TORONTO, June 24, 2010 (GLOBE NEWSWIRE) -- Claim Post Resources Inc. (TSX-V:CPS) (the "Company") is pleased to announce that the TSX Venture Exchange has approved the Company's acquisition from Dayton Porcupine Gold Mines Inc. and J. Patrick Sheridan of a 100% interest in 49 patented claims in Deloro and Ogden Townships, six miles south of Timmins. The acquisition will include 40 patented claims covering the historical Dayton Porcupine claims and 8 patented claims formerly owned by McLaren Porcupine Mines Inc. The final single patented claim is adjacent to the historical Faymar Mine. The purchase price is $5,010 cash (which has been paid), plus one million common shares of the Company at a deemed price of $0.25 per share for 100% ownership of both the patented surface and patented mining rights, only subject to an aggregate total 3% NSR Royalty. The Company will also assume liability for all taxes owing on the claims. All common shares issued to the vendors will be subject to a four month hold period.
Dayton Porcupine Mines Ltd. completed surface mapping and drilled 14,700 ft in 31 holes between 1929 and 1936 indicating a 65 degree dipping; 8m wide gold zone approximately 450m long on the Dayton claims down to a depth of about 100 meters. Claim Post has commenced an exploration program of line cutting, trenching and test diamond drilling prior to deep IP geophysics scheduled for August 2010.
The Company's President and C.E.O., Charles Gryba, commented: "We have hired an experienced exploration manager for the Timmins area, Lawrence Buss P. Geo., to manage the exploration programs on the Dayton Porcupine and McLaren Porcupine gold systems that were discovered in the 1930s, with only shallow diamond drilling done to date. The Company intends to explore the two historical gold systems to depth, commencing with test diamond drilling, deep IP geophysics, followed by further diamond drilling. With $0.8 million of flow-through funding in the bank, the Company can start immediately."
The data on the McLaren and Dayton sites is from government and historical files and has not been confirmed by modern work in order to be compliant with National Instrument ("NI") 43-101. Charles Gryba P. Eng. is the Qualified Person, as defined by NI 43-101, responsible for the disclosure in this new release.
Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company currently holds a 100 % interest in the mineral rights to about 977 staked claim units and 51 patented claims (~165 km2 or 64 sq. miles), mainly within the city limits of Timmins, Ontario. The Company has recently optioned 110 claim units of its holdings in MountJoy Township to Osisko Mining Corporation. The Company continues to stake ground as it becomes available. Following the completion of the acquisition referred to above in this release, there will be 22,207,833 million common shares of the Corporation issued and outstanding.
Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.