09:30 EDT Monday, October 06, 2008

Still Waiting on 717 Coal Permit Applications

VANCOUVER, Oct. 6 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce that 69 Coal Prospecting Permits have been issued to the Company in Saskatchewan, near the most recent coal discovery by Goldsource Mines Inc. (TSX-V symbol: GXS). The Coal Prospecting permits cover 134,600 acres (52,992 hectares) and comprise the first set of Coal Disposition Applications that were filed by North American Gem that received first priority status from Saskatchewan Energy and Resources. The Company is currently waiting on the results of an additional 717 Coal Prospecting Permits that have been submitted to Saskatchewan Energy and Resources.

The Company has filed and fully paid for 786 Coal Disposition applications. All of the ground that has been applied for has been done so in accordance will all the rules and regulations set forth by the government of Saskatchewan's permitting office. As with all other companies applying for Coal Dispositions in Saskatchewan, North American Gem Ltd., has its applications and Coal Prospecting Permits subject to the Saskatchewan government's approval process.

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Too bad that market condition do not help SP.

Market can not go down forever, it will stop eventually as companies will not be able to produce under their cost price.

Then, shortage will follow and price will go up.

Nag, with all the news starting to come in, is well positioned to take advantage of the upside.

ecce