Trueclaim Exploration Inc.

March 01, 2011 15:41 ET

Trueclaim Exploration Inc. Options Sandeb Property (Red Lake Area) to Silver Shield Resources Corp.

LONDON, ONTARIO--(Marketwire - March 1, 2011) - Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) is pleased to announce that, subject to regulatory approval, its wholly-owned subsidiary, Trueclaim Resources Inc. ("Trueclaim"), has entered into an option agreement (the "Agreement") with Silver Shield Resources Corp. (TSX VENTURE:SSR) ("Silver Shield") whereby Silver Shield can acquire a 100% working interest in Trueclaim's Sandeb Property (the "Property"). The Property consists of 6 unpatented mineral claims containing 96 mineral claim units encompassing an area of approximately 3,840 acres within the Dixie Lake area approximately 24 kms southeast of the town of Red Lake in the Red Lake Mining Division in northwestern Ontario. To exercise the option, Silver Shield must pay an aggregate of 500,000 common shares of Silver Shield to Trueclaim on or before the second anniversary of the Effective Date of the Agreement and incur cumulative expenditures of not less than $300,000 on the Property before the third anniversary of the Effective Date of the Agreement. Trueclaim will retain a 2% net smelter return royalty.

Mr. John Carter, President of Trueclaim Exploration Inc., noted, "This agreement will provide the shareholders of Trueclaim with opportunities to benefit from the exploration of the Sandeb Property while enabling Trueclaim to focus its resources on its Scadding Project near Sudbury, Ontario."

We seek safe harbour.

John Carter, President

Forward Looking Statements

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 proposed option agreement. 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 forwardlooking 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 forwardlooking 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.

Contact Information

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