True North Gems provides a corporate update
True North Gems provides a corporate update
Vancouver – October 1, 2018 – True North Gems Inc. (TGX: TSX-V) (“True North” “TGX” or the “Company”)
announces today, the Company has been informed by the recently appointed Trustee overseeing the bankruptcy proess in
Greenland of the conclusion of the of claims and has been awarded DKK 3,158,108 (CAD $627,338). The funds are
currently held in Trust.
The Company is also continuing its effort to resolve matters of concern with respect of the process where by the Greenland
government granted the Aappaluutopoq Mining License to True North’s former partners LNS and Greenland Ventures
through a process that was needlessly expediated, unfair, biased and potentially contravention to the bankruptcy laws.
Andrew Lee Smith, Interim CEO
On behalf of the Board of Directors of True North Gems Inc.
For further information, contact:
Email: [email protected]
www.truenorthgems.com
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.
The comments above are provided Without Prejudice.