True North Gems Conclude Successful Community and Government Engagement Meetings
VANCOUVER, BRITISH COLUMBIA–(May 7, 2015) – True North Gems Inc. (TSX VENTURE:TGX) (“True North” or the “Company”) is pleased to announce the completion of successful information meetings with all political parties, stakeholders and communities in Greenland.
Parliamentary Information Meetings
Over the period April 21 st – April 27th the Managing Director and the Executive VP from True North Gems Greenland A/S (TNGG), the Greenlandic operating arm of the Company, completed an all-party parliamentary presentation and engagement exercise. This was aimed at providing Greenland’s political leaders with an opportunity to learn more about the project, to update them on the progress of mine construction, illuminate on the new financial figures issued as part of the updated pre-feasibility study, and answer their questions on a host of subjects including local community engagement and employment for local residents.
Members of the ruling Siumut Party, Inuit Ataqatigiit Party, the Demokraatit Party, Naalaraq Party, and Atassut Party, alongside members of the Committee for Mineral Resources and the Committee for Finance and Taxes actively participated and engaged TNGG staff. A key question was the effect of the newly issued pre-feasibility economic assessment and the potential for tax revenue for Greenland; other questions included the role of ‘small-scale’ licence holders or artisanal workers; the Company highlighted our long-held belief that small-scale operations can co-exist with an industrial level operation such as Aappaluttoq, and by working together we can raise awareness of Greenlandic gemstones to the benefit of all.
Community Information Meetings
Subsequent to the Government engagement meetings, TNGG staff along with representatives from the Municipality of Sermersooq, the Department of Mineral Resources and the Department of Industry, Labor and Trade visited Qeqertarsuatsiaat (Fiskenæsset) village to discuss the Aappaluttoq project’s status and continued path towards development. Following the presentation an open forum question and answer session was held with the local community council and the union of fishers and hunters. The trip concluded with a well-attended public information meeting in the village hall, involving the Qeqertarsuatsiaat community.
The seminars were all highly successful and TNGG is pleased with the open and transparent dialogue that has developed between the Municipality, the local community council, the local population and the Company.
“We have worked hard to keep the local community, Municipality and Government involved and up-to-date with the development of the mine. This openness develops trust and ensures everyone has a complete understanding of the project and what it is set to bring Greenland in terms of economic growth, employment and training,” stated Bent Olsvig Jensen, Managing Director of TNGG. He continued, “We are proud of the fact certain criteria outlined in the Impact Benefit Agreement the Company executed in 2014 have been exceeded; this includes the construction at Aappaluttoq being achieved with 100% Greenlandic staffing, above the 80% requested, and of that 10% coming from the community of Qeqertarsuatsiaat.”
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.
True North Gems Inc.
President and CEO
True North Gems Inc.