The Company has received an additional 154 Coal Prospecting Permits
VANCOUVER, Oct. 21 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
(The Company) would like to announce that the Company has received an
additional 154 Coal Prospecting Permits from Saskatchewan Energy and
Resources, near the most recent coal discovery by Goldsource Mines Inc. (TSX-V
symbol: GXS). This now brings the total to 223 Coal Prospecting Permits
covering an area of 422,135 acres (200,832 hectares) that have been approved
by Saskatchewan Energy and Resources.
North American Gem would also like to announce that several second
priority permits have been advanced to first priority status, increasing the
total of first priority status to 895 confirmed coal prospecting permit
applications (not including the 223 approved applications).
"We are pleased to see our first priority status increase at this stage
in the permitting process," said Charles Desjardins, President of North
American Gem Inc., "We have made a commitment to be a major land holder in
this newly discovered region, and we are well on our way as our permits
continue to receive approval."
All of the ground that has been applied for has been done so in
accordance will all the rules and regulations set forth by the government of
Saskatchewan's permitting office. As with all other companies applying for
coal dispositions in Saskatchewan, North American Gem Ltd., has its
applications and coal prospecting permits subject to the Saskatchewan
government's approval process.
Researchers were hired by North American Gem, immediately following
initial permitting, to search for relative historical data in the potential
Saskatchewan coal basin. The recovered data will help to guide the initial
Mike Magrum, PEng, a qualified person under National Instrument 43-101,
has approved the technical content of this news release.
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 interest 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, to produce a 43-101 compliant Resource estimate. In Alberta,
the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects are being
explored for Uranium potential. 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.
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,