VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 3, 2016) - True North Gems Inc. (TSX VENTURE:TGX) signed the IBA for the Aappaluttoq ruby mine in Greenland on 16 June 2014 along with our community partners, the Municipality of Sermersooq and the Government of Greenland. More than a year has passed and the three parties to the IBA are very pleased to announce results from the first evaluation and monitoring report. The report shows that the ruby mine contributes to the development of the Greenlandic mining industry and to Greenlandic society.
The Mayor of the Municipality of Sermersooq, Asii Chemnitz Narup, says; "I am very proud that the project has employed so many of my fellow countrymen and used so many local companies from the Municipality of Sermersooq. I interpret this as an expression of the strong local engagement that True North Gems Greenland has demonstrated during the construction phase. The municipality looks forward to a continuation of this excellent collaboration in the coming years."
"I am very pleased that in the first year True North Gems Greenland has managed to only use Greenlandic manpower and that they have used many Greenlandic companies. The Government of Greenland looks forward to continued collaboration with True North Gems Greenland and the Municipality of Sermersooq, and it is my hope that the project will continue to demonstrate the same local engagement throughout its lifetime," says Vittus Qujaukitsoq, Minister of Industry, Labour, Trade and Foreign Affairs.
Bent Olsvig Jensen (Managing Director of True North Gems Greenland) expresses his experience of the first year with the following words: "I am very proud that our local engagement has managed to make the project a Greenlandic mining project and with it to realise our vision of developing the mine in collaboration with our fellow Greenlandic citizens."
About True North Gems
True North Gems is transitioning from an exploration and development company into a producer of high quality gemstones. Aappaluttoq is the only hard rock gemstone deposit in the world with a NI 43-101 compliant resource that has a current projected mine life of nine (9) years based on the 2015 prefeasibility study. True North Gems is committed to the realization of shareholder value through development of responsibly sourced and long-term sustainable commercial production of ruby and pink sapphire., in partnership with the people of Greenland. The Company's shares trade on the TSX Venture Exchange under the symbol TGX.
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.
True North Gems Inc.
Investor Relations Manager