True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

March 18, 2015 09:30 ET

True North Gems Files Pre-Feasibility Study and Provides Construction Update on the Aappaluttoq Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to announce that, further to its news release dated February 25, 2015, it has filed an independent National Instrument 43-101 compliant technical report on the Aappaluttoq Ruby and Pink Sapphire Project in Southwest Greenland.

True North contracted Tetra Tech of Vancouver as independent engineers to review the project and complete the NI 43-101 technical report. This report has been filed on the SEDAR website at www.sedar.com and on the Company's website at www.truenorthgems.com. The report includes details on the mine economics, production scheduling, engineering, permitting, and gemstone valuations.

"This independent report illustrates the robust economics of the Aappaluttoq Project, and validates the time and effort everyone has contributed to date," stated Nicholas Houghton, President and CEO of True North. "The filing of this pre-feasibility study enables our shareholders and future investors to assess the updated information, better understand the project's cost structure, and see the growth potential of the gemstone sector."

The construction teams continue to make excellent progress at the Aappaluttoq Mine Site. Work of note since the last construction update of January 29, 2015, includes:

  • Approximately 1000m of additional work track has been constructed; this runs from the mine camp uphill towards the explosive storage depot and site of the future processing plant.
  • The siting and installation of camp accommodation and office modules and completion of all foundation work for the mine camp. Sub-floor work including insulation, plumbing and electrical installation will progress over the coming weeks.
  • Workshop and process plant construction and other long lead construction materials have been ordered and the delivery timelines inserted into the project workflow.
  • 17 Greenlandic staff are currently on-site.

The Company's website has updated images of the ongoing construction under the "Projects" section.

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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