North American Gem Inc. Initiates the Drill Permitting Process for Coal Exploration North of Hudson Bay, Saskatchewan
February 26 2009 - 6:45PM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") is pleased to
announce that it has initiated the drill permitting process for a
work program that will include up to 20 drill holes focused around
the Tobin Lake region, located within east-central Saskatchewan.
The Company has been granted 757 Coal Prospecting Permits covering
an area of 1,436,500 acres (581,376 hectares) that have been
approved by Saskatchewan Energy and Resources, near the recent coal
discovery by Goldsource Mines Inc.
The Company will structure its drill program to allow some
targets to be accessed in the spring/summer months, while others
will be accessed during frozen-ground conditions next winter. The
drill program will target locations with historic coal occurrences
and areas with potential for coal intercepts, at depths amenable to
open-pit mining. Nearby coal occurrences include:
-- the Wapawekka Lake coal occurrences currently being explored by Alix
Resources Corp. and Geo Minerals;
-- the Adamas Minerals coal intercept to the southeast of the Narrow
Hills Uplands;
-- the 18 meter coal showing currently being explored north of Tobin
Lake;
-- the coal resources currently being investigated, north of Hudson Bay,
Saskatchewan, by Goldsource Mines Inc.
The Company has developed a database of other, lesser-known, and
yet to be verified coal occurrences previously identified by
companies not exploring for coal, as well as coal showings noted by
Provincial and Federal geological surveys.
North American Gem Inc. has engaged Dahrouge Geological
Consulting Ltd. (Dahrouge) of Edmonton, Alberta, to initiate the
permitting process on its behalf. Dahrouge has significant
experience in exploring for, and developing deposits of thermal
coal within the Western Canada Sedimentary Basin.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., a
qualified person.
North American Gem Inc. (TSX-V: NAG) is a Junior Exploration
Company based in Western Canada. The Company's primary goal is to
explore for Coal in North America, currently the focus is in
Saskatchewan and West Virginia. In addition to Coal exploration,
the Company also has interests in Uranium, Copper, Gold, Molybdenum
and other base metals in Canada. The Company has advanced the
Louise Lake Copper-Gold-Molybdenum-Silver project, located in
British Columbia and has produced a NI 43-101 compliant resource
estimate (included in its NI 43-101 Technical Report dated July 14,
2006 and updated February 6, 2009, as filed on SEDAR). The Uranium
projects include the Whiskey Gap and Western Basin in Alberta, the
Mosquito Gulch property in the Northwest Territories and the Ranger
Lake Uranium property in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary note:
This report contains forward-looking statements, particularly
those regarding cash flow, capital expenditures, and investment
plans. Resource estimates, unless specifically noted, are
considered speculative. The Company has filed a National Instrument
43-101 resource estimate on the Louise Lake property. Any and all
other resource or reserve estimates are historical in nature, and
should not be relied upon. By their nature, forward-looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic
factors.
Cautionary Note to US investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain
terms, such as "reserves" unless such figures are based upon actual
production or formation tests and can be shown to be economically
and legally producible under existing economic and operating
conditions.
Contact: North American Gem Inc. 604-683-5445
info@northamericangem.com
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