Tamerlane Appoints New Chief Executive Officer
BLAINE, WASHINGTON--(Marketwire - Feb. 22, 2013) -
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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) is pleased to announce that the Board of Directors, effective as of today, has appointed Mr. John L. Key Chief Executive Officer of the Company. Mr. Key brings 40 years of deep industry knowledge in both operations and senior management, including 28 years of experience at Cominco Ltd. and its successor Teck Cominco.
The appointment of Mr. Key, who has significant experience in general management of both underground and open pit base metals mining, comes as Tamerlane continues a strategic shift in its focus to further increase the ratio of open pit to underground lead-zinc reserves and resources. The Company has already had considerable success in this endeavor, with the addition of 12.8 million tonnes of open pit reserves in 2012, which more than doubled both the projected Pine Point mine life and the total proven and probable lead-zinc reserves in Tamerlane's mineral inventory.
Prior to joining Tamerlane, Mr. Key held several senior management and executive positions, including President and CEO of Gryphon Gold Corporation, a TSX-listed company, from 2008 to 2012. During his tenure, Mr. Key's leadership was crucial in advancing Gryphon Gold from an under-capitalized junior exploration company to a production-stage mining company. As a result of this and other management initiatives implemented under Mr. Key's guidance, the company's market capitalization increased by fifteen times the 2008 level over 4 years.
Mr. Key also held the top position at the largest open pit zinc mine in the world during his 5 1/2 year tenure as General Manager of Red Dog Operations for Teck Cominco. Mr. Key's numerous accomplishments during his time operating in the arctic environment at Red Dog are highlighted by two major mine expansion projects, which in aggregate required the oversight of a budget of some $300 million and increased the annual production rate from 500,000 tonnes of zinc concentrates to over 1 million tonnes of concentrates.
Mr. Key was also General Manager of Cominco's Polaris Operations from 1993 to 1995. His considerable experience in permitting, community relations and other regulatory issues in the Northwest Territories of Canada will be crucial in advancing Tamerlane to the production stage of development, including the permitting of several open pit deposits at Pine Point.
Mr. Key will provide critical leadership to the Company during a time when lead and zinc prices are expected to rise, given the closure or decline in production at several prolific global zinc mines. Mr. Key is a proven leader with experience in financing, operating and leading large-scale mines in the Americas.
Mr. Key holds a Bachelor of Science (BS), and a Professional Degree in Mining Engineering, Mineral and Mineral Engineering from the University of Missouri - Rolla.
The Company also announced today that, effective immediately, Mike Willett has resigned as Tamerlane's CEO, citing personal reasons.
Margaret Kent, Executive Chairman, commented, "On behalf of the Board of Directors, I am very pleased to welcome Mr. Key to the management team. John's experience with large-scale open pit operations will play an essential role in advancing Pine Point to the production stage, with its existing open pit reserves and resources. Furthermore, his considerable experience in executive-level positions gives Tamerlane's current and prospective investors a heightened level of confidence in Tamerlane's ability to achieve its near- and long-term goals."
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. The Company also plans to develop its Los Pinos heap leach copper project in Peru.
Margaret M. Kent, Executive Chairman
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.
Director of Corporate Communications and Investor Relations
(360) 332-5025 (FAX)