Trueclaim Exploration Inc.

September 13, 2010 09:49 ET

Trueclaim Exploration Inc.: Corporate Update

ST. THOMAS, ONTARIO--(Marketwire - Sept. 13, 2010) - Trueclaim Exploration Inc. (TSX VENTURE:TRM) (the "Company") an explorer and developer of precious and base metals, is pleased to report that it received $1,075,000 from the exercise of warrants and finders options during the month of August 2010. These funds enable the Company to advance its exploration programs in Canada and the USA.

In August, Pathway Asset Management's senior analyst, Mr. Ron Wortel wrote a report, which the Company views as positive, for Pathway's monthly newsletter. The title of the report is "Mining pick of the month Trueclaim Exploration Inc.". The complete report is posted on the Company's website This report was prepared by Mr. Wortel after several meetings with the Company's management, including a site visit of the Scadding property to meet our geological team and to see first-hand how we are moving forward.

The Company has requested quotations from drilling companies for a 2,000 meter diamond drilling program on targets adjacent to the original Scadding minesite. This program is scheduled to commence in October.

An 8,000 meter diamond drilling program on the Scadding property is being planned to commence upon completion of the above-noted 2,000 metre program to test further the resource potential and to build on information obtained during our successful Phase one program carried out in late 2009 to early 2010 (See our press release of February 22, 2010).

The Company has contracted Mr. Nick Barr, an Arizona-based geologist, to act as project geologist for the Company's exploration project in Gila County, Arizona. Mr. Barr has extensive experience working in this area and will provide geological services, implement preliminary exploration and assist with permitting. Mr. Bob Komarechka, the Company's senior geologist, has provided Mr. Barr with a preliminary geological program to identify zones of interest and potential drill targets. Geophysical and geochemical exploration work will follow. The Company anticipates it will implement a drill program in Arizona in early 2011, subject to permitting and drill availability. The Arizona properties are under option to the Company and are held through its wholly-owned subsidiary, Trueclaim Resources (US) Inc. The property includes the former McMorris and Silver Seven mines, as well as several other smaller mines. The area is readily accessible by year-round roads and has extensive nearby local mining infrastructure. Acquisition of the claims followed an extensive review of the property, including a physical inspection by the Trueclaim geological team in early May, 2010. The Company's initial review of the property included numerous historical geological reports on the Richmond Basin area. At current silver prices, the Company feels this property may have significant resource potential.

The Company expects to next week provide an update on the discoveries made during the 2010 summer field program on and near the Company's Scadding Project.

We seek safe harbour.


John Carter, President

Technical information in this news release has been reviewed by Mr. Bob Komarechka, P. Geo., acting as a consulting Project Geologist for the Company, 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 in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

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