Trueclaim Exploration Inc. Signs Options on Gold Prospects in Berry Township, Desboues Township and Hebecourt Township, Quebec
18 8월 2011 - 8:24AM
Marketwired
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.
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
Trueclaim Exploration (TSXV:TRM)
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