VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to provide a construction and development update for the Company's Aappaluttoq ruby mine in SW Greenland. Since the last update was issued by the Company on March 18ththe following has taken place on-site:
- Extension of the ~2.4km work-trail from the mine camp to the site of the future processing facility is now over 90% complete. LNS-Greenland (LNSG) estimate approximately 300m of drill-and-blast operations will be required to enable vehicular access to the upper lake area;
- The majority of the camp modules have now been installed (please see updated photos). This includes the four accommodation blocks, the mine offices, hospital and recreation facilities. Construction crew are currently working on the final installation of the main building with its kitchens and dining area. Installation of the sub-floor insulation, general plumbing and wiring throughout the camp is approximately 80% complete;
- Authorization from the Greenlandic Authorities has been granted allowing the Company to commence lowering the level of the upper lake the required 10m. This is an important phase; once complete, it will further expose the ore body and also the access route to the mine operations area;
- Currently the site is experiencing the beginning of spring enabling LNSG to resume sea-borne resupply of the site and ensure the project construction stays on-track;
- 23 Greenlandic staff are currently working at Aappaluttoq utilizing the tented construction camp; with the completion of the mine accommodation units and kitchens the number of construction workers will increase;
"I am pleased with the way teams from both LNS and True North Gems Greenland have worked together to keep the project moving forward despite a difficult winter here," stated Bent Olsvig Jensen, Managing Director of True North Gems Greenland A/S. "We have managed to keep the construction at Aappaluttoq progressing in a logical and safe manner, and are looking forward to the completion of the camp in the coming weeks."
Progress reports will continue to be issued as individual construction milestones are met; these will usually be accompanied by new photographs and/or videos from the mine site which can be viewed in the "Projects" section under the "Greenland Ruby" tab on the company's website: www.truenorthgems.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document contains "forward-looking information" and "forward-looking statements" (together, "forward-looking statements") within the meaning of applicable securities legislation, which are made as of the date of this document or the document(s) referred to herein. Statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements include, without limitation, statements with respect to: the amount of mineral reserves and mineral resources; the amount of future production over any period; net present value and internal rates of return of the proposed mining operation; capital costs; operating costs; strip ratios and mining rates; and mine life. The forward-looking statements are made based upon certain assumptions which, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by the forward-looking statements.
These assumptions include, without limitation: the price of gemstone products produced; anticipated costs; the presence of and continuity of gemstones at modeled grades and values; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; appropriate discount rates; tax rates applicable to the proposed mining operation; financing structure and costs; anticipated mining losses and dilution; gemstone recovery rates; reasonable contingency requirements; and receipt of regulatory approvals on acceptable terms. By their very nature, forward-looking statements involve inherent risks and uncertainties that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements. These include, without limitation: price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gemstone exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees; additional funding requirements and defective title to mineral claims or property]. This list is not exhaustive. See also, for example, the risks disclosed in the Company's other disclosure documents filed at www.sedar.com, including, without limitation, those disclosed in the Company's management's discussion & analysis. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, except as otherwise required by applicable securities legislation.