True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

October 18, 2012 11:49 ET

CORRECTION FROM SOURCE: True North Gems Appoints Executive Vice President

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2012) - A Correction from Source is issued with respect to the release issued earlier today at 9:30 AM ET. Changes have been applied to the first paragraph, and the corrected version follows.

True North Gems Inc. (the "Company") (TSX VENTURE:TGX) is pleased to announce the appointment of Mr. W. Graham Nicholls as Executive Vice President. Reporting directly to the President and CEO, Mr. Nicholls will join a management team focused on finalizing the exploitation permit and will assist with further development regarding the branding, marketing, security and engagement protocols to ensure the successful commissioning and operation of the Aappaluttoq Ruby Mine in SW Greenland.

Mr. Nicholls has over 25 years of management experience in the resource sector. He is a specialist in strategic planning, gemstone marketing, supply chain management, aboriginal and community relations, and external affairs. He spent 11 years working at BHP Billiton Diamonds where he occupied several senior roles including Vice-President of External Affairs and President of Point Lake Marketing Inc. In the latter role he created, developed and operated BHP Billiton's CanadaMark™ program for tracking branded polished diamonds from mine to market. He successfully led the implementation of the $687 million acquisition by BHP Billiton of DiaMet Minerals in 2001. He was a key member of the management team that built, commissioned and operated the Ekati™ Mine in the Northwest Territories, Canada's first diamond mine.

Prior to working in the public mining sector, Mr. Nicholls was the Deputy Minister and Director of Policy and Economic Analysis for the Department of Energy, Mines and Petroleum Resources in the Government of the Northwest Territories. His appointment with the Company brings a wealth of experience in government affairs, aboriginal engagement and project development onto the current team. Graham is a graduate of the University of British Columbia with a B.A. in Political Science, and a M.A. in Community and Regional Planning.

"Having held senior positions at BHP Billiton and in the Territorial Government, Mr. Nicholls' understanding and experience within the mining sector is wide-ranging," stated Nicholas Houghton, President and CEO. "His role in the Company will be multi-faceted, where he can utilize his expertise to benefit both our current team-members and increase shareholder value as we complete the permitting of Aappaluttoq and move towards production and sales."

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.

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.

Contact Information

  • True North Gems Inc.
    Nicholas Houghton
    President and CEO
    604-687-8055 or 1-800-399-8055

    True North Gems Inc.
    Ward Kondas
    Corporate Communications
    604-687-8055 or 1-800-399-8055
    604-899-1240 (FAX)
    info@truenorthgems.com
    www.truenorthgems.com