True North Gems Inc. ("True North" or the "Company") is very pleased to announce that the Government of Greenland has formally approved the Company's Exploitation and Closure Plan, and Impact Benefit Agreement ("IBA"). This paves the way for the establishment of Greenland's first ruby and pink sapphire mining operation at Aappaluttoq, SW Greenland.
"We can now look forward to moving ahead with the construction and production phases of the project," stated Nicholas Houghton, President and CEO. "Today's approvals are a true testament of the hard work, and co-operation exhibited by both the Government of Greenland and the Company."
The Exploitation and Closure Plan establishes the framework for the construction of mine facilities, production and site reclamation. It also covers workers' health and safety, environmental protection, and project infrastructure, while also outlining other requirements.
The IBA ensures that all Greenlandic communities and the economy as a whole will benefit from the Aappaluttoq mine. The document is a commitment by the Company to bring direct employment and training, whilst developing new skill sets and supporting the growth of secondary industries. The IBA has been presented to the Municipality of Sermersooq for approval.
Minister for Industry and Mineral Resources Jens-Erik Kirkegaard stated: "I am very pleased that the project can move forward with the prospect of new job creation, business opportunities and income to the Greenland society." The Minister added: "True North Gems have been a constructive, cooperative partner in the negotiation and approval process."
The mayor of Sermersooq, Asii Chemnitz Narup is pleased with the prospect of new jobs in the municipality: "True North Gems is committed to employing local workers. This will benefit our community and especially the settlement of Qeqertarsuatsiaat."
The Company continues to work with various parties to complete project financing and engineering, and we expect to provide an update on these activities in due course.