Tamerlane Misses Interest Payment and Receives Demand Notice from Lender

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM)
announced today that the Company has not made the US$127,327.86 interest payment
to Global Resource Fund on the Company's senior secured bridge loans, which was
due July 25, 2013. Late Friday afternoon July 26, 2013 the Company received a
notice of default from Global Resource Fund and a demand for payment in full by
August 6, 2013 of all amounts due under the loans, which totaled US$12,100,254
as of July 26, 2013. The lender also issued a Notice of Intention to Enforce
Security. 


A group of directors, management and shareholders have made several proposals to
Global Resource Fund in mid-July to fund the interest payments and operations
for the next several months while the Company reviews proposals for the sale of
its Los Pinos copper property in Peru and funding to develop its Pine Point zinc
mine. Two investment banks have been working diligently on both of these fronts
and have already received letters of interest and are expecting to receive
several more letters of interest by August 1, 2013.


The Company is currently engaged in discussions with Global Resource Fund, which
is managed by Renvest Mercantile Bancorp Inc., and is evaluating its options.


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. Tamerlane has put
its Los Pinos copper property up for sale to pay down debt.


John L. Key, CEO

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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tamerlane Ventures Inc.
Brent Jones
Director of Corporate Communications and Investor Relations
(360) 332-4636
(360) 332-5025 (FAX)
bjones@tamerlaneventures.com
(TSXV:TAM)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024