LONDON, ONTARIO--(Marketwire - Feb. 9, 2012) - Trueclaim Exploration Inc. (TSX VENTURE:TRM.V - News)(OTCQX:TRMNF.PK - News)(the "Company"), an explorer and developer of precious and base metals projects, is pleased to announce that it has signed an agreement with Northern Skye Resources Inc. ("Northern Skye") whereby Northern Skye assumes all obligations and payments under the following mineral property options (the "Optioned Properties") held by the Company:
a. "Berry-Desboues Option Agreement" announced by the Company on August 17,
b. "Boston-McElroy Option Agreement" announced by the Company on September
c. "Cook-Guibord Option Agreement" announced by the Company on September 7,
d. "Hebecourt Option Agreement" announced by the Company on August 17,
e. "Linear Option Agreement" announced by the Company on June 16, 2011.
As consideration for assigning the Option Agreements to Northern Skye, Northern Skye agrees:
i. to issue to the Company three million (3,000,000) common shares in the
capital of Northern Skye;
ii. to pay in cash such amounts representing the actual cash expenditures
already paid by the Company in respect of the acquisition of its option
rights in and to each of the Optioned Properties
iii.the Company retains a ten percent (10%) carried working interest (the
"Retained Interest") in each of the Optioned Properties
iv. Northern Skye shall have the right, but not the obligation, to purchase
at any time and from time-to-time in increments of not less than one
percent (1%) up to the entire Retained Interest in any or all of the
Optioned Properties for consideration of one million dollars
($1,000,000) per one percent (1%) interest.
The transaction is subject to acceptance by the TSX Venture Exchange.
We seek safe harbour.
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.
Trueclaim Exploration Inc.