VANCOUVER, British Columbia, Nov. 20, 2003 (PRIMEZONE) -- True North Gems (Other OTC:TNGMF) (TSX Venture Exchange:TGX) has optioned 100 percent interest in two Baffin Island properties with confirmed sapphire mineralization of exceptional blue colour. The property package encompasses 1,004 hectares (2,482 acres) and this acquisition is a significant step toward True North Gems objective of becoming North America's premier coloured gemstone company.
"The Baffin Island sapphire properties are excellent additions to True North Gems' property portfolio. We are very excited about this acquisition because the sapphires recovered from the properties are naturally deep, pure blue with purple overtones and as such represent a rare type of occurrence," says Bernie Gaboury, President and C.O.O. of True North Gems.
The option agreement calls for C$70,000 to be paid and 50,000 shares issued for each property over a period of four years. In addition, True North Gems has committed to spend C$125,000 on exploration and development over four years. The vendor is entitled to a two percent net smelter return on all non-gem materials extracted from the property and a two percent gross overriding royalty on all gem material extracted from the property. The agreement is subject to regulatory approval.
Images of two faceted Baffin blue sapphires measuring .20 carats and .68 carats are available on the Company's website at www.truenorthgems.com.
True North Gems is a public company listed on the TSX Venture exchange and is engaged in the exploration and development of North American coloured gemstone deposits. The company is a pioneer in Canadian emerald exploration and owns a 100-percent interest in the Yukon-based Regal Ridge property and in the Ontario-based Ghost Lake property. Regal Ridge and Ghost Lake host the only two confirmed emerald deposits in Canada.
Further information is available on the True North Gems' website at www.truenorthgems.com.
This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the company's products and services, competitive factors, new products and technological changes, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's amended registration statement on Form SB-2 filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.