Tamerlane Announces Flow-Through Unit Financing

Each whole Common Share Purchase Warrant will entitle the holder to purchase an additional Common Share at an exercise price of C$0.80 per share for a period of 18 months. The MineralFields group of companies purchased the entire amount of the offering. For introducing certain investors to the Company, the Company paid a 7% cash finder's fee and issued broker warrants equal to 5% of the number of Units issued to those investors. Each warrant will be exercisable into one Common Share at a price of C$0.60 per share for a period of 18 months.

This financing was previously announced on July 2, 2008 when it was anticipated that the Company would raise up to $2.25 million. Due to market conditions the financing was not completed. As a result, the Company announces today that, subject to regulatory approval, it intends to complete a non-brokered private placement of up to 4.5 million Flow-Through Units at a subscription price of C$0.45 per Flow-Through Unit for gross proceeds of up to C$2.03 million. Each Unit will comprise one Common Share and One-Half of One Common Share Purchase Warrant.

Each whole Common Share Purchase Warrant will entitle the holder to purchase an additional Common Share at an exercise price of C$0.60 per share for a period of 18 months. For introducing certain investors to the Company, the Company will pay a 7% cash finder's fee and will issue broker warrants equal to 5% of the number of Units issued to those investors. Each warrant will be exercisable into one Common Share at a price of C$0.60 per share for a period of 18 months.

All of the securities issued in these private placements will be subject to a four-month hold period.

The proceeds from the unit offerings will be used to fund additional surface drilling at the Pine Point Zinc-Lead Project in the Northwest Territories. -- www.cnxmarketlink.com