True North Gems Inc.

True North Gems Inc.

February 03, 2010 17:18 ET

True North Gems Announces Management Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - True North Gems (TSX VENTURE:TGX) is pleased to announce management changes, which the Company believes will enhance its ability to expeditiously advance the exploitation (mining) permit application process and preliminary development of the Company's Fiskenaesset Ruby Project located in southwest Greenland. The Company views the completion of the permitting process and commencement of development activity as key milestones in increasing shareholder value.

Mr. Nicholas Houghton has been appointed President and continues to serve as a Director of the Company. Mr. Houghton replaces Andrew Lee Smith, who retains his role as a Director of the Company with executive responsibilities. Mr. Jeff Giesbrecht is appointed Vice President Corporate Development and Ms. Jacqueline Tucker has been appointed to the position of Chief Financial Officer to replace David S. Parsons who has now been appointed to the Company's Board of Directors and will be appointed Chairman of the Company's Audit Committee.

Nicholas Houghton, A. G. (C. I. G.), appointed President:

Mr. Houghton is an accredited Gemmologist with thirty years experience in all aspects of the jewellery industry, including design, manufacturing, and marketing. Having worked with diamonds and coloured stones in both retail and wholesale, rough and polished, he has been providing the Company with a wealth of expertise in rough marketing, manufacturing and marketing serving as an executive of True North Gems since 2004.

Jeff Giesbrecht, appointed Vice President of Corporate Development:

Mr. Giesbrecht completed his degree in engineering geophysics in 1989 and worked in mineral exploration throughout North America before receiving a law degree in 1994. Throughout his legal career he specialized in mining and securities law and acted as legal counsel for a number of companies in the mining sector. Most recently, Mr. Giesbrecht acted as General Counsel for Western Silver Corp. In this role, Mr. Giesbrecht was a member of the management team that successfully negotiated a $1.6-billion sale of Western Silver to Goldcorp Inc. in 2006.

Jacqueline Tucker, appointed Chief Financial Officer:

Ms. Tucker holds a Bachelor of Arts degree from the University of Western Ontario. She is a qualified Chartered Accountant and a member of the Alberta, Ontario and British Columbia Institute of Chartered Accountants. Ms. Tucker was elected a fellow of the British Columbia Institute of Chartered Accountants and has served on numerous committees of her profession including the Audit Assurance Standards Board of Canada. Ms. Tucker has thirty years of public practice experience as an auditor and advisor to public companies. Ms. Tucker has been providing financial consulting to True North since 2005.

David S. Parsons, appointed as Director and Chairman of the Audit Committee:

Mr. Parsons is currently Director, Corporate Services and Financial Analysis for Goldcorp Inc. Mr. Parsons is a Certified General Accountant with over 20 years experience in the mining industry, having served in the roles of Controller, Chief Financial Officer and Director of mining companies. In 2001, Mr. Parsons was employed by Wheaton River Minerals Ltd. and was directly involved in mergers and acquisitions, including the merger with Goldcorp. Mr. Parsons has been the Chief Financial Officer of True North since March 28, 2002.

Mr. Andrew Lee Smith, a co-founder of True North Gems in 2001 is relinquishing his role as President and CEO to dedicate his time to other business ventures. Mr. Smith will remain active with the Company in his continuing role of a Director with executive responsibilities.

Mr. Robert T. Boyd retains his role as non-executive Chairman of the Board. The other remaining members of Board of Directors include William Anderson, President and CEO of First Nickel Inc., John Ryder, President and CEO of Dianor Inc., and Martin Irving, President of Diamond Consultants Canada.

True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of North American and Greenland 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 Fiskenaesset ruby and pink sapphire property, holds a 100% interest in the Qaqqatsiaq ruby property, and in Canada, holds a 100% interest in the Tsa da Glisza emerald property, Yukon, and the Beluga sapphire property located on Baffin Island, Nunavut.

The Company relies on litigation protection for "forward-looking" statements. Certain technical information contained within this press release is 43-101 non-compliant by virtue of the fact that National Instrument 43-101which governs public disclosure of technical information for mineral exploration properties in Canada is silent with respect to the exploration and technical disclosure of gemstone properties. The company employs high standards for the collection of geological information and exploration data, employs industry recognized professionals as qualified persons to provide oversight and management of the exploration programs and is committed to the implementation of QA/QC protocols to monitor the integrity of the technical information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

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