North American Gem Inc. Receives Prospecting Permit for the Saffle Property, West Virginia
05 March 2009 - 8:51AM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") announces its
second prospecting permit application has been approved for its
property referred to as the Saffle Tract. The property is a 37 acre
mining prospect located 3.5 miles northwest of Newburgh in West
Virginia.
The prospecting permit was issued by the West Virginia
Department of Environmental Protection (WVDEP). Triad Engineering
Inc. will be visiting the site on March 3rd, 2009 and will commence
drilling on the property within two weeks. The Company anticipates
that it will have coal and soil samples in the lab for analysis by
the end of March 2009. The prospect permitting process enables the
Company to obtain the sufficient water and soil samples needed to
satisfy the requirements of the WVDEP towards full mining permit
status. The process towards a full mining permit on the Saffle
Tract will be expedited by the fact that there has been historical
water and soil testing work done on the property.
North American Gem will be updating shareholders regularly as it
moves ahead with the site drilling, water testing and mine plans
needed to take the property to the point of proposed production.
The Company is working diligently on all aspects of the permitting
process.
All current work on the West Virginia properties is being
supervised by Mike Green of Green Engineering Inc., who is a
registered professional engineer in Philippi, West Virginia, and
will be operating as the Company's qualified person under National
Instrument 43-101. Mr. Green has reviewed the technical content of
this news release and confirms its accuracy. Mr. Green is
independent of the Company.
Private Placement
North American Gem Inc. has arranged a non-brokered private
placement of up to 10,000,000 units at a price of $0.06 per unit
for total proceeds of up to $600,000 subject to the approval of the
TSX Venture Exchange.
Up to 5,000,000 units will be issued as non flow-through units
consisting of one common share and one full warrant. One full
warrant will entitle the holder to purchase one additional common
share of the Company at a price of $0.10 per share for the first
year, and $0.15 per share in the second year.
Up to 5,000,000 units will be issued as flow-through units
consisting of one common share and one half (1/2) share purchase
warrant. One full warrant will entitle the holder to purchase one
additional common share of the Company at a price of $0.10 per
share in the first year and $0.15 per share in the second year.
The proceeds of the private placement will be used for
exploration work on the Company's mineral properties and general
working capital.
North American Gem Inc. (TSX-V: 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.
Contact: North American Gem Inc. 604-683-5445
info@northamericangem.com
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