Trueclaim Exploration Inc.

October 15, 2009 11:33 ET

Trueclaim Exploration Inc. Signs Agreement to Acquire in Excess of 30,000 Acres Adjacent to Former Scadding Gold Mine

ST. THOMAS, ONTARIO--(Marketwire - Oct. 15, 2009) - Trueclaim Exploration Inc. ("Trueclaim") (TSX VENTURE:TRM) is pleased to announce that, subject to regulatory approval, it has entered into an agreement with Pacific North West Capital ("Pacific") (TSX VENTURE:PFN) to acquire 58 claims (915 units) or approximately 31,832 acres (12,882 hectares) in Scadding, Davis and Street Townships in Ontario. All of the ground, except for approximately 3,489 acres, is contiguous to Trueclaim's Scadding Gold Property located approximately 50 kilometres northeast of Sudbury, Ontario. Under the terms of the agreement, Pacific will receive 50,000 common shares of Trueclaim and a future 1 1/2% (1.5%) net smelter royalty (NSR) on projects developed within the acquired area.

Trueclaim's President, Mr. Eric Plexman noted "This acquisition will provide the shareholders of Trueclaim with opportunities to benefit from the Company's efforts to build a much broader resource base on the Scadding site. The agreement was the result of an excellent effort by our management team to increase Trueclaim's footprint in the area at minimal cost to Trueclaim".

The new claims will extend the borders of the Scadding project over an irregular area approximately 11, 15 and 4 kilometres to the south, east and west respectively of the former Scadding gold mine. Trueclaim's consulting geologist, Mr. Bob Komarechka, P. Geol., has noted that some of the new claims lie along anomalous electromagnetometer trends and are on strike with previously mined gold mineralization and may represent a continuation of the geological zones responsible for the original Scadding deposits. "Historic gold, nickel, copper and PGM (platinum group metal) occurences and geophysical anomalies occur on these claims. In addition, several old shafts and pits are located on these claims" noted Mr. Komarechka.

In approximately two to three weeks Trueclaim will be starting its Phase I drill program on the Scadding site. The program is intended to define and increase the historic resource and seek other mineralized areas within the targeted areas. The expenditures associated with this work will be sufficient to cover the assessment work due by July 2010 on the newly acquired claims. This cost-effective synergy ensures that Trueclaim will have minimal additional costs in connection with the maintenance of these new claims. Trueclaim is now undertaking data compilation and the production of a georeferenced database to optimize an exploration program and budget for the new claims.

The Scadding Gold property reportedly produced approximately 914 kilograms of gold from 127,000 tonnes of ore grading 7.2 grams per tonne gold during the period from 1984 to 1990. In 1980, P.C. McLean calculated a mineral resource for the property of 165,400 ounces of gold contained within 539,049 tonnes averaging 0.307 ounce of gold per ton. This is a historical estimate and is not compliant with current National Instrument 43-101, Standards of Disclosure for Mineral Projects requirements and may not be relied upon until it has been confirmed using methods and standards that comply with those required by NI 43-101.

Trueclaim previously announced entering into a consulting and assistance agreement with First Canadian Securities (R) (a division of Limited Market Dealer Inc.), pursuant to which First Canadian Securities (R) will provide financial and capital markets advisory services to assist Trueclaim's efforts to expand its base of properties with near-term production potential. First Canadian Securities (R) is affiliated with MineralFields Group.

"We are pleased to have such experienced outside advisors assisting Trueclaim in its plan to acquire and develop precious metal properties with near-term production and strong cashflow potential. With gold reaching new highs we are confident we are on the right path with the right plan" noted Mr. Plexman, "and look forward to rewarding our shareholders by building Trueclaim into a great Canadian mining company".

We seek safe harbour.


Eric Plexman, President

Forward Looking Statements

Technical information in this news release has been reviewed by L.D.S. Winter, P. Geo. or Bob Komarechka, P. Geol. and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. This news release may contain certain "forward-looking" statements and information relating to Trueclaim that are based on the beliefs of Trueclaim's management as well as assumptions made by and information currently available to Trueclaim's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

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.
    Eric Plexman
    1-888-686-1405 (FAX)