True North Gems Inc.
TSX VENTURE : TGX

True North Gems Inc.

December 16, 2014 09:30 ET

True Norths Gems Inc.: Mine Development Progress Report for the Aappaluttoq Ruby Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2014) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to provide an update on the continued construction at its Aappaluttoq Ruby mine site, Southwest Greenland. There has been excellent progress since construction was initiated in September 2014 despite the freezing weather conditions. A total of 24 personnel are currently on site and working on a variety of tasks, including:

  • Delivery of the primary jaw crusher to site.
  • Initiation of aggregate production for work tracks and making of concrete.
  • Access route from the camp to the inner port has been completed.
  • The access route from the outer port to the camp is highly advanced with blasting currently in progress to complete the final section.
  • Ground preparation for the helipad has commenced.
  • Commencement of blasting and installation of the water line, sewer line, electricity cabling and foundation work for the camp.
  • Installation of the pier foundation is completed allowing the construction of the outer port to continue.
  • Commencement of planning for the site environmental monitoring.

"Continued construction since our last update has advanced the project significantly with the permanent pre-fabricated mine camp currently being mobilized from Nuuk and the foundation work for the first buildings initiated. The early delivery of the main primary crusher allows production of road-base and concrete aggregate," stated Mr. Nicholas Houghton, President and CEO. "The Greenlandic construction crews currently at site are doing an excellent job despite the start of winter. LNS has informed us that after the short break for the festive period construction will continue at its current pace as we move into January."

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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