True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

January 29, 2015 09:30 ET

True North Gems Provides Aappaluttoq Construction Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 29, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to provide a construction and development update for the Company's Aappaluttoq mine site in SW Greenland.

Since the last update issued by the Company on December 16th, 2014 the following on-site activities has taken place:

  • Completion of the 5 kilometer transport route from the outer port to camp;
  • Completion of the foundations for the recreation facility and the majority of camp accommodations;
  • Completion of blasting and backfilling of the helipad area;
  • Commencement of work on the track from the mine camp to the explosives depot;
  • Completion of excavation for the fuel storage depot with final installation of the fuel depot still to be completed;
  • The maintenance workshop has been procured and delivery to mine site is expected in the Spring;

"The completion and opening of the transport route from the outer port to camp is a major milestone in the project's development," stated Bent Olsvig Jensen, Managing Director of True North Gems Greenland A/S. "This will allow the main camp units and other construction supplies already offloaded at the outer port to be safely transported to their required location in-land. The focus of construction will now shift to camp facility development."

Progress reports will continue to be issued as individual construction milestones are met; these will usually be accompanied by new images from site which can be viewed in the "Projects" section in the tab "Construction" of the company's website: www.truenorthgems.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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