True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

January 06, 2015 11:41 ET

True North to Update Aappaluttoq Pre-Feasibility Study

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 6, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to announce that TetraTech EBA of Vancouver has been engaged to update the pre-feasibility study ("PFS") for the Aappaluttoq Ruby and Pink Sapphire Project, SW Greenland. TetraTech EBA have already commenced the work and the Company anticipates the release of the updated technical report during the first quarter of 2015.

The current PFS was completed in 2011. Additional engineering and market analysis studies have since been completed by the Company. Results of these studies are now available at a suitable confidence level to be incorporated into a new PFS. This will include:

1. Review and update with current information, the existing mine plan, scheduling, permitting, civil and flow-sheet engineering.
2. Complete a new economic assessment incorporating a complete market analysis to assess the positioning for Greenland Ruby and Pink Sapphire in the luxury goods sector.
3. Highlight the value for the Company's shareholders of having the participation of strategic Greenlandic joint-venture partner, LNS-Greenland.

Nicholas Houghton CEO and President commented, "The Project has progressed since the completion of the 2011 PFS with the required permitting in-place, commencement of site construction, corporate structural changes, and a deeper understanding of the upcoming mining operation with the input from our joint venture partner. Recently there has been a strengthening of the gemstone and luxury goods sector and the updated study will take these factors into consideration while also providing a current representation of the project for shareholders. We look forward to working again with TetraTech EBA in this update of their original 2011 technical report."

In accordance with NI 43-101, Lara Reggin, P.Geo. and Mark Horan, P.Eng. of TetraTech EBA are the independent Qualified Persons responsible for completing the updated technical report announced in this news release. They have reviewed and approved the contents of this release.

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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