9:30 | 23.09.2014
True North Gems and Partner Initiate Construction at the Aappaluttoq Ruby Mine, Greenland
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 23, 2014) – True North Gems Inc. (TSX VENTURE:TGX) (“True North” or the “Company”) is pleased to announce it has issued the commencement notice to its joint venture partners LNS Greenland A/S (“LNSG”) to authorize mobilization of equipment and inaugurate construction at the Aappaluttoq Ruby and Pink Sapphire project located in SW Greenland.
“This exciting announcement marks the continuation of a very successful transition year for True North,” stated Nicholas Houghton, President and CEO. “It is anticipated that the construction will progress very quickly and will be a testament to the experience of our partners LNSG and all their investment in planning in anticipation of the commencement notice. It is another step in delivering upon our promise of bringing economic benefit to all stakeholders.”
Key construction objectives include:
— Transportation and installation of the pre-fabricated loading dock
The issuance of the commencement notice as required under the terms of the joint venture agreements with LNSG is now possible following project financing (see press release dated September 11, 2014). Progress reports will be issued periodically as construction milestones are achieved.
“The news of True North’s successful financing and the anticipated commencement of construction was well received in Greenland by all. Jens-Erik Kirkegaard, the government minister responsible for industry and mineral resources, hailed the financial news as ‘a strong signal to the world and investors that mining in Greenland is certainly possible,'” stated Bent Olsvig Jensen, Managing Director of True North Gems Greenland A/S (“TNGG”). “We are pleased to say we have received a large number of applications from people who are looking forward to the upcoming employment opportunities.”
The Company eagerly awaits the commencement of production in 2015 of mine-to-market sourced Greenland rubies and pink sapphires.
About True North Gems Inc.
True North Gems Inc. is a public junior exploration company dedicated to the exploration and development of coloured gemstone deposits. True North is committed to the realization of shareholder value through development of the first ethically sourced commercial ruby mining operation, in partnership with the people of Greenland. The Company’s shares trade on the TSX Venture Exchange under the symbol TGX.
LNSG is predominantly owned by international arctic contractor Leonhard Nilsen & Sonner A/S of Norway. The Leonhard Nilsen Group of 15 companies is a major mining and construction company with over 70 years of experience in logistics and mining in arctic environments. They have worked on a variety of projects over the last 50 years and have focused on operations in Svalbard, Spitsbergen, Iceland, Greenland, Russia, Antarctica and throughout Scandinavia. LNSG is a major supplier of services to the oil, gas and mineral industry in Greenland.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
True North Gems Inc.
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