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TRM Trueclaim Exploration Inc

0.10
0.00 (0.00%)
05 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Trueclaim Exploration Inc TSXV:TRM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.10 0.07 0.10 0 01:00:00

Trueclaim Exploration Inc. Signs Options on Gold Prospects in Berry Township, Desboues Township and Hebecourt Township, Quebec

18/08/2011 12:24am

Marketwired Canada


Trueclaim Exploration Inc. (TSX VENTURE:TRM)(PINK SHEETS:TRMNF)(OTCQX:TRMNF)
(the "Company"), an explorer and developer of precious and base metals projects,
is pleased to announce that it has signed two option agreements with Frank
Tagliamonte (the "Optionor") to acquire a 100% working interest in two groups of
mineral claims in the Province of Quebec.


BERRY-DESBOUES TOWNSHIPS: The Berry-Desboues property consists of 15 contiguous
claims covering an area of approximately 420.8 hectares in Berry Township and
Desboues Township in the southern Abitibi Belt northwest of the town Amos,
Quebec. Four gold showings are found along the southwest periphery of a
composite syenite pluton intruded into mafic volcanic and sediments on this
property. Diamond drilling has identified two auriferous gold zones.


For the Berry-Desboues Option to be fully exercised the Company must:



(i)    make a $2,000 cash payment to the Optionor on signing of the Berry-
       Desboues Option;
(ii)   make a $15,000 cash payment to the Optionor and issue 30,000 common
       shares of the Company to the Optionor within five business days of
       the Effective Date of the Berry-Desboues Option;
(iii)  make a $25,000 cash payment to the Optionor and issue 50,000 common
       shares of the Company to the Optionor and incur $250,000 of
       exploration and development expenditures on or before the first
       anniversary of the Effective Date of the Berry-Desboues Option;
(iv)   make a $60,000 cash payment to the Optionor and issue 60,000 common
       shares of the Company to the Optionor and incur $400,000 of
       exploration and development expenditures on or before the second
       anniversary of the Effective Date of the Berry-Desboues Option;
(v)    make a $100,000 cash payment to the Optionor and issue 90,000 common
       shares of the Company to the Optionor and incur $500,000 of
       exploration and development expenditures on or before the third
       anniversary of the Effective Date of the Berry-Desboues Option;
(vi)   make a $200,000 cash payment to the Optionor and issue 100,000 common
       shares of the Company to the Optionor and incur $600,000 of
       exploration and development expenditures on or before the fourth
       anniversary of the Effective Date of the Berry-Desboues Option; and
(vii)  incur $900,000 of exploration and development expenditures on or
       before the fifth anniversary of the Effective Date of the Option.



The Berry-Desboues 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.


HEBECOURT TOWNSHIP: This property consists of 9 claims in Hebecourt Township
near Rouyn-Noranda, Quebec. Regional geological maps show an area of mafic to
intermediate volcanic rocks with a band of felsic volcanics striking westward
from the two known VMS orebodies 6 kilometers to the east and outside the claim
area. These VMS properties are the Iso deposit (formerly known as the Magusi
deposit) and the New Insco Deposit an additional 1.6 km further to the east.


For the Hebecourt Option to be fully exercised the Company must:



(viii) make a $5,000 cash payment to the Optionor on signing of the
       Hebecourt Option;
(ix)   issue 2,500 common shares of the Company to the Optionor within five
       business days of the Effective Date of the Hebecourt Option;
(x)    make a $20,000 cash payment to the Optionor and issue 15,000 common
       shares of the Company to the Optionor and incur $200,000 of
       exploration and development expenditures on or before the first
       anniversary of the Effective Date of the Hebecourt Option;
(xi)   make a $30,000 cash payment to the Optionor and issue 20,000 common
       shares of the Company to the Optionor and incur $400,000 of
       exploration and development expenditures on or before the second
       anniversary of the Effective Date of the Hebecourt Option;
(xii)  make a $50,000 cash payment to the Optionor and issue 50,000 common
       shares of the Company to the Optionor and incur $500,000 of
       exploration and development expenditures on or before the third
       anniversary of the Effective Date of the Hebecourt Option;
(xiii) make a $200,000 cash payment to the Optionor and issue 100,000 common
       shares of the Company to the Optionor and incur $500,000 of
       exploration and development expenditures on or before the fourth
       anniversary of the Effective Date of the Hebecourt Option; and
(xiv)  incur $900,000 of exploration and development expenditures on or
       before the fifth anniversary of the Effective Date of the Option.



The Hebecourt 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 Berry-Desboues
Option Agreement and the Hebecourt 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.


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