True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

June 21, 2005 15:41 ET

True North Gems Announces Tsa da Glisza Emerald Valuations

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 21, 2005) - True North Gems (TSX VENTURE:TGX) is pleased to announce the results of emerald valuations completed on the material recovered to date from the Company Tsa da Glisza property in the Yukon Territory, Canada.

Emerald Valuations

The emerald valuations reported here are based on three, separate valuations of the polished emeralds derived from True North Gems, 2003-2004 bulk sample. Valuation methods employed by the three emerald valuators included gemmo-logical grading followed by comparison to published industry wholesale price guides. Retail values are based on general guidelines for mark-up in the jewellery industry and actual sales of fabricated jewellery proto-types.

Results below are reported in grams of emerald rough and carats of polished emerald as per industry standards (1 gram = 5 carats).



Emerald Valuations
-------------------

Gem Near-Gem Non-Gem
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Rough US$/kilo 500 to 1,000 - -
Loose Polished
Wholesale US$/carat 20.00 to 46.77 0.96 to 31.59 1.37 to 8.92
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Finished
Retail US$/carat 50.00 to 692.72 5.81 to 11.98 11.53 to 11.53
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Rough Stone Grades

The average rough emerald grade of the 2003-2004 bulk sample at Tsa da Glisza is 15.34 grams per tonne total emerald. The average polished grade of the 2003-2004 bulk sample at Tsa da Glisza is 3.82 carats per tonne total emerald. Individual, high grade mining rounds double and triple the average deposit value for rough emerald grade; locally rough emerald grades are as high as 2 and 3 grams per tonne gem over 50 to 250 tonnes. The highest grade, reconnaissance-scale mini-bulk sample collected from Tsa da Glisza in 2002 returned 19.1 grams per tonne gem over 6.36 tonnes.



Tsa da Glisza Bulk Sample Rough Stone Grades
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Tonnes Gem Near-Gem Non-gem Total Beryl
Extracted (g/t) (g/t) (g/t) (kg)
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2003 - Surface 963.6 0.39 3.77 2.91 6.8
2003 -
Underground 987.2 0.30 3.09 6.43 9.1
2004 - Surface 582.3 1.44 12.88 22.79 21.1
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Combined 2533.1 0.59 5.66 9.09 15.3
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Bulk Sample Valuations

The wholesale valuation of emerald polished goods was completed by the three valuators and focused on the inventory derived from the 2003-2004 surface and underground bulk sample.



Bulk Sample Valuations
------------------------

Wholesale Retail
(US$/tonne) (US$/tonne)
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Range Average Range Average
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2003 - 2004
Bulk Sample 5.61 to 33.66 19.43 46.93 to 134.65 74.94
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"True North is greatly encouraged by the magnitude and relative consistency of the rough emerald grades and polished emerald values obtained from Tsa da Glisza, and by the marked improvement in grade evidenced by the data from 2004"said William Rohtert, True North Gems Chief Operating Officer. "Given the extent of emerald mineralization, and the average wholesale values from the 2003-2004 bulk sample, True North is more than satisfied that the results justify an expanded exploration campaign in 2005".

The in-house valuation has been completed by William Rohtert, True North's Chief Operating Officer. Mr. Rohtert is qualified person as defined by National Instrument 43-101. Mr. Rohtert directly controls the gemological grading and manufacturing experiments. Independent valuations are being provided by Mr. Warren Boyd of Toronto, Ontario and Mr. Gordon Austin of Tucson, Arizona. Both gentlemen are also qualified persons as defined by National Instrument 43-101. Mr. Boyd is a geologist and gemologist who is currently engaged in the valuation of diamond rough from operating diamond mines in the Northwest Territory. Mr. Austin is a geologist and geological engineer, recently retired as the Gemstone Commodity Specialist at the United States Bureau of Mines. All three gentlemen are well acquainted with global emerald prices at run-of-mine rough, loose polished wholesale and branded retail levels.

The $1.6 million 2005 exploration program at Tsa da Glisza is underway with all systems operational and 41 person onsite.

Technical reports and additional information on the exploration programs and emerald valuations for the Tsa da Glisza Project are available from the Company's website at www.truenorthgems.com or on SEDAR at www.sedar.com.

True North Gems is a public company listed on the TSX Venture exchange and is engaged in the exploration and development of North American coloured gemstone deposits. The company is a pioneer in Canadian coloured gemstone exploration and owns a 100% interest in the Yukon-based Tsa da Glisza emerald property and the rights to earn 100% interest in the Beluga sapphire property located on Baffin Island and the Fiskenaesset ruby property in Greenland.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. The Company relies on litigation protection for "forward-looking" statements.

Contact Information

  • True North Gems Inc.
    William Rohtert
    Chief of Operations
    (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
    ken@truenorthgems.com
    www.truenorthgems.com