. The executed term sheet is not a commitment to make a loan, and should not be relied on by any third party, but is an understanding of the financing that has been proposed and is acceptable to the Company. The Company and Durham expect to work diligently and quickly to close the financing.

Based on the Company's updated feasibility work, the financing needed for the Pine Point project is approximately US$115 million. However, the Company intends to arrange financing totaling US$135 million to assure that funds are available for any encountered overruns. In addition to the US$60 million senior secured debt under negotiation with Durham, the Company expects that approximately US$50 million will be in the form of a smelter/hedging facility and standby facility, and approximately US$25 million will be in the form of equity. The Company is also in receipt of proposals for both tranches and will be evaluating these over the next several weeks while it progresses on the senior debt facility.

Margaret Kent, Executive Chairman of Tamerlane Ventures, who is responsible for arranging the financing, commented, "It was important to start work on the senior secured part of our financing package immediately. The Company is in receipt of various offers and proposals for the project, including joint ventures. The board has elected to build and develop the project within Tamerlane using conventional types of lender financing. We expect the senior secured bridge will be replaced with conventional bank debt once the project is up and running. The facility that we are negotiating with Durham will allow us to proceed rapidly to the construction phase. The board feels that this will maximize value to our shareholders. We are evaluating a number of proposals for the balance of the funding and expect to be able to announce further details in the coming weeks. The Pine Point project hosts over five billion pounds of lead and zinc in the ground and we believe it will once again become one of Canada's great mines."

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 lead-zinc Pine Point Property back into production in the 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.

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.