North American Gem Inc. Company Update



    TSX-Venture: NAG

    VANCOUVER, Feb. 25 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
(the Company) announces, as a result of a review by the British Columbia
Securities Commission, we are issuing the following news release to clarify
our disclosure.
    The Company is amending and restating its Management Discussion and
Analysis (MD&A) for the year ended December 31, 2007 and interim periods ended
March 31, 2008 and June 30, 2008. The reason for the amendments is to provide
clarification of the Company's Louise Lake property and make certain other
updates, including disclosure of significant transactions and expenditures
during the past quarters, year-to-date periods and any accounting policies
adopted. The amendments to the MD&A for the December 31, 2007, March 31, 2008
and June 30, 2008 ending periods, do not materially impact the financial
figures (amounts) reported in the Company's financial statements for the
corresponding periods.

    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 America, currently the focus is in Saskatchewan and West
Virginia. In addition to Coal exploration, the Company also has interests in
Uranium, Copper, Gold, Molybdenum and other base metals in Canada. The Company
has advanced the Louise Lake Copper-Gold-Molybdenum-Silver project, located in
British Columbia and has produced a NI 43-101 compliant resource estimate
(included in its NI 43-101 Technical Report dated July 14, 2006 and updated
February 6, 2009, as filed on SEDAR). The Uranium projects include the Whiskey
Gap and Western Basin in Alberta, the Mosquito Gulch property in the Northwest
Territories and the Ranger Lake Uranium property in Ontario.

    
    On Behalf of the Board of Directors
    NORTH AMERICAN GEM INC.
    "Charles Desjardins"

    Charles Desjardins
    President and Director

    THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR
    ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
    

    Cautionary note:
    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
economic factors.
    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.

    %SEDAR: 00005772E




For further information:

For further information: 430-609 Granville Street, Vancouver, BC,
Canada, V7Y 1G5, Phone (604) 683-5445, Facsimile (604) 687-9631,
info@northamericangem.com, www.northamericangem.com

Organization Profile

NORTH AMERICAN GEM INC.

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