VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/10/13 -- True North Gems Inc. (the "Company") (TSX VENTURE: TGX) are pleased to announce that the Greenland Government have determined that the Company's application for exploitation permit regarding the Aappaluttoq Ruby Deposit in SW Greenland can proceed into the Public Hearing stage.
This acceptance is a major milestone in the development of the Aappaluttoq Ruby Project; the Company is now in discussions with the Greenland Government regarding the schedule for the upcoming meetings. An announcement regarding this will follow in due course.
"We are delighted to announce this most important development" stated Nicholas Houghton, President and CEO of True North "The public hearings will be our opportunity to showcase and explain how the production of ruby and pink sapphire will be beneficial to the people of Greenland"
The permit application has been reviewed and refined several times since its initial submission in June, 2011 (see Press Release dated 13 June, 2011). Prior to the submission the Company had conducted public consultation with the local communities to incorporate feedback into the Social and Environmental Impact Assessments. The Company also worked very closely with both the Bureau of Minerals and Petroleum and the Greenland Government to reach this successful outcome. The Company looks forward to moving the Aappaluttoq Ruby Deposit from exploration into the exploitation phase and building Greenland's first gemstone mine.
The Minister for Industry and Mineral Resources Jens-Erik Kirkegaard stated "We look forward to the meetings with the public and NGO's in Nuuk and Qeqertarsuatsiaat, and I hope that there will be a large attendance at the meetings."
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 colored 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.
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. 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.
President and CEO
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