True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

June 12, 2007 03:00 ET

True North Gems Receives Global Ruby Market Survey From MVI Marketing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2007) - True North Gems (TSX VENTURE:TGX) is pleased to announce it is in receipt of a report titled "World ruby and pink sapphire market size report" from MVI Marketing Ltd. The Company commissioned the report as part of the ongoing effort to establish an economic context to assist with the evaluation of the potential of the Fiskenaesset Ruby Property located on the southwest coast of Greenland.

Highlights of the report include

- The global ruby market size is approximately US$2.1 billion at wholesale.

- Ruby production is at best stable and more likely on a slight decline.

- Ruby demand is expansive as rapid industrialization nurtures markets for traditional precious stones and fine jewelry in Eastern Europe as well as Central and South Asia.

- The market for pink sapphire has recently experienced a growth spurt and strong tailwinds from the ruby market will help build tagalong demand for pink sapphire.

"The nature of the global ruby market as one of the last unregulated global markets presents obvious challenges to the development of an accurate assessment of market size, however, market trends are quantifiable," said Nicholas Houghton, A.G. (C.I.G.), Director of True North Gems. "The methodology employed by MVI in developing this report has provided a conservative estimate of the current ruby market and a valuable reference in the evaluation of the economic potential of the Aappaluttoq Ruby Project."

The content and methodology of the global ruby survey have been reviewed and approved by Andrew Lee Smith, P.Geo. Mr. Smith is a qualified person as defined by National Instrument 43-101. MVI Marketing is recognized as the industry leader in its field, responsible for the successful marketing and branding of diamonds from the Argyle mine in Australia, conceiving and launching its world-renowned Champagne diamonds campaign.

Additional information on Greenland rubies, technical reports and other public documents are available at www.sedar.com or, at the company's website, www.truenorthgems.com.

True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of North American coloured gemstone prospects. The Company is a pioneer in coloured gemstone exploration and owns 100% interest in the Yukon-based Tsa da Glisza emerald property and the Baffin sapphire property located on Baffin Island and the rights to earn 100% interest in 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.
    Nick Houghton
    Director
    (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
    Email: ken@truenorthgems.com
    Website: www.truenorthgems.com