Trueclaim Exploration Inc. Signs Options on Gold Prospects in Cook Township, Guibord Township and Boston Township, Ontario

Marketwire - Mining and Metals | September 7, 2011 | 5:32 pm Precious Metals Canada Europe Gold 

LONDON, ONTARIO–(Marketwire – Sept. 7, 2011) – 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:

  1. 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;
  2. 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;
  3. 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;
  4. 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;
  5. 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,
  6. 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:

  1. 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;
  2. 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;
  3. 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;
  4. 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;
  5. 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
  6. 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

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