Trueclaim Exploration Inc. Signs Options on Gold Prospects in Cook Township, Guibord Township and Boston Township, Ontario
08 September 2011 - 3:32AM
Marketwired
Trueclaim Exploration Inc. (the "Company") (TSX VENTURE: TRM)(PINK
SHEETS: TRMNF)(OTCQX: TRMNF), an explorer and developer of precious
and base metals projects, is pleased to announce that it has signed
two option agreements to acquire a 100% working interest in two
groups of mineral claims in the Province of Ontario.
COOK AND GUIBORD TOWNSHIPS: The Cook & Guibord property
consists of five contiguous claims in Cook Township and Guibord
Township, Ontario optioned from Frank Tagliamonte and Jean Fedora.
These claims are proximal to the Porcupine-Destor Fault
Complex.
For the Cook and Guibord Option to be fully exercised the
Company must:
i. Make a $10,000 cash payment on signing of the Option and issue 10,000
common shares of the Company to the Optionors within five business
days of the Effective Date of the Cook and Guibord Option;
ii. make a $15,000 cash payment to the Optionors and issue 40,000 common
shares of the Company to the Optionors and incur $100,000 of
exploration and development expenditures on or before the first
anniversary of the Effective Date of the Cook and Guibord Option;
iii. make a $40,000 cash payment to the Optionors and issue 50,000 common
shares of the Company to the Optionors and incur an additional
$200,000 of exploration and development expenditures on or before the
second anniversary of the Effective Date of the Cook and Guibord
Option;
iv. make a $100,000 cash payment to the Optionors and issue 50,000 common
shares of the Company to the Optionors and incur an additional
$400,000 of exploration and development expenditures on or before the
third anniversary of the Effective Date of the Cook and Guibord Option;
v. make a $150,000 cash payment to the Optionors and issue 80,000 common
shares of the Company to the Optionors and incur an additional
$500,000 of exploration and development expenditures on or before the
fourth anniversary of the Effective Date of the Cook and Guibord
Option,
vi. incur an additional $500,000 of exploration and development on or
before the fifth anniversary of the Effective Date of the Cook and
Guibord Option.
The Cook and Guibord Option Agreement is also subject to a two
and one-half percent (2.5%) Net Smelter Return royalty, subject to
a minimum payment of $30,000 per year during the period in which
Net Smelter royalties are payable. The Company will have the right
to purchase forty percent (40%) of the Net Smelter Return royalty
for $1,000,000 at any time up to the fifth anniversary of the
Effective Date. The Company shall have the right to purchase a
further forty percent (40%) of the Net Smelter Return royalty set
out in Appendix II for a further $1,000,000 on or before the sixth
anniversary of the Effective Date if and only if the purchase
contemplated above has been completed.
BOSTON TOWNSHIP: The Boston property, optioned from Frank
Tagliamonte, Bernadette Sack and Nicolina Manto, consists of three
mining claims situated approximately 16 km southeast of Kirkland
Lake, Ontario proximal to the Larder Lake Cadillac "Break" Fault
zone.
For the Boston Option to be fully exercised the Company
must:
vii. pay $15,000 cash on signing the Option, issue 50,000 common shares of
the Company to the Optionors within five business days of the
Effective Date of the Boston Option;
viii. make a $25,000 cash payment to the Optionors and issue 60,000 common
shares of the Company to the Optionors and incur $150,000 of
exploration and development expenditures on or before the first
anniversary of the Effective Date of the Boston Option;
ix. make a $60,000 cash payment to the Optionors and issue 30,000 common
shares of the Company to the Optionors and incur an additional
$150,000 of exploration and development expenditures on or before the
second anniversary of the Effective Date of the Boston Option;
x. make a $66,000 cash payment to the Optionors and issue 24,000 common
shares of the Company to the Optionors and incur an additional
$300,000 of exploration and development expenditures on or before the
third anniversary of the Effective Date of the Boston Option;
xi. make a $120,000 cash payment to the Optionors and issue 24,000 common
shares of the Company to the Optionors and incur an additional
$450,000 of exploration and development expenditures on or before the
fourth anniversary of the Effective Date of the Boston Option; and
xii. incur an additional $500,000 of exploration and development
expenditures on or before the fifth anniversary of the Effective Date
of the Boston Option.
The Boston Option Agreement is also subject to a two and
one-half percent (2.5%) Net Smelter Return royalty, subject to a
minimum payment of $30,000 per year during the period in which Net
Smelter royalties are payable. The Company will have the right to
purchase forty percent (40%) of the Net Smelter Return royalty for
$1,000,000 at any time up to the fifth anniversary of the Effective
Date. The Company shall have the right to purchase a further forty
percent (40%) of the Net Smelter Return royalty set out in Appendix
II for a further $1,000,000 on or before the sixth anniversary of
the Effective Date if and only if the purchase contemplated above
has been completed.
Both transactions are subject to acceptance by the TSX Venture
Exchange. The Company may transfer for consideration its rights
under the Cook and Guibord Option Agreement and the Boston Option
Agreement to a third party that will fund the option and work
commitments.
We seek safe harbour.
John Carter, President
This news release contains "forward-looking information" (within
the meaning of applicable Canadian securities laws) and
"forward-looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995). Such statements
or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such
statements include, among others, those concerning the Option
Agreements. All statements in this news release, other than
statements of historical facts, which address future production,
reserve potential, exploration activities, financing plans,
objectives or goals, and events or developments that the Company
expects, are forward-looking statements. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Such
forward-looking information or statements are based on a number of
risks, uncertainties and assumptions which may cause actual results
or other expectations to differ materially from those anticipated
and which may prove to be incorrect. Assumptions have been made
regarding, among other things, management's expectations regarding
its ability to complete its exploration and development work as
expected. Actual results could differ materially due to a number of
factors, including, without limitation, operational risks in the
completion of the Company's continued development work, technical,
safety or regulatory issues, market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Although the Company believes that the expectations reflected in
the forward-looking information or statements are reasonable,
prospective investors in the Company's securities should not place
undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be
correct. Actual results or developments may differ materially from
those projected in the forward-looking statements. Such risks
include expectations that may be raised by discussing potential
mine types and by comparing the Company's projects to other
projects. Also, in order to proceed with the Company's exploration
and acquisition plans, additional funding is necessary and,
depending on market conditions, this funding may not be forthcoming
on a schedule or on terms that facilitate the Company's plans.
Forward-looking information and statements contained in this news
release are as of the date of this news release and the Company
assumes no obligation to update or revise this forward-looking
information and statements except as required by law.
Neither the 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 news release.
Contacts: Trueclaim Exploration Inc. John Carter President
519-913-8008 1-888-686-1405 (FAX) www.trueclaim.ca
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