True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

August 24, 2005 13:36 ET

True North Gems Identifies Eighth Ruby and Pink Sapphire Occurrence in Greenland

VANCOUVER, BRITISH COLUMIBA--(CCNMatthews - Aug. 24, 2005) - True North Gems (TSX VENTURE:TGX) is pleased to announce it has located an eighth ruby occurrence on its 110 km2 Greenland ruby property. The new occurrence is called Kangarssuk (pronounced Kan-gar-sook), meaning "Bay Watch" in Greenlandic.

Kangarssuk had not been previously reported or sampled and lies 5.1 kilometres west of Siggartartulik (Place of the Howling Wind), and 2.9 kilometres west by southwest from Kigutilik (The Tooth). Siggartartulik was mini-bulk sampled in 2004, Kigutilik was mini-bulk sampled in 2005.

A map showing the location True North's Greenland ruby deposits is available at www.truenorthgems.com.

Kangarssuk was found by the exploration team while prospecting the regional geology on the basis of new and proprietary information. The zone of ruby and pink sapphire mineralization at Kangarssuk measures 5 to 6 meters in thickness by 220 meters in length at the surface. It is remarkably similar in associated mineralogy, as well as in apparent ruby grade, to Siggartartulik.

Ruby is one of the rarest and most valuable gemstones on earth. It is a variety of the mineral corundum that acquires its red colour from the element chromium which also induces fluorescence in the stone, making the ruby appear to glow from within. Large, high quality rubies can exceed diamonds in value and sell in the range of US $1,450-$25,000 per carat.

The planning and execution of the ruby exploration and quality control programs at the Greenland Ruby Project are under the supervision of William Rohtert, True North's Chief Operating Officer. Mr. Rohtert is a qualified person as defined by National Instrument 43-101. Mr. Rohtert also directly controls the gemmological grading and manufacturing experiments.

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 and pink sapphire property in Greenland.

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.
    Greg Fekete
    President
    (604) 687-8055 or Toll Free: 1-800-399-8055
    or
    True North Gems Inc.
    Ken Shortt
    Investor Relations
    (604) 687-8055 or Toll Free: 1-800-399-8055
    ken@truenorthgems.com
    www.truenorthgems.com