True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

February 28, 2008 15:19 ET

True North Gems Announces $9.5M Pre-Feasibility and Exploration Program for Greenland Rubies

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - True North Gems (TSX VENTURE:TGX) is pleased to announce its 2008 exploration and pre-feasibility program for the Company's 823 km2 Fiskenaesset Ruby Project, located on the southwest coast of Greenland.

The objectives of the 2008 exploration program will be to build upon the successful results achieved in 2004 through 2007. The recommended program for 2008 will proceed on two fronts; advanced exploration/pre-feasibility at Aappaluttoq and regional exploration designed to continue the definition and evaluation of the other ruby occurrences identified to date on the Greenland properties.

The advanced exploration/pre-feasibility program at Aappaluttoq includes an engineering study to address issues of resource determination, site pre-engineering, mine plan design, process plant design, initial permitting, environmental and socio-economic planning and development. Also, additional bulk sampling, grade confirmation drilling and pilot processing of ruby mineralization are recommended.

The property-scale, regional exploration program will include detailed mapping and exploration drilling of the 1.5 kilometre strike length of the Siggartartulik ruby occurrence, additional property exploration on the Fiskenaesset license to follow up on significant results from the 2007 channel sampling, and regional exploration on the adjacent Qaqqatsiaq license.

The proposed exploration budget for the 2008 Greenland exploration program is approximately C$9,500,000 with the field season running from June 1 to September 30.

True North continues to recognize new and growing potential value for the rubies and pink sapphires at Fiskenaesset. This is due to changes in the global ruby market anxious for a new long-term source of quality ruby, and the successful results of its processing and gemstone recovery efforts. The Fiskenaesset gemstones respond well to processing and manufacturing, and are well suited to production of commercial jewellery.

True North's management believes that the evaluation of the coloured gemstone potential of the Fiskenaesset district is fully warranted as a result of the number, grade and quality of ruby occurrences located over the past three field seasons.

The recommendations for the 2008 exploration and pre-feasibility program are part of a 43-101 report entitled "Report of Activities for the Fiskenaesset Ruby Project, West Greenland" authored by Greg Davison, MSc, P.Geo., and Vice President of Exploration for True North Gems. Copies of this report and other technical and corporate information is available on the Company's website, www.truenorthgems.com, or on SEDAR at www.sedar.ca.

The planning and execution of the exploration, mineral processing and quality control programs at the 2007 Greenland ruby project are under the supervision of Greg Davison, True North Gems' VP Exploration. Mr. Davison is a qualified person as defined by National Instrument 43-101.

True North Gems Inc. is listed on the TSX Venture Exchange (TGX-V) and is engaged in the exploration and development of North American and Greenland coloured gemstone projects. The Company is a pioneer in coloured gemstone exploration. In Greenland, the Company currently holds a 100% interest in the Qaqqatsiaq ruby property and has the rights to earn 100% interest in the Fiskenaesset ruby and pink sapphire property. In Canada, the Company 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.

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

Contact Information

  • True North Gems Inc.
    Andrew Lee Smith
    Chairman and CEO
    (604) 687-8055 or 1-800-399-8055
    or
    True North Gems Inc.
    Ken Shortt
    Investor Relations
    (604) 687-8055 or 1-800-399-8055
    Email: ken@truenorthgems.com
    Website: www.truenorthgems.com