True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

December 02, 2015 09:30 ET

True North Gems Commences Mining at the Aappaluttoq Ruby and Pink Sapphire Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North", "TNG" or the "Company") is very pleased to announce the initiation of mining operations at the Aappaluttoq Ruby and Pink Sapphire deposit in S.W Greenland.

"On behalf of True North Gems Inc., True North Gems Greenland A/S and all our working partners it is my great pleasure to announce that we have broken ground at Aappaluttoq," stated Nicholas Houghton, President and CEO of the Company. "During a very tough period for the mining industry with many financial challenges, it is deeply gratifying to see everyone's hard work materialize and for True North's shareholders to see mining start."

LNS Greenland ("LNSG"), a joint venture partner in the Aappaluttoq Mine, has been contracted as the mine operator. Their Norwegian and Greenlandic based technical team have submitted mining extraction plans to the boards of True North and True North Gems Greenland A/S, and attained approval for pit operations to begin. The process and gemstone recovery system is currently being shipped to Greenland and the planned Q4/2015-Q1/2016 extraction will create a sufficient ore stockpile to feed the plant once it has been commissioned. Planned waste rock removal work during the current extraction will pave the way for the 2016 mining season to commence as scheduled.

"This is a historic day for the revived mining industry in Greenland," stated Bent Olsvig Jensen, Managing Director of True North Gems Greenland A/S. "Being one of the first companies to progress through the new permitting system and to reach a positive outcome is a testament to all involved. We now look forward to fully commissioning the newest mine in Greenland, which will be one of the most advanced coloured gemstone mines in the world."

Visit our website: www.truenorthgems.com

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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