Coal playersWho did NAG do a arms length option agreement with. A tenative permit holder. GXS, SMI, etc. Wait for maps to get sprung on market. In on rumour, in on permit fenzy, in on permits granted, in on maps-JVs, in on PP, GXS drill schedule, SMI drill schedule, GXS results, etc. We're still in permit frenzy moving to permits granted.
This is becoming more predictable and lower riskas we move thru stages.
May 6, 2008: North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce that the Company has submitted coal permit applications encompassing approximately 134,168 acres in proximity to the recent Goldsource Mines Inc. (TSX-V symbol: GXS)(Goldsource) discovery, in east-central Saskatchewan. A further 5,683 acres has been acquired through a third party arms-length option agreement purchased for $7,500 plus 100,000 common shares of the Company in the first year, and another $7,500 in the second year plus 100,000 common shares of the Company. This brings the current total land staking to approximately 139,851 acres, as additional coal permitting is ongoing.
The Company will keep the shareholders aware of any progress regarding these coal permits that have been forwarded to the government of Saskatchewan's permitting office. The time frame will be determined by the permitting office. North American Gem Inc. has submitted money in trust to the Saskatchewan permitting office.
The Company has made a commitment to be active in Saskatchewan for the exploration of coal, whether it be through successful staking by the Company or through joint venture opportunities. The recent coal discovery by Goldsource Mines Inc. of bituminous coal in two drill holes 1600 meters apart, suggests the potential for a much larger coal system. Goldsource believes the coal it encountered is from the Mannville/Swan River Group of Creataceous age (Goldsource Mines Inc., Release May 5, 2008). Coal structures of the Creataceous age are generally very large and can encompass several thousand square kilometers.