Back to News

True North Gems Provides Mine Development Update for the Aappaluttoq Ruby Project in SW Greenland

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2014) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to provide a development update at the Aappaluttoq mine site in SW Greenland.

Mobilization of equipment for True North's Aappaluttoq Ruby and Pink Sapphire project commenced on September 23, 2014 (see previous press release). LNS Greenland A/S ("LNSG") has mobilized very efficiently and True North is extremely impressed at the progress of development achieved by LNSG in such a short time period.

Initial site construction activities have now commenced, including:

  • Upgrading and winterization of the current exploration camp;
  • Installation of a small construction camp at the outer port;
  • Construction of a temporary safety compliant explosives depot;
  • The fabrication of the landing dock;
  • Development of a 1.5 kilometer construction route from the outer port toward the main camp site;
  • Heavy equipment including haul trucks, a blasting drill rig, front end loaders and excavators are on site and active;
  • Blasting to prepare the permanent camp site, helipad area and the future road network;

The construction crews are entirely comprised of Greenlandic workers, fully demonstrating the joint venture's commitment to local empowerment as required under the Impact Benefit Agreement ("IBA") with the Municipality and local communities. True North Gems Greenland A/S ("TNGG") has also recently retained the services of a highly experienced Greenlandic civil engineer to oversee the construction management of the project.

"We are very pleased with the significant progress on construction, the increase in the depth of skills within our group, and the high levels of local employment in the construction crews," the Managing Director of True North Gems Greenland A/S, Mr. Bent Olsvig Jensen, stated.

Progress reports will be issued periodically and updates to the Company website will occur as mine development milestones are achieved. Initially, we anticipate these to include:

  • Delivery and commissioning of the mobile primary crusher;
  • Commencement of mine camp construction;
  • Construction of a basic roadway between the mine camp and the upper mine-site;
  • Lowering the water level in the Aappaluttoq Lake;

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, 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.

True North Gems Inc.
Nicholas Houghton
President and CEO

True North Gems Inc.
Stephanie Delaney
Corporate Coordinator