VANCOUVER, Oct. 2 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
(The Company) is pleased to announce that the TSX Venture Exchange has
accepted for filing an option agreement dated September 5, 2008 between North
American Gem Inc. (the 'Company') and Appalachia Coal Corp., whereby the
Company will acquire a 100% interest in Appalachia Coal Corp., a British
Columbia incorporated company with 20,000 acres of coal leases located in
Preston County, West Virginia.
North American Gem now controls approximately 20,000 acres of coal leases
in West Virginia that are in various stages of permitting. Several different
coal seams run on ACC's properties including the well known Kittanning seam
currently being mined at Cleveland-Cliff's White Tail mine 6 miles from ACC's
The Company will pay, to the founders of Appalachia Coal Corp., $200,000
in cash payments and 8,000,000, consisting of one (1) common share and one (1)
common share purchase warrant exercisable at an exercise price of $0.20 per
share for a period of two (2) years from closing. North American Gen has also
paid a $15,000 finder's fee to Canaccord Capital Corporation.
Charles Desjardins will visit the West Virgina property early next week
and will implement additional plans with the project's management team, to
aggressively move the project forward.
Insider/Pro Group Participation:
Edward Reisner awarded 2,800,000 units.
North American Gem Inc. (TSX-V symbol: NAG) is a junior exploration
Company based in Western Canada. The Company's primary goal is to explore for
Coal in North American. In addition to Coal exploration the Company also has
interest in Molybdenum, Gold, Copper and other base metals in Canada, in
particular the Louise Lake copper-gold-molybdenum-silver project located in
British Columbia. The Company is also pursuing Uranium projects, consisting of
the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects located
in Alberta; the Mosquito Gulch uranium property located in the North West
Territories; and the Ranger Lake uranium property located in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
President and Director
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This report contains forward looking statements, particularly those
regarding cash flow, capital expenditures, and investment plans. Resource
estimates, unless specifically noted, are considered speculative. The company
has filed a National Instrument 43-101 resource estimate on the Louise Lake
property. Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. By their nature, forward looking
statements involve risk and uncertainties because they relate to events and
depend on factors that will or may occur in the future. Actual results may
vary depending upon exploration activities, industry production, commodity
demand and pricing, currency exchange rates, and, but not limited to, general
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as "reserves"
unless such figures are based upon actual production or formation tests and
can be shown to be economically and legally producible under existing economic
and operating conditions.
For further information:
For further information: 430-609 Granville Street, Vancouver, BC,
Canada, V7Y 1G5, Phone (604) 683-5445, Facsimile (604) 687-9631,