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True North Gems recovers excellent quality and quantity of emeralds from 2003 exploration program
11/12/03
VANCOUVER, Nov 12, 2003 (Canada NewsWire via COMTEX) --
True North Gems (TGX-TSX-VEN) reports that 5,801.05 grams (29,005 carats) of gem and near-gem emeralds were recovered from 465.1 tonnes of underground and surface trenched material during the 2003 exploration program at the Company`s Regal Ridge Project. Emeralds were recovered from representative samples collected during underground work conducted on the Southwest Zone and from surface trenching at the Mattscar Pit No. 1, two of the 13 confirmed zones of emerald mineralization on the property.
The Southwest Zone Underground Excavation
A total of 3,224.8 grams (16,123.9 carats) of gem and near-gem emeralds were recovered from the 272.7 tonne random sample of emerald mineralized material extracted from underground. All emeralds sorted measured in excess of two millimetres. Gem quality emeralds accounted for 285.84 grams (1,429.2 carats) averaging 1.05 grams (5.25 carats) per tonne, while 2,938.94 grams (14,694.7 carats) of near-gem emeralds were collected averaging 10.78 grams (53.9 carats) per tonne. A stockpile of 671.4 tonnes of emerald rough material with similarly quantifiable gem and near-gem emerald grades remains to be processed at the outset of the 2004 season.
`The number of emeralds recovered from the underground work on the Southwest Zone is exceptionally good. More encouraging is the improvement in quality and size of the emeralds we discovered underground this year,`says Bernie Gaboury, President and COO of True North Gems. `This work has established the continuity of structure and grade of the emerald mineralization and reaffirms our belief that Regal Ridge has the potential to become an economically viable emerald deposit.`
The Mattscar Surface Trenches
1,781.2 tonnes of emerald mineralized material was extracted from surface trenching in eight pits from the Mattscar. In Pit No. 1 a sample of 192.4 tonnes of material was processed to yield emerald stone counts and the average grade. A total of 2,576.27 grams (12,881.35 carats) of gem and near gem emeralds were recovered from the 192.4 tonne sample. Gem quality emeralds accounted for 241.30 grams (1206.5 carats) averaging 1.25 grams (6.25 carats) per tonne, while 2,334.97 grams (11,674.85 carats) of near-gem emeralds were collected averaging 12.14 (60.7 carats) per tonne.
Detailed information on the emerald counts is available on the Company website at: www.truenorthgems.com .
True North Gems is a public company, listed on the TSX-Venture Exchange and is engaged in the exploration and development of North American gemstone deposits. The company is a pioneer in Canadian gemstone exploration and owns a 100-percent interest in the Yukon-based Regal Ridge property and in the Ontario-based Ghost Lake property. Regal Ridge and Ghost Lake host the only two confirmed emerald deposits in Canada.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. WARNING: The Company relies on litigation protection for `forward-looking`statements. William Rohtert is a graduate gemologist and has acted as an Independent Qualified Person with respect to National Instrument 43-101, and has personally verified and supervised the stone count process on behalf of True North Gems Inc.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=99390
For further information: Ken Shortt, Investor Relations, Telephone: 604-687-8055 or 1-800-399-8055, ken(at)truenorthgems.com, http://www.truenorthgems.com
News release via Canada NewsWire, Vancouver 604-669-7764
Copyright (C) 2003 CNW, All rights reserved
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