Still Waiting on Approximately 472,000 acres in Coal Permit Applications
VANCOUVER, June 24 /CNW/ - North American Gem Inc. (TSX-V symbol: NAG)
has received First Priority "Comfort letters" for an additional 444,078 acres
from Saskatchewan Energy and Resources, bringing the new total of First
Priority Coal Permit Applications to approximately 900,000 acres.
North American Gem Inc. has also received First Priority "Comfort
letters" on its Coal Permits Applications bordering the east and west of the
Weststar Resources Corp. (TSX-V symbol: WER) potential position. North
American Gem Inc. has been advised that it has Second Priority on Weststar
Resources potential position.
The Company is currently awaiting its Coal Prospecting Permit approval
for the Adamas Property which would allow exploration to commence. North
American Gem Inc. has First Priority status on the township that holds the
Adamas Discovery. Despite the likelihood of some grade loss, the samples
graded Sub-bituminous A (43-101 compliant) quality over 5 meters. This is
highly encouraging as the coal would have likely deteriorated to some degree
and suggests that the sample may be of better quality in an unoxidized state.
The Company has filed and fully paid for 786 Coal Disposition
applications to date. 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. The standard issue Comfort letter states "the
extent to which the land described in these applications can be issued has not
been investigated, and therefore this letter should not be construed as an
indication that any land will be issued, as a full review is still to be
In 2007, Adamas was exploring a magnetic anomaly thought to be a
kimberlite target in proximity to the most recent discovery by Goldsource
Mines Inc. (TSX-V symbol: GXS) (Goldsource), in western Saskatchewan. During
this exploration program Adamas discovered a coal seam in the Cretaceous rock
(Mannville Group Rocks) sequence containing coal similar to Goldsource,
confirming the regional potential for coal deposits.
Adamas has collected proprietary aeromagnetics data for the area of
interest that has been made available to North American Gem Inc. to be used to
further evaluate the area for coal deposits and other minerals that may be
found therein. Historical data and reports suggest that coal is present to the
north edge of the Cretaceous rock sequence along the shores of Wapawekka Lake
to the north of the Adamas discovery. These reports further suggest that the
Wapawekka out crop is likely associated with a larger deposit to the south.
The Adamas intercept is directly south of Wapawekka Lake along the low lying
basin adjacent to the south east of the Narrow Hills Uplands.
Goldsource also made a significant coal discovery while drilling for
kimberlites in a low lying basin south east of the adjacent uplands at Pasquia
Hills to the south east of the Narrow Hills intercept. The occurrence at
Pasquia is roughly 80-100 km south east of the Narrow Hills and both have
similar topographical features and are in the same Cretaceous rock sequence.
The recent coal discovery by Goldsource Mines Inc. of bituminous coal in
two drill holes 1600 meters apart, suggests the potential for a much larger
coal system. Goldsource believes the coal it encountered is from the
Mannville/Swan River Group of Creataceous age (Goldsource Mines Inc., Release
May 5, 2008). Coal structures of the Creataceous age are generally
stratigraphic and can encompass several thousand square kilometers.
North American Gem Inc. anticipates being a major land holder in this new
coal region of Saskatchewan. The Company will commit to aggressive exploration
and is currently assembling an outstanding Board of Advisors with expertise in
the area of coal exploration. The Company plans to first twin the Adamas
discovery hole to get a true grade of the quality of the coal at that
location, and further exploration holes in the area of the discovery.
Mike Magrum, PEng, a qualified person under National Instrument 43-101,
has approved the technical content of this news release.
North American Gem Inc. AGM Update
North American Gem Inc. held its annual general meeting on June 20, 2008.
All agenda items, as outlined in the circular, were approved, all company
directors were re-elected and the shareholder rights plan announced on
May 22, 2008 received shareholder approval.
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. The Company has also filed Coal Permit Applications for up
to 1.4 million acres north of Hudson Bay and east of Prince Albert,
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
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
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,