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Significant project and permitting events during the development of the Pine Point Project (PPP) are detailed in the following chronology:
(P) - denotes milestones related to the land and water use permitting process
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2011
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July
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Tamerlane submits documentation to modify its existing Water Licence, and request a new Land Use Permit for a proposed change of access (portal/decline vs. shaft) to the R190 deposit.
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April
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Thyssen Mining Construction of Canada (TMCC) completes a report for Tamerlane confirming that portal / decline access to the R190 deposit would be more beneficial than Tamerlane’s original plan to access by shaft.
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March
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Drilling continues at the W85 deposit to determine indicated and inferred resources.
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February
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Tamerlane completes NI 43-101 document for the N204 deposit, adding indicated and inferred resources.
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2010
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June
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Tamerlane approves new CEO and two new Directors
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Tamerlane intersects 71.24 feet grading 9.68% Lead-Zinc at N204 Deposit
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May
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Tamerlane confirms historical resources at N204 Deposit with Pine Point Project
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February
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Tamerlane commences drill program at Pine Point Project (N204 Deposit)
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2009
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July
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Tamerlane receives Land Use Permit for its Pine Point Project.
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April
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Tamerlane receives Water License for its Pine Point Project.
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2008
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December
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Tamerlane received notice that the Type A Water License was finalized and sent to the Minister of Indian Affairs and Northern Development for final signature.
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Tamerlane received notice from Northland Utilities Limited that it received an exclusive electrical utility franchise to provide hydroelectric power to the Company’s Pine Point property.
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November
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Tamerlane announces final closing and 100% ownership of the Los Pinos copper porphyry deposit located 100 kilometers south of Lima, Peru.
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September
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Tamerlane submitted a Type A Exploration Land Use Permit to the Mackenzie Valley Land and Water Board.
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August
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Tamerlane completed its in-house Pre-feasibility study on the W-85 deposit which is host to NI 43-101 compliant resources of 2.6 million tonnes at grades of 2.82% zinc and 1.05% lead.
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July
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Tamerlane completed its bankable Feasibility Study on the Pine Point Project, which included the mining of six (6) underground zinc and lead deposits.
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2008 confirmation drill program produces 8,000 feet of core in 4 deposits with the best intercept at the R-190 deposit which contained 120 vertical feet of 29.1% zinc and 11.6% lead.
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Tamerlane received its Land Use Permit from the Mackenzie Valley Land and Water Board allowing for the construction and start-up of operations at the Company’s R-190 deposit.
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Pincock, Allen and Holt completed its independent review of Tamerlane’s feasibility study and issued its updated NI 43-101 Technical Report which identifies the below salient points:
· Proven plus probable reserves of 7.8 million tonnes at grades of 6.2% zinc and 3.0% lead;
· Measured & Indicated resources of 8.0 million tonnes at grades of 2.3% zinc and 1.1% lead;
· Historic resources of 50.3 million tonnes at grades of 3.79% zinc and 1.19% lead;
· 9-year mine life producing at 2,800 tonnes ore per day;
· Producing a 62% zinc and 72% lead concentrate for an annual average tonnage of 90,300 and 36,200 tonnes, respectively;
· A capital cost of US $239 million for the life of the Project;
· Operating costs of US $51.73 per tonne of ore; and
· A calculated after tax internal rate of return of 22%.
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April
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Tamerlane successfully completed its 2007 drilling program which produced 9,600 feet of core in 4 deposits with the best intersection at the Z-155 deposit encompassing 105 continuous feet at 23.93% zinc and 6.22% lead.
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February
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Tamerlane reports metallurgical test results that exceed company’s expectations. The low-grade composite had an initial headgrade of 2.97% Pb and 4.71% Zn, which was upgraded 250% through DMS to 7.43% Pb and 11.82% Zn at metal recoveries above 98%.
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MVEIRB issues Report of Environmental Assessment and recommends Pine Point Project proceed to the regulatory phase of approvals without restrictions.
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January
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Tamerlane is granted 16 mining leases covering 21,526 acres of the Pine Point properties
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Tamerlane commences 2008 drill program
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