TORONTO, ONTARIO, Sep. 28, 2009 (Marketwire) -- Claim Post Resources Inc. (the "Company") is pleased to announce the signing of an option agreement with Osisko Mining Corporation on the Company's wholly owned Mountjoy Property in the Timmins west area of Ontario. The total size of the land position is 105 claim units or approximately 15 square kilometres.
Osisko will act as the Operator and can acquire a 50% interest in the Mountjoy Property during a four year period for the following consideration: i) total cash payment of $250,000 including a firm payment of $50,000 on or before the first anniversary of the option agreement and ii) a total of $4,000,000 in exploration expenditures as scheduled below:
First year $500,000 including a firm minimum of $150,000
Second year $750,000
Third year $1,000,000
Fourth year $1,750,000
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 sixth Anniversary of the option agreement. Osisko can earn a further 10 percent (Third Option) by securing project financing.
Osisko Mining Corporation has also made a $200,000 private placement into Claim Post Resources by subscribing for 2 million common shares or a 9.9% interest in the company.
Charles Gryba, Claim Post Resources President and CEO commented: "Claim Post Resources is very pleased to bring in a strong strategic partner like Osisko Mining Corporation to further explore and develop our Mountjoy Property."
The Mountjoy Property in located in the Timmins West district and offers a geological environment similar to that of Osisko's Canadian Malartic project. This grass-roots area has seen little modern exploration and offers excellent potential for the discovery of new gold mineralization.
About Claim Post Resources Inc.
Claim Post Resources Inc. is a Canadian based mineral exploration company and currently a reporting issuer in Ontario, Alberta and British Columbia. The Company holds a 100% interest in the mineral rights to an approximate 150 square kilometre land package in the Kamiskotia Lake Area, 20 km Northwest of Timmins, Ontario. Claim Post Resources continues to stake ground as it becomes available.
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces.
Claim Post Resources Inc. has 20,207,833 million shares issued and outstanding.