NEWS !!! NEWS !!! NEWS !!! Here we go !!!North American Gem Inc.’s Exploration of their Bonny Fault Project in Northeastern Alberta is Complemented by Alberta Geological Survey Geoscience Studies
Nov 9, 2005: North America Gem Inc. (The Company) is pleased to announce that its Bonny Fault property has received particular attention as part of a three week field program completed on the Alberta Shield by the Alberta Geological Survey (AGS) during July 2005. The AGS program included examination and sampling of several faults and shear zones with previously reported metallic mineral occurrences. A B.Sc. thesis project has been developed by the AGS in cooperation with the University of Alberta and will be completed by Suzy Byron under the joint supervision of Dr. Sarah Gleeson on behalf of the University of Alberta and Dr. Dinu Pana on behalf of the Alberta Geological Survey/EUB. Byron`s thesis is focused on collecting fluid inclusion data from quartz veins within Bonny Fault in an attempt to determine the temperature and composition of possibly mineralizing fluids that percolated the fault. Such information is critical for inferring the metallogenic potential of any hydrothermal system. The AGS will be sending samples collected this summer to lab for further analysis. The assaying cost for the samples will be paid for by North American Gem Inc.
The Company is pleased to announce that an additional mineral permit has been applied for, to add up to 23,000 acres, cost of staking only, to North American Gem Inc.’s recently acquired Bonny Fault Property (see April 5th press release). This additional land acquisition will bring the total Bonny Fault property up to approximately 140,000 contiguous acres. This additional acquisition was conducted to secure favorable geology similar to the geological settings in which the main Bonny Fault mineral showings are hosted. One such mineral showing discussed in the April 5th press release is the AGS documented: West Arm of Andrew Lake showing with a 3.93% U3O8 and 1.03% Mo sample.
Glenn Hartley, P.Geo, is the qualified person for the property, in accordance with regulations under National Instrument 43-101. It should be noted that North American Gem Inc. is commencing due diligence work and has not verified any of the results reported in this news release.
North American Gem Inc. has closed the private placement announced on September 30, 2005.
A total of 2.5 million units were issued as flow-through units consisting of one flow-through common share and one-half of a non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional non-flow-through common share of the company at a price of 12 cents per share for the first year and 15 cents until expiration the following year.
The remaining 1.5 million units were issued as non-flow-through units, each non-flow-through unit consisting of one common share and one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional non-flow-through common share of the company at a price of 12 cents per share for the first year and 15 cents until expiration the following year.
A total of 2.75 million share purchase warrants were issued. One warrant will entitle the holder to purchase one additional non-flow-through common share of the company at a price of 12 cents per share for the first year, and 15 cents until expiration the following year.
For the 36 placees the shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months.
Pro group participation: Kerry Chow, 250,000 FT
A finders' fee will be paid as follows: Jeanne MacDonald will receive a finder's fee of $9,500.00. Canaccord Capital Corp. will receive a finder's fee of $6,700 and 67,000 common shares. Research Capital Corp. will receive a finder's fee of $19,500. Gordon Jang will receive a finder's fee of 50,000 common shares.
The proceeds of the private placement will be used for exploration of the company's mineral properties and general working capital.
About North American Gem Inc. 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 Uranium, Molybdenum, Gold, Copper and other Base metals. The Company is actively pursuing several opportunities, including the company's Louise Lake Property located in British Columbia, Canada and its Uranium and Multi-mineral deposit Properties which are the Del Bonita, the Western Basin, the Bonny Fault, and the Whiskey Gap, all located in Alberta, Canada.
For additional information please contact North American Gem Inc.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director