VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 5, 2013) – True North Gems Inc. (TGX: TSX-V) (“True North” or the “Company”) is pleased to announce the conclusion of the formal Greenland Government Public Hearings for the Aappaluttoq Ruby Project, located in SW Greenland.
“The Company is very pleased with the outcome of the Public Hearings and the level of engagement shown in each of the communities visited,” stated Nicholas Houghton, President and CEO of True North Gems. “The meetings showed that the Greenlandic public are highly aware of the Ruby project, and this awareness is being transformed into a strong level of support in the communities. People are eager for development and True North looks forward to advancing the Aappaluttoq Ruby Mine to production and to create new jobs for Greenlanders .”
The Public Hearings are an essential part of the overall Social Impact Assessment (SIA) and the Environmental Impact Assessment (EIA) requirements to obtain the requisite mining permits. The proceeding’s are under the operation of the Government of Greenland through the Bureau of Minerals and Petroleum (BMP). Jens-Erik Kirkegaard, Minister for Industry and Minerals, and Miiti Lynge, Minister for Housing, Nature, Environment and Nordic Cooperation led the Greenland Government delegations in Qeqertarsuatsiaat, Paamiut, and Nuuk between the 26th and 29th of August, 2013. Senior management from both True North Gems and True North Gems Greenland participated, alongside various consultants and experts.
The finalization of the Public Hearings and the closure of the EIA & SIA review period on September 12th will enable the Company to review and address the questions and concerns presented at both the formal Public Hearings, and at the Company Information Meetings. The review process will result in a compilation document classified as the ‘White Book’ illustrating solutions to the concerns raised during consultations. This paper will form part of the foundation for the final SIA, the final EIA and the upcoming Impact and Benefit Agreement (IBA) discussions.
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.
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