North American Gem Inc. Continues to Hit Visible Mineralization to the North, as well as below the Terminator to the Northwest, On the 2008 Louise Lake Diamond Drilling Program



    VANCOUVER, Feb. 11 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG) is
pleased to announce that the 2008 diamond drilling program on North American
Gem's Louise Lake Project is progressing rapidly. The road-accessible Louise
Lake property is located 35 kilometers west of Smithers, British Columbia,
Canada, a full-service community with excellent access to highway, rail and
electrical power infrastructure.
    The program commenced ahead of schedule, with two diamond drills
operating by January 19, and currently in service. A minimum of roughly
4,800 meters of core will be drilled by project completion.
    The Louise Lake property hosts the "Main Zone" deposit, consisting of an
unusual mineral assemblage, with copper occurring as an equal mixture of
enargite and chalcopyrite. The 2004 through 2007 programs extended the known
dimensions of the east-west striking, moderately north-dipping tabular Main
Zone both to the west and east, as well as down-dip to the north. By 2006, the
Main Zone was known to be at least 970 meters long, up to 170 meters wide, and
extending to a depth of 250 - 270 meters, where it is abruptly truncated by
the flat-lying "Terminator" fault.
    The 2008 program is focusing on two main target settings. The first
target consists of an intercept of higher grade gold, as well as higher
gold:copper ratios, returned from Hole LL-07-18B (2007 program). Here, a value
of 0.769 g/t gold with 0.48% copper was returned from a 26.1-metre intercept
from 288.8 to 314.9 meters of depth, part of a 40.0-metre interval grading
0.625 g/t gold with 0.41% copper (see News Release dated May 9, 2007).
Four holes targeting the potential nearby strike extension of this intercept
have been completed. All have returned typical Main Zone-style mineralization
with visually determined intercepts ranging from 67.8 to 241.5 meters.
Analytical results are pending.
    The other main setting consists of mineralization occurring beneath the
flat-lying "Terminator" fault. Year-2007 results from Hole LL-07-15, collared
northwest of the Main Zone, revealed low-grade mineralization beneath the
"Terminator" having a similar fabric and geochemical signature to the Main
Zone. This represented the first intercept of sub-Terminator mineralization to
date, suggesting the underlying "fixed" portion of the deposit may occur
further northwest of the Main Zone.
    At least five holes, collared progressively northwestward from this
intercept, will test for the underlying "fixed" portion of the Main Zone. As
of Feb 7th, three of four holes targeting this were successful, returning
intercepts from 50 to 65 meters in length having a "Main Zone" - style fabric
of alteration and quartz veining. This provides evidence that the "fixed"
portion of the Main Zone underlying the Terminator occurs to the
west-northwest, as theorized by North American Gem's exploration team. All
intercepts also contain at least some Main Zone-style mineralization, although
no estimation of metal grades will be made before results are returned.
    A second NI 43-101-compliant resource estimate on the Main Zone was
released by SRK Consulting (Canada) Inc. late in 2007, incorporating results
from the 2007 program. Table 1 lists the upgraded resource estimates per
category.

    
    Table 1: 2007 updated SRK classified mineral resources, Main Zone,
    Louise Lake Project

    -------------------------------------------------------------------------
    Mineral
    Resources(*)         Tonnes     Cu (%)     Mo (%)    Au (g/t)    Ag (g/t)
    -------------------------------------------------------------------------
    Indicated        26,000,000     0.231      0.008        0.22        1.01
    -------------------------------------------------------------------------
    Inferred        125,000,000     0.239      0.009        0.23        0.99
    -------------------------------------------------------------------------
    (*) All resources quoted at 0.15% copper cut-off

    -------------------------------------------------------------------------
    

    The 2007 estimate uses an actual copper cut-off value of 0.15%, rather
than the "copper equivalent" (CuEq) cutoff value of 0.25% used in the 2006
estimate. Comparison of the two estimates using the 0.25% CuEq cutoff instead,
with identical metal prices, indicates that the 2007 estimated tonnage has
been increased by 8%, with very similar metal grades. Grades of the Indicated
Resource category, increased to 26,000,000 tonnes from 6,000,000 tonnes, are
also substantially increased from 2006 values.
    This News Release was reviewed and approved by Carl Schulze, BSc, PGeo,
Qualified Person for the project, in accordance with regulations under
National Instrument 43-101. All sample analysis will be completed by ALS
Chemex of North Vancouver, British Columbia, Canada. The diamond drilling
program is being conducted by Britton Brothers Diamond Drilling of Smithers,
British Columbia.

    About North American Gem Inc.

    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
Uranium, Molybdenum, Gold, Copper and other base metals in Canada. The Company
is actively pursuing several opportunities, including the Louise Lake
copper-gold-molybdenum-silver project located in British Columbia. The Company
is also pursuing its uranium projects, consisting of the Whiskey Gap, Del
Bonita, Western Basin, and Bonny Fault projects, all located in Alberta. In
addition the Company is also pursuing its 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.
    "Charles Desjardins"

    Charles Desjardins
    President and Director

    THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND 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.





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

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NORTH AMERICAN GEM INC.

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