Trueclaim Exploration Inc.

November 13, 2009 14:43 ET

Drilling Underway on Scadding Gold Project and Trueclaim Exploration Inc. Options More Adjacent Mining Claims

ST. THOMAS, ONTARIO--(Marketwire - Nov. 13, 2009) - John Carter, President of Trueclaim Exploration Inc. ("Trueclaim") (TSX VENTURE:TRM), is pleased to announce that diamond drilling has started on the 2,000 metre Phase 1 drill program on the Scadding Gold Property (the "Property"). Commencement of the drill program represents another systematic move forward by the Company in efforts to develop near term production properties such as Scadding.

The full exploration program is intended to define and increase the known non-NI43-101-compliant resource on the Property as well as seek other mineralization discoveries within the targeted areas. To date, the Phase I plan consists of a minimum of fourteen (14) defined targets distributed around three mined regions identified as the North, South and East-West zones. Each of these zones has had prior limited drilling that produced high gold assay values. At the same time, however, the Company has noted that from the analysis of past drilling data, and detailed modelling, potential new targets and zones appear to exist and may extend off the immediate mine area.

The Company is further pleased to announce that it has expanded its land holdings around the Property by entering into an option agreement to acquire a 100% working interest in four mineral claims known as the Powerline Property located immediately south of the Scadding property. The Company completed this acquisition following detailed analysis by its geological team that felt that the structures within the Powerline property contained similarities with those found within the Scadding claims. Previous non-NI43-101-compliant analysis of surface samples on the Powerline property found anomalous gold values that strongly suggest further evaluation is required.

In order to maintain the Powerline Property option agreement in good standing, Trueclaim is required to issue an aggregate of 150,000 common shares in the capital of Trueclaim to the vendor, with an initial payment of 75,000 shares, and 25,000 shares on each of the first, second and third year anniversaries of the agreement; incur cumulative exploration expenditures of $350,000 on or in respect of the Powerline Property, with $100,000 being incurred on or before March 31, 2010 and a further $250,000 being incurred on or before September 30, 2010; and make cumulative cash payments of $125,000, with an initial payment of $12,500, a payment of $12,500 on the first anniversary of the option agreement, and a payment of $50,000 on each of the second and third anniversaries of the option agreement. The vendor of the Powerline Property will receive a 2% net smelter return royalty. The transaction is subject to acceptance of the TSX Venture Exchange. The option of the Powerline Property increases Trueclaim's land holdings on and around the Scadding Property to approximately 14,781 hectares (36,525 acres).

We seek safe harbour.



John Carter, President

Technical information in this news release has been reviewed by Mr. Bob Komarechka, P. Geo. and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company Management, which takes full responsibility for content, prepared this news release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined on the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Trueclaim Exploration Inc.
    John Carter
    1-888-686-1405 (FAX)