Tamerlane Ventures, Inc. announced that it has entered into an amendment to the option agreement with Panarc Resources Ltd. for the acquisition of the Indian Mountain Lake property in Canada's Northwest Territories. The amendment provides for the deferral of $300,000 in exploration expenditures from January 31, 2013 to January 31, 2015, in exchange for the issuance to Panarc of an additional 150,000 shares by the company. Issuance of the additional shares is subject to TSX Venture Exchange approval.