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BELLINGHAM, WASHINGTON -- (
Marketwire - Aug. 26, 2011) -
Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE: TAM) announces a net loss of $1,798,373 or $0.03 per share for the six months ended June 30, 2011, compared to a net loss of $684,661 or $0.01 per share for six months ended June 30, 2010 in the same period of the prior year.
At June 30, 2011 the Company had working capital of $2,922,488 compared to $2,726,220 at March 31, 2011, an increase of $196,268. The net increase was the result of the exercise of warrants issued in connection with private placements completed on December 17 and 21, 2009. At August 26, 2011, the Company had approximately $5.0 million of cash. With a full draw down of the last US$2.5 million bridge facility, the Company will have access to $7.5 million of cash resources which can be used for working capital.
For more details regarding the Company's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the six months ended June 30, 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 after financing is complete. 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.
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.
Contact Information
Tamerlane Ventures Inc.
Brent Jones
Director of Corporate Communications and Investor Relations
(360) 332-4636
(360) 332-5025 (FAX)
bjones@tamerlaneventures.com
www.tamerlaneventures.com
