True North Gems Inc. ("True North" or the "Company") is pleased to announce that TetraTech EBA of Vancouver has been engaged to update the pre-feasibility study ("PFS") for the Aappaluttoq Ruby and Pink Sapphire Project, SW Greenland. TetraTech EBA have already commenced the work and the Company anticipates the release of the updated technical report during the first quarter of 2015.
The current PFS was completed in 2011. Additional engineering and market analysis studies have since been completed by the Company. Results of these studies are now available at a suitable confidence level to be incorporated into a new PFS. This will include:
- Review and update with current information, the existing mine plan, scheduling, permitting, civil and flow-sheet engineering.
- Complete a new economic assessment incorporating a complete market analysis to assess the positioning for Greenland Ruby and Pink Sapphire in the luxury goods sector.
- Highlight the value for the Company's shareholders of having the participation of strategic Greenlandic joint-venture partner, LNS-Greenland.
Nicholas Houghton CEO and President commented, "The Project has progressed since the completion of the 2011 PFS with the required permitting in-place, commencement of site construction, corporate structural changes, and a deeper understanding of the upcoming mining operation with the input from our joint venture partner. Recently there has been a strengthening of the gemstone and luxury goods sector and the updated study will take these factors into consideration while also providing a current representation of the project for shareholders. We look forward to working again with TetraTech EBA in this update of their original 2011 technical report."
In accordance with NI 43-101, Lara Reggin, P.Geo. and Mark Horan, P.Eng. of TetraTech EBA are the independent Qualified Persons responsible for completing the updated technical report announced in this news release. They have reviewed and approved the contents of this release.
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.