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Trueclaim Exploration Inc. Increases Non-Brokered Private Placement to Raise up to $880,000

LONDON, ONTARIO--(Marketwire - May 4, 2011) - Due to demand, Trueclaim Exploration Inc. (TSX VENTURE:TRM - News; OTXQX:TRMNF) (the "Company") is increasing the amount to be raised under the non-brokered private placement described in the Company's news release dated April 15, 2011. The Company is now arranging to raise up to $880,000 through the issuance of 5,500,000 units (each a "Unit") at a purchase price of $0.16 per Unit. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant (each a "Warrant"). Each Warrant has a term of 18 months from the date of closing of the Private Placement (the "Closing Date") and entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.25 per share at any time on or before 18 months after the Closing Date.The Company intends to use the funds on exploration work on the Black Diamond silver project in Arizona, USA which the Company has under option and for general working capital purposes. The Black Diamond property includes the former McMorris and Silver Seven mines. The site was first discovered in the late 1800s and surface mined by local prospectors. In the years that followed several shafts were sunk in the area of the claims with at least one of these going down to the 700 foot level. The Company's Senior Geologist and its Special Project Manager recently spent two weeks at the property working with the Project Geologist to develop a clear concise plan to move the project forward. The Company has compiled historical data and communicated with people formerly associated with operations on the property and now feels it has the information necessary to implement a successful exploration program. It is anticipated that work now underway will enable the Company to prepare a drill program that can proceed upon receipt of necessary permits.The Company may pay a finder's fee to arm's length parties on funds raised under the private placement, in cash and/or securities of the Company in accordance with the policies of the TSX Venture Exchange.The private placement and the payment of any finder's fees are subject to the acceptance of the TSX Venture ExchangeWe seek Safe Harbour.TRUECLAIM EXPLORATION INC.John Carter, PresidentThis news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the private placement and exploration program(s). All statements in this news release, other than statements of historical facts, which address future production, reserve potential, exploration activities, financing plans, objectives or goals, and events or developments that the Company expects, are forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to complete its exploration and development work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's continued development work, technical, safety or regulatory issues, market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Actual results or developments may differ materially from those projected in the forward-looking statements. Such risks include expectations that may be raised by discussing potential mine types and by comparing the Company's projects to other projects. Also, in order to proceed with the Company's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.