North American Gem Inc. Receives Drill Approval on 5 Locations South of the Goldsource Discovery
12 August 2009 - 4:24AM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") is pleased to
announce that it has received notice from its land manager that the
first 5 drill locations to the south of the Goldsource Mines
"Border Property" have now been approved by Saskatchewan
Environment and private landowners. The final approval through the
Saskatchewan Energy and Mines is to be received within a week of
submitting an exact drilling date.
Fugro Airborne Surveys of Ottawa, Ontario has completed the
airborne geophysical survey on three selected "Survey Blocks"
around the Tobin Lake area for a total of 1,453 line kilometres
with traverse line spacing of 600 meters. This survey covered a
total of 66,347 hectares and is currently being analyzed for
potential targets to submit for additional drill permitting. The
Company has been granted a total of 757 Coal Prospecting Permits
covering an area of 1,436,500 acres (581,376 hectares) that have
been approved by the Saskatchewan Ministry of Energy and
Resources.
The Company prioritized this particular region surrounding Tobin
Lake based on historic coal occurrences within oil exploration
wells. The interpreted shallow depth to coal of less than 100
metres from the surface was a key point in this decision. As with
the majority of the Company's land holdings, this region is within
the prolific "Durango Trend" as defined by Goldsource Mines Inc.;
which comprises several coal occurrences between Wapawekka Lake and
Goldsource's "Border Property" northeast of Hudson Bay. The
surveyed region will also provide year round drilling access to
potential targets, and a straightforward approval process through
private land holders and the Saskatchewan Ministry of Energy and
Resources and Ministry of Environment.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., a
qualified person.
Private Placement
The Company has arranged a non-brokered private placement of up
to 10,000,000 units at a price of $0.05 per unit for total proceeds
of up to $500,000 subject to the approval of the TSX Venture
Exchange.
Up to 6,000,000 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 $0.08 per share for the first
year, $0.10 per share in the second year, and $0.12 per share in
the third year.
Up to 4,000,000 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 $0.08 per
share for the first year, $0.10 per share in the second year, and
$0.12 per share in the third year.
The proceeds of the private placement will be used for
exploration work on the Company's mineral properties and general
working capital.
Investors are invited to visit the NAG IR Hub at
http://www.agoracom.com/IR/NorthAmericanGem where they can post
questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NAG@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
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, the Western Basin in Alberta, 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
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.
Cautionary note:
This report contains forward-looking statements. Resource
estimates, unless specifically noted, are considered speculative.
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.
North American Gem 430 - 609 Granville Street Vancouver, BC,
Canada V7Y 1G5 Phone 604-683-5445 Facsimile 604-687-9631
info@northamericangem.com www.northamericangem.com
North American Gem Inc. (TSXV:NAG)
Historical Stock Chart
From Jun 2024 to Jul 2024
North American Gem Inc. (TSXV:NAG)
Historical Stock Chart
From Jul 2023 to Jul 2024