TORONTO, Aug. 26, 2010 (GLOBE NEWSWIRE) -- Claim Post Resources Inc. (TSX-V:CPS) (the "Company") is pleased to announce that the Company has received a cash payment of $200,000 from Osisko Mining Corporation towards the continuation of the Mountjoy option agreement.
Osisko is the operator of the Mountjoy Property and under the option agreement, during a 4 year period, has the right to complete $4,000,000 of exploration expenditures to earn a 50% interest. Osisko's commitments to earn the 50% interest in the 110 units in Mountjoy Township are now revised to:
| First year: | Completed; ($350,000 exploration expenditures deferred to year 2) |
| Second year: | $1,100,000 exploration expenditures (includes $350,000 exploration expenditures from year 1) |
| Third year: | $1,000,000 exploration expenditures |
| Fourth year: | $1,750,000 exploration expenditures |
Upon acquiring a 50% interest in the Mountjoy Property, Osisko has the option to acquire another 10% (Second Option) by delivering a bankable feasibility study no later than 3 months following the 6th Anniversary of the option agreement. Osisko can earn a further 10 percent (Third Option) by securing project financing.
In the past year Claim Post has staked an additional 5 claims in Mountjoy Township plus 100 claims immediately adjacent to the Mountjoy boundaries with Godfrey and Jessop Townships. Claim Post has completed cutting 100m grids on the both the NE and south boundary of Godfrey township to explore the Godfrey side of the Mountjoy boundary. Osisko is scheduled to complete an airborne survey over the Mountjoy Project in September 2010.
The Company's President and C.E.O., Charles Gryba commented: "We are pleased to have Osisko continuing to work the Mountjoy portion of the under-explored Timmins Camp. Concurrently, Claim Post has been concentrating on exploring the recently acquired Dayton and Mclaren Porcupine gold systems in Deloro Township, immediately south of Timmins. Line cutting, deep IP and ground magnetic surveys have been completed on the Dayton Property – and have identified numerous new targets -- 600m east to 1000m west of DD hole CPDP-10-1 which intersected 1.7g/t gold over 13.4m true width. Diamond drilling of the 450m long Dayton gold system is scheduled to restart in September. (CPS -- Press Release July 28th, 2010)."
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 1134 staked claim units and 51 patented claims (~180 km2 or 72 sq. miles), wholly within the city limits of Timmins, Ontario. The Company continues to stake ground as it becomes available. There are 26,257,165 common shares of the Company 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.