April 21, 2010: North American Gem Inc. (NAG) (TSX-V symbol: NAG) reports that it has currently raised $929,120 through the exercising of warrants. In combination with the revenue being produced from mining operations at the North American Gem #1 Mine, the money raised through the exercising of warrants will be used to fund several of NAG's upcoming projects. In particular, the money raised will fund the bonding for the North American Gem #2 Mine, the bonding for the pending Swan Pond lease (North American Gem #3 Mine) and provide the capital necessary for the building of additional hauling roads and sediment ponds.
"As a result of the recent infusion of capital, the Company will not have to go to the to the public market to raise additional funds to satisfy our near term needs." stated Charles Desjardins, President of North American Gem Inc. "This capital will ensure full funding for all of North American Gem's current projects and will also allow the Company to acquire additional coal leases and permit multiple land tracts."
Mr. Dean Schafer is acting as operations manager of all the Company's Kentucky coal leases and is currently implementing an overall mine plan.
Ms. Deborah Moses, PEng, PLS, REM, of Engineering Consulting Services Inc. (ECSI) is the qualified person for the Company's coal operations in Kentucky and West Virginia.
North American Gem Inc. (TSX-V symbol: NAG) is a junior resource company in Western Canada. The company's major focus is expanding its coal mining operations at its flagship properties in Kentucky. In addition, the company has interests in coal, gold, copper, molybdenum, and other base metals in Canada.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
"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."
Cautionary note:This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. 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.