Trueclaim Exploration Inc.
TSX VENTURE : TRM
OTCQX : TRMNF

April 11, 2012 08:59 ET

Trueclaim Exploration Receives Approval From TSX Venture for Assignment and Assumption Agreement with Northern Skye Resources

LONDON, ONTARIO--(Marketwire - April 11, 2012) - Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) (the "Company"), an explorer and developer of precious and base metals projects, is pleased to announce that it has received approval from the TSX Venture Exchange of an assignment and assumption agreement (the "Agreement") with Northern Skye Resources Ltd. ("Northern Skye"). The terms of the Agreement were previously announced in a press release dated February 9, 2012. Under the Agreement, Northern Skye assumes all obligations and payments under the following mineral property options (the "Optioned Properties") held by the Company:

  1. "Berry-Desboues Option Agreement" announced by the Company on August 17, 2011;
  2. "Boston-McElroy Option Agreement" announced by the Company on September 7, 2011;
  3. "Cook-Guibord Option Agreement" announced by the Company on September 7, 2011;
  4. "Hebecourt Option Agreement" announced by the Company on August 17, 2011;
  5. "Linear Option Agreement" announced by the Company on June 16, 2011.

Dr. Gerry Lefevre CEO of Trueclaim commented, "The Northern Skye management team is a group of seasoned mineral exploration and project development professionals. By assigning these properties, in consideration for cash payments and shares, we are exposing our Trueclaim shareholders to the significant upside that each property possesses allowing us to focus on our core projects in Ontario and Arizona."

Mr. Terry Loney, President and CEO of Northern Skye added, "We are focused on developing our projects and realizing the full potential of what we believe are some of the best undeveloped properties in Canada. Our team has created an exploration budget that will allow us to generate mineral resource estimates on at least two of the properties in the near term. Defining resources is the first step in moving the projects forward to the next level and building stronger value for our shareholders."

A Letter to the Shareholders outlining the property developments and the plans going forward can be found on the Northern Skye website at www.northernskye.com.

John Carter, President

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 Option Agreements and the assignment 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 forward-looking 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 forward-looking 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
    President
    519-913-8008
    1-888-686-1405 (FAX)
    www.trueclaim.ca