True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

July 08, 2015 12:14 ET

True North Gems Announces Corporate Change and AGM Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 8, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") would like to announce that Mr. Christopher Richards has assumed the role of Chief Financial Officer of the Company. Stepping down from the position is Ms. Jacqueline Tucker, who has been a longstanding and integral part of the True North team. All at the Company would like to thank her for many years of loyal service. Ms. Tucker will transition into a financial consulting role to ensure her experience will be available to the Company, as we move from exploration into mining.

"Chris is a highly experienced financial manager with expertise in transitioning projects from an exploration phase into production. His skillset will be invaluable for True North, as we move forward to the completion of construction, initiation of production and achieving cash-flow from sales," stated Nicholas Houghton, President and CEO.

Mr. Richards has a BBA (Accounting) from Simon Fraser University and 7 years' experience at KPMG ending as Senior Manager of Audit Services (Industrial Markets - Energy and Mining). He was Controller at NovaGold Resources Inc. for nearly 2 years before being appointed VP Finance and Corporate Secretary at Altynalmas Gold (now Kyzyl Gold Ltd.). He was responsible for financial systems and compliance during the development and construction of the Kyzyl Gold Project in Kazakhstan. In 2014, this project was acquired by Polymetal International PLC., as part of a $618M cash and share deal.

The Company would also like to announce that all Directors and Officers and all resolutions were passed by the requisite majority at the annual general meeting held in Vancouver, BC on June 23rd 2015.

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.

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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