Aappalutoq Ruby Mine Reaches 75% Completion and Joint Venture Partner Earns Further 10% Ownership
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 19, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" "TNG" or the "Company") is pleased to announce that 75% of the construction and infrastructure is complete at the Aappalutoq Ruby and Pink Sapphire deposit. As a result the LNS Group has now earned a further 10% ownership of the Project.
"In 2015 Greenland suffered the worst winter in 30 years. Despite this, the LNS Greenland team proved their ability to battle through adverse conditions and had great success staying on track; we are very confident we will see completion of construction in the coming weeks." said Nicholas Houghton, President and CEO. "As seen in the recent photos uploaded to our new website, construction at the site is going extremely well and we look forward to exciting times in the very near future."
Latest contruction developments include:
- Geological teams have completed their assessment and enabled the construction and blasting of the 2nd drainage channel to begin. Currently the small lake has been lowered by approximately 3 meters;
- Workshop building envelope has been installed - including walls and approximately 80% of the roof. LNSG has mobilized electricians and plumbing technicians to site to begin the installations at the building;
- Progress continues to be made on the Process Building - with concrete pouring continuing,and the raising of the steel walls and roof to be initiated shortly;
- Main fuel storage is currently being installed underground on its impermeable liner; this will enable winter operations at site;
- New heavy equipment, including production drill-rigs and B40D haul trucks have been delivered to site by LNSG;
- Differential GPS stations have been installed across the site; surveying of the infrastructure, drill-collars and other facilities is underway;
As a result of the 10% earn in, LNS Group have now increased their total ownership in the project to 17%, this follows the 7% they secured from their investment in 2014 (see October 30th press release for more details).
You can view the new aerial photos of the construction and mine site in 'Our Mine' section in 'Construction updates'. The gallery is named 'Aerial View Photos'.
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.
Contact
True North Gems Inc.
Nicholas Houghton
President and CEO
604-687-8055
True North Gems Inc.
Stephanie Delaney
Corporate Coordinator
604-687-8055
info@truenorthgems.com
www.truenorthgems.com