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True North Gems Is Pleased to Announce the Completion of the Second Tranche of Its $3.4 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

True North Gems Inc. (the "Company") (TSX VENTURE:TGX) announces that it has completed the second tranche of its previously announced and oversubscribed non-brokered private placement. The second closing is for proceeds of $615,000. The Company issued 6,150,000 units at a price of $0.10 per unit.

Each unit is comprised of one common share and one half non-transferable common share purchase warrant, each warrant exercisable for one additional common share for a period of two years at a price of $0.15 per share for year one, and $0.20 per share for year two. Two finders received finders' fees of in the aggregate $21,500 in cash and 215,000 finders' warrants in connection with the closing of this second tranche, each finders' warrant exercisable for one common share for a period of two years at a price of $0.12 per share. The securities issued and issuable in the private placement are subject to a hold period and may not be traded until August 30, 2011, except as permitted by Canadian securities legislation and the TSX Venture Exchange. At the Company's closing of the first tranche of this financing announced on April 26, 2011, finders' fees in the amount of $227,530 were paid and a total of 2,275,300 finder's warrants were issued on the same terms as above. Incorrect information with respect to the finders' fees and finders' warrants appeared in the Company's news release.

The Company intends to use the proceeds of the private placement to conduct exploration on the Company's properties including to advance the exploitation permit application process, for general working capital and other corporate purposes.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any units within the United States. The units have not been offered and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws. Accordingly, the units may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulations under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is granted.

True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Greenlandic and North American coloured gemstone prospects. The Company is a pioneer in coloured gemstone exploration and, currently in Greenland, has the rights to earn 100% interest in the Aappaluttoq ruby and pink sapphire project, holds a 100% interest in the Tsa da Glisza emerald property, Yukon, and the Beluga sapphire property located on Baffin Island, Nunavut. True North's prime focus remains the commercial advancement of the Aappaluttoq Ruby Project in Greenland.

The Company relies on litigation protection for "forward-looking" statements. The Aappaluttoq project does not yet have a mineral resource or reserve and accordingly no economic evaluation has yet been done. Accordingly, investors are cautioned that, although management is proceeding with an exploitation (mining) permit application, the Aappaluttoq project may never achieve successful commercial production.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.



True North Gems Inc.
Nicholas Houghton
President and CEO
604-687-8055 or 1-800-399-8055

True North Gems Inc.
Ken Shortt
Investor Relations
604-687-8055 or 1-800-399-8055
info@truenorthgems.com
www.truenorthgems.com