TORONTO, ONTARIO--(Marketwire - July 29, 2010) -
A correction is issued with respect to the release issued on July 29, 2010 16:03 ET. The ticker symbol (TSX VENTURE:CPS) was not included in the release. The corrected release follows:
Claim Post Resources Inc. (the "Company") (TSX VENTURE:CPS) is pleased to announce that the Company has completed the 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 includes 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 was $5,010 cash, 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 are subject to a four month hold period.
Dayton Porcupine Mines Ltd. completed surface mapping and drilled 14,700 ft (4500 meters) 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, ground magnetic survey and diamond drilling on the Dayton property. Deep Insight IP geophysics is scheduled to start August 5th, 2010 with the initial survey results a week later.
Claim Post has completed test diamond drilling and assaying of the initial 3 holes drilled on the same drill section at the east end of the Dayton gold system as part of the property due diligence and to calibrate the deep Insight IP survey. Test hole CPDP-10-1, drilled at minus 45 degrees; intersected a quartz breccia zone from 107.1m to 120.6m averaging 1.7 g/t gold over a core length of 14.1m or 13.4m true width at about 100m below surface. Included in the 14.1m zone are higher grade intersections of 0.43m of 7.17g/t, 0.54m of 7.61g/t and 0.55m of 4.91g/t gold. Shallow hole CPDP-10-02 intersected 1.62g/t gold over 0.34m at 79m and CPDP–10–03 intersected bull quartz with anomalous gold values from 190m to196m down the hole.
The Company's President and C.E.O., Charles Gryba commented: "We are pleased to have completed the acquisition from Mr. Sheridan and Dayton Porcupine. The Company's initial drill program has confirmed that the Dayton Porcupine gold system at the 100m level is 13.4m wide and the high quartz content of the zone should be very traceable to depth and along strike. The deep IP program is designed to cover a 1.6km x 2km area down to a depth of 600m. Gold grades in the Timmins camp are directly related to the percentage of sulphides thus will drill the higher chargeability portions of the anomalies. The company is currently drilling a deep EM anomaly in Turnbull Township and will move the diamond drill back to Dayton by August 15th."
Qualified Person.
The Dayton Porcupine drill program was completed under the supervision of Lawrence Buss P. Geo., the company's Exploration Manger for the Timmins area. All NQ size diamond drill holes were diamond sawed with ½ the core assayed. All assay values reported above were processed by Cattarello Assayers Inc. of Timmins, Ontario. Ten percent of the assays were processed at ALS laboratories in Timmins as part of the QA/QC protocol. All assays were obtained by standard 50 g fire assaying with gravimetric finish. Values greater than 5.00 grams per tonne were re-assayed and averaged for the purpose of this release. Claim Post Resources follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Blank intervals and three different types of gold standard values were implemented during the sampling program at an interval of one per 40 samples.
Lawrence Buss P. Geo. Exploration Manager is Claim Post's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr Buss has reviewed the contents for accuracy and has approved the press release on behalf of Claim Post.
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 Mount Joy Township to Osisko Mining Corporation. The Company continues to stake ground as it becomes available. There are 22,207,833 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.