Trueclaim Exploration Inc.

December 17, 2010 15:05 ET

Trueclaim Exploration Inc. Signs Memorandum of Understanding With Wahnapitae First Nation

ST. THOMAS, ONTARIO--(Marketwire - Dec. 17, 2010) - Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) (the "Company" or "Trueclaim") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with the Wahnapitae First Nation respecting Trueclaim's mineral exploration, mineral development and closure operations on the part of its Scadding Project that lies within the Wahnapitae Nation Traditional Territory.

Chief Myles Tyson of the Wahnapitae First Nation said, "We are looking forward to a long and mutually beneficial partnership with Trueclaim and are excited at the opportunities this MOU brings to both parties. This MOU shows how everyone wins when we take time to talk to one another."

Trueclaim and the Wahnapitae First Nation recognize that they have a mutual interest in co-operating with each other to avoid unjustified infringement of each other's rights, titles and interest, to mitigate adverse environmental and socio-economic effects, and to ensure the timely and orderly exploration and development activity of the Scadding Project. The MOU demonstrates Wahnapitae First Nation's and Trueclaim's commitment to a working relationship.

We seek safe harbour.

John Carter

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 Memorandum of Understanding with the Wahnapitae First Nation. All statements in this news release, other than statements of historical facts, which address future production, reserve potential, exploration activities and events or developments that the Company expects, are forward‐looking statements.

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 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 and actual results or developments may differ materially from those projected in the forward‐looking statements. 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.

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