RE: RE: RE: RE: RE: RE: Good news releaseHere it is, but I think the later NRs stated not to rely on it ... check it out yourself, I'm too tired to look into it ...
News Release
North American Gem Signs MOU to Acquire Appalachia Coal Corp.
September 10, 2008:North American Gem Inc. (TSX-V symbol: NAG) (The Company) is pleased toannounce that it has signed a Memorandum Of Understanding (“MOU”) withAppalachia Coal Corporation (“ACC”), a private company with advancedstage coal interests in West Virginia.
ACC currently controls approximately 20,000 acres of coalleases in West Virginia that are in various stages of permitting.Several different coal seams run on ACC’s properties including the wellknown Kittanning seam currently being mined at Cleveland-Cliff's WhiteTail mine 6 miles from ACC's project. Initial strip mining isanticipated to commence late Q4 2008 - Early Q1 2009. The project isanticipated to host in excess of 100 million tons of coal (thisresource is not 43-101 compliant). NAG intends to commence anaggressive drill program shortly after closing.
Under the terms of the MOU, NAG intends to purchase 100% ofthe outstanding shares in ACC pursuant to a share exchange and otherconsideration. The closing will occur on or before September 30th 2008at 5:00 pm PST and is subject to obtaining all necessary consents,approvals and other authorizations of any regulatory authorities,shareholders or third parties.The management of NAG feels that ACC is an attractive acquisitiontarget on many fronts but in particular for its extensive coal reservesand the ability to potentially generate positive cash flow in the nearfuture.
Speaking from the 47th Canadian Conference on Coal in Calgary Mr.Charles Desjardins, President of North American Gem Inc. said, “Thepotential acquisition of Appalachia Coal Corp. is one of many excellentcoal industry opportunities that have been brought to the Company sinceits recent involvement in coal exploration. The company is committed tolooking at opportunities that will enhance shareholder value.”
Terms of the agreement are as follows:
• The Company has paid $100,000 upon the execution of this MOU to ACC.
• Upon closing of this agreement the Company will issue8,000,000 units, consisting of one (1) common share and one (1) commonshare purchase warrant exercisable at an exercise price of $0.20 pershare for a period of two (2) years from closing, to ACC.
• In addition the Company will pay $200,000 to the founder upon closing of this agreement.
• A finder's fee will be payable on this transaction in accordance with TSX Venture Exchange policy.
Terms of the agreement are subject to TSX Venture Exchange approval.
About North American Gem Inc. North American Gem Inc. (TSX-Vsymbol: 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 in Canada. The Company is activelypursuing several opportunities, including the Louise Lakecopper-gold-molybdenum-silver project located in British Columbia. TheCompany is also pursuing its uranium projects, consisting of theWhiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects, alllocated in Alberta. In addition the Company is also pursuing itsMosquito Gulch uranium property located in the North West Territoriesand the Ranger Lake Uranium property located in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOESNOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OFTHIS NEWS RELEASE.
Cautionary note:This report contains forward looking statements, particularly thoseregarding cash flow, capital expenditures, and investment plans.Resource estimates, unless specifically noted, are consideredspeculative. The company has filed a National Instrument 43-101resource estimate on the Louise Lake property. Any and all otherresource or reserve estimates are historical in nature, and should notbe relied upon. By their nature, forward looking statements involverisk and uncertainties because they relate to events and depend onfactors that will or may occur in the future. Actual results may varydepending upon exploration activities, industry production, commoditydemand and pricing, currency exchange rates, and, but not limited to,general economic factors.Cautionary Note to US investors: The U.S. Securities and ExchangeCommission specifically prohibits the use of certain terms, such as"reserves" unless such figures are based upon actual production orformation tests and can be shown to be economically and legallyproducible under existing economic and operating conditions.
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Contacts
North American Gem Inc., +1-604-683-5445
Email: news@northamericangem.com
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