True North Gems Completes 2011 Yukon Field Program
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2011) - True North Gems Inc. (the "Company") (TSX VENTURE:TGX) is pleased to announce the completion of the 2011 fieldwork program at the Company's 100% owned Tsa da Glisza emerald project, its 100% owned Straw base-metal project, its 100% owned Aurora-Batea blue beryl & base metal project, and an update on the 100% owned True Blue REE project, all situated in the Finlayson District of the Yukon Territory, Canada.
True North Gems engaged EBA a Tetra Tech Company (EBA), of Whitehorse, Yukon to aid in the evaluation of existing site conditions at the Tsa da Glisza emerald property. A field-visit was completed by EBA geologists, engineers, and sub-contractors who completed an assessment of the underground exploration portal opened in 2002. True North has been provided with a report to be used in planning future activities at the site. EBA, is a multi-disciplinary consultancy which offers a comprehensive range of services in mining, energy, transportation and the development sectors to clients throughout Canada and internationally.
Further to the work described above, the Company completed limited exploration work on its 100% owned Straw project. This property lies adjacent to both the Tsa da Glisza emerald project and Pacific Ridge Exploration Ltd. Fyre Lake/Kona deposit. Pacific Ridge's deposit is a copper-cobalt-gold bearing massive sulphide deposit with a NI 43-101 compliant resource. True North Gems completed a limited geological mapping and geochemical sampling program for internal QA/QC procedures.
At the Company's 100% owned Aurora-Batea project, the Company completed a brief geological assessment. Encouraging initial results from the 2006 and 2007 exploration programs have indicated this project has potential for good quality gem aquamarine (blue beryl) mineralization, and has extensive base and precious metal geochemical anomalies. The 2011 program focused on local scale geological mapping and sampling.
Nick Houghton, President and CEO of True North Gems stated "Although the Company remains focused on advancing the Fiskenaesset Ruby Project in Greenland, this year's activities show the significant value in our Yukon gemstone, base-metal and rare earth element projects."
The Company would also like to announce the cessation of the option agreement with Great Western Minerals regarding the True Blue Rare Earth Element property. After completing $900,000 of exploration expenditures GWG has notified the Company that they no longer wish to continue with the Option; consequently the project was returned to the Company portfolio in August 2011. During the term of the Option, GWG implemented a three-fold size increase to the property, completed airborne geophysics,and completed an extensive ground geochemical sampling program. True North will review the newly acquired data and assess the need for future exploration on this property.
True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Greenlandic and North American coloured gemstone prospects. The Company is a pioneer in coloured gemstone exploration and, currently in Greenland, has the rights to earn 100% interest in the Aappaluttoq ruby and pink sapphire project, holds a 100% interest in the Tsa da Glisza emerald property, Yukon, and the Beluga sapphire property located on Baffin Island, Nunavut. True North's prime focus remains the commercial advancement of the Aappaluttoq Ruby Project in Greenland.
This document contains "forward-looking information" and "forward-looking statements" (together, "forward-looking statements") within the meaning of applicable securities legislation, which are made as of the date of this document or the document(s) referred to herein. Statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements include, without limitation, statements with respect to: the amount of mineral reserves and mineral resources; the amount of future production over any period; net present value and internal rates of return of the proposed mining operation; capital costs; operating costs; strip ratios and mining rates; and mine life. The forward-looking statements are made based upon certain assumptions which, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by the forward-looking statements. These assumptions include, without limitation: the price of gemstone products produced; anticipated costs; the presence of and continuity of gemstones at modeled grades and values; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; appropriate discount rates; tax rates applicable to the proposed mining operation; financing structure and costs; anticipated mining losses and dilution; gemstone recovery rates; reasonable contingency requirements; and receipt of regulatory approvals on acceptable terms. By their very nature, forward-looking statements involve inherent risks and uncertainties that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements. These include, without limitation: price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gemstone exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees; additional funding requirements and defective title to mineral claims or property]. This list is not exhaustive. See also, for example, the risks disclosed in the Company's other disclosure documents filed at www.sedar.com, including, without limitation, those disclosed in the Company's management's discussion & analysis. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Marketwire Canada (November 14, 2011 - 11:32 AM EST)