VANCOUVER, Oct. 2 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
(The Company) is pleased to announce that the TSX Venture Exchange has
accepted for filing an option agreement dated September 5, 2008 between North
American Gem Inc. (the 'Company') and Appalachia Coal Corp., whereby the
Company will acquire a 100% interest in Appalachia Coal Corp., a British
Columbia incorporated company with 20,000 acres of coal leases located in
Preston County, West Virginia.
North American Gem now controls approximately 20,000 acres of coal leases
in West Virginia that are in various stages of permitting. Several different
coal seams run on ACC's properties including the well known Kittanning seam
currently being mined at Cleveland-Cliff's White Tail mine 6 miles from ACC's
project.
The Company will pay, to the founders of Appalachia Coal Corp., $200,000
in cash payments and 8,000,000, consisting of one (1) common share and one (1)
common share purchase warrant exercisable at an exercise price of $0.20 per
share for a period of two (2) years from closing. North American Gen has also
paid a $15,000 finder's fee to Canaccord Capital Corporation.
Charles Desjardins will visit the West Virgina property early next week
and will implement additional plans with the project's management team, to
aggressively move the project forward.

http://www.newswire.ca/en/releases/a...

Not the best time to let this NR out

ecce