Tamerlane Ventures Expects to close Private Placement on December 28th, 2011

Tamerlane Ventures Inc.(TSXV:TAM) announced that it intends to complete a non-brokered private placement. The private placement will consist of 15,384,615 flow-through shares at $0.13 per share, for gross proceeds of up to $2,000,000.

As quoted in the press release:

The proceeds of the private placement will be used principally for a drill program focusing on the K-68 and M-67 deposits that are located on the main Pine Point trend approximately 31 kilometers east of the proposed mill site for the R-190 deposit. The drilling of these deposits represents a strategic continuation of drilling performed in 2011 on the W-85 and N-204 deposits because of their proximity to surface.

Tamerlane Ventures, CEO, Mike Willett, said:

Tamerlane’s management places a high priority on the systematic and continuous conversion of historical lead/zinc resources at Pine Point into NI 43-101 compliant resource and reserve categories. Today’s announcement is also consistent with our strategy of achieving an operationally advantageous balance between surface and underground mining, thereby reducing overall project risks and costs. Despite depressed lead and zinc metals prices and a high degree of uncertainty in global equity and debt markets, Tamerlane is continuing to expand its resource base, while concurrently evaluating various options for project financing necessary to begin construction.

Click here to read the Tamerlane Ventures Inc. (TSXV:TAM) press release