Trueclaim Exploration Inc. Signs Option on the Linear Gold Property, Newfoundland
16 Junho 2011 - 12:48PM
Marketwired
Trueclaim Exploration Inc. (the "Company") (TSX VENTURE:
TRM)(OTCQX: TRMNF), an explorer and developer of precious and base
metals projects, is pleased to announce that it has signed an
option agreement (the "Option") with Krinor Resources Inc. and ASK
Prospecting and Guiding Inc. (the "Optionors") to acquire 100% of
59 claims (approx. 1,475 ha) known as the Linear Property, located
15 km west of Gander, Newfoundland. The Property covers a portion
of the Appleton Linear, a north-northeast trending structure that
extends more than 30 km in length, where high-grade gold
mineralization in quartz veining and breccias has been discovered
through prospecting and subsequent diamond drilling.
For the Option to be fully exercised the Company must:
i. pay to Krinor Resources Inc. $8,000 within five business days of the
Effective Date of the Option;
ii. make a $25,000 cash payment to the Optionors and issue 150,000 common
shares of the Company to the Optionors within five business days of
the Effective Date of the Option;
iii. make a $25,000 cash payment to the Optionors and issue 150,000 common
shares of the Company to the Optionors and incur $250,000 of
exploration and development expenditures on or before the first
anniversary of the Effective Date of the Option;
iv. make a $60,000 cash payment to the Optionors and issue 210,000 common
shares of the Company to the Optionors and incur $400,000 of
exploration and development expenditures on or before the second
anniversary of the Effective Date of the Option;
v. make a $80,000 cash payment to the Optionors and issue 240,000 common
shares of the Company to the Optionors and incur $700,000 of
exploration and development expenditures on or before the third
anniversary of the Effective Date of the Option.
The Option Agreement is also subject to a three percent (3.0%)
Net Smelter Return royalty. The Company will have the right to
purchase fifty percent (50%) of the Net Smelter Return royalty at
any time for $1,500,000. The transaction is subject to acceptance
by the TSX Venture Exchange. The Company intends to transfer for
consideration its right under the 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). 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 519-913-8008
1-888-686-1405 (FAX) www.trueclaim.ca
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