VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 11, 2012) – True North Gems Inc. (the “Company”) (TSX VENTURE:TGX) is pleased to announce that the final draft of the Environmental Impact Assessment (EIA) report has been completed and formal translation into both Greenlandic and Danish is underway.
“This is a major milestone for the Aappaluttoq Ruby Project,” stated Nicholas Houghton, President and CEO. “As an integral component of the permitting process, the EIA Report is one of the foundation points as the company works to complete the final steps leading to production. The translation into both languages will allow all attendees to the forthcoming Public Meetings the opportunity to understand with full transparency the steps that have been taken by True North Gems to minimize any impact on the landscape.”
The EIA report has been completed in conjunction with Ramboll Group A/S of Denmark Engineering and Environmental division, following three years of study regarding all environmental factors involved with the mining operation at the Aappaluttoq site and any facility associated with production and processing. Once the translation has been completed the document will be made public with sufficient time for people to assess its contents prior to initiation of formal public discussion hearings.
The Company expects both the EIA and SIA (Social Impact Assessment) reports to be the focus of discussion at the community, stakeholder and general public meetings. The schedule for these meetings is under discussion with the BMP and will be released once confirmed.
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.
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