Osisko Payment to Claim Post ResClaim Post Resources Announces Osisko Payment
TORONTO, Aug 26, 2010 (GlobeNewswire via COMTEX) --Claim Post Resources Inc./quotes/comstock/11v!cps (the "Company") is pleased to announce that the Company hasreceived a cash payment of $200,000 from Osisko Mining Corporationtowards the continuation of the Mountjoy option agreement.
Osisko is the operator of the Mountjoy Property and under the optionagreement, during a 4 year period, has the right to complete $4,000,000of exploration expenditures to earn a 50% interest. Osisko's commitmentsto earn the 50% interest in the 110 units in Mountjoy Township are nowrevised to:
First year: Completed; ($350,000 exploration expenditures deferred to year 2)
$1,100,000 exploration expenditures (includes $350,000 exploration
Second year: 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 theoption to acquire another 10% (Second Option) by delivering a bankablefeasibility study no later than 3 months following the 6th Anniversaryof the option agreement. Osisko can earn a further 10 percent (ThirdOption) by securing project financing.
In the past year Claim Post has staked an additional 5 claims inMountjoy Township plus 100 claims immediately adjacent to the Mountjoyboundaries with Godfrey and Jessop Townships. Claim Post has completedcutting 100m grids on the both the NE and south boundary of Godfreytownship to explore the Godfrey side of the Mountjoy boundary. Osisko isscheduled to complete an airborne survey over the Mountjoy Project inSeptember 2010.
The Company's President and C.E.O., Charles Gryba commented: "We arepleased to have Osisko continuing to work the Mountjoy portion of theunder-explored Timmins Camp. Concurrently, Claim Post has beenconcentrating on exploring the recently acquired Dayton and MclarenPorcupine gold systems in Deloro Township, immediately south of Timmins.Line cutting, deep IP and ground magnetic surveys have been completedon the Dayton Property -- and have identified numerous new targets --600m east to 1000m west of DD hole CPDP-10-1 which intersected 1.7g/tgold over 13.4m true width. Diamond drilling of the 450m long Daytongold system is scheduled to restart in September. (CPS -- Press ReleaseJuly 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 explorationcompany and a reporting issuer in Ontario, Alberta and British Columbia.The Company currently holds a 100% interest in the mineral rights toabout 1134 staked claim units and 51 patented claims (~180 km2 or 72 sq.miles), wholly within the city limits of Timmins, Ontario. The Companycontinues to stake ground as it becomes available. There are 26,257,165common shares of the Company issued and outstanding.
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