NAG North American Gem Inc.

North American Gem Inc. (NAG) (TSX VENTURE:NAG) reports that it has closed the
non-brokered private placement originally announced on August 4th, 2010 and
repriced on September 8th 2010. In addition to the first tranche in which the
Company raised $792,086.24, the Company has raised a further $289,906 in the
second and final tranche.


A total of 3,623,825 non-flow-through units at a price of $0.08 per unit were
issued in the second tranche. Each unit consists of one common share and one
non-transferable share purchase warrant. Each warrant will entitle the holder to
purchase one additional common share of the Company at a price of 10 cents per
share for the first year, 12 cents per share on the second year and 15 cents per
share until expiration on the third year.


Shares, warrants and any shares issued upon exercise of the warrants are subject
to a hold period expiring February 16, 2011. The proceeds of the private
placement will be used for exploration of the company's mineral properties and
general working capital.


The following insider and pros participated in the private placement:

Pro group: David Hamilton-Smith 100,000 shares, and Darrell Jamha 62,500 shares.

Finders' fees: $11,200 cash and 140,000 warrants (same terms as private
placement above) payable to Canaccord Genuity Corp. $11,500 cash and 143,750
warrants (same terms as private placement above) payable to Northern Securities
Inc. $6,420 cash and 80,250 warrants (same terms as private placement above)
payable to Alex Kuznecov.


North American Gem Inc. (TSX VENTURE:NAG) is a junior resource Company in
Western Canada. The company's major focus is expanding its coal mining
operations at its flagship properties in Kentucky. In addition, the Company has
interests in coal, copper, molybdenum, and other base metals in Canada.


On Behalf of the Board of Directors 

NORTH AMERICAN GEM INC.

Charles Desjardins, President and Director

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. The
production rate and mine-life projections have been made without support of a
feasibility study, there is no certainty the proposed operations will be
economically viable. 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.

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