VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 12, 2011) – True North Gems Inc. (the “Company”) (TSX VENTURE:TGX) is pleased to announce the discovery of a 4.7km extension to the highly mineralized Ruby Island Trend. This ultramafic to mafic intrusive layer is host to the Aappaluttoq Ruby Deposit and numerous other chromium rich corundum showings on True North’s Fiskenaesett property located in SW Greenland. The newly discovered extension, when combined with previous regional mapping, increases the mapped strike length of the Ruby Island horizon to 8.3km. This horizon is interpreted to continue to the northeast.
“This new data confirms the results of the pre-feasibility study filed in June 2011 focuses only on a small portion of the regional ruby potential.” reported President and CEO Nicholas Houghton. “Further analysis of the 2011 field season’s work is underway and results are expected shortly”.
Phase 1 of the 2011 exploration field season included:
- Detailed geological mapping along strike of the Aappaluttoq Ruby Deposit, and regionally within the Fiskenaesset igneous complex using high resolution orthophotos;
- Processing and interpretation of regional airborne magnetic survey data from the Greenland and Denmark geological survey (GEUS), focusing on identifying regional trends, structures and areas of prospective ultramafic horizons (important for high-quality ruby and pink sapphire formation);
- A total of 606 analytical readings were taken on-site using an XRF (Niton) geochemical analyzer. Results were used to track geochemically anomalous areas located while mapping the ruby prospective stratigraphy. These analyses also provide good background geochemical data for comparison to the underlying geology at the Aappaluttoq ruby deposit; and
- A total of 20 rock chip samples were sent to certified geochemical laboratories in Greenland and Canada for multi-element analysis. Final results are still pending.
Ms Bonnie Weston, Professional Geologist, True North Gems’ Manager of Technical Services is a Qualified Person under NI43-101 regulations. Ms Weston has reviewed this release and approves of its contents.
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.
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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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True North Gems Inc.
President and CEO
604-687-8055 or 1-800-399-8055
True North Gems Inc.
604-687-8055 or 1-800-399-8055