New PR from NAG this morningManagement seems to be developing a lot of their prospects[and can chew gum at same time:{]
N. A. Gem makes changes to Ranger Lake option
North American Gem Inc(C:NAG)
Shares Issued 107,778,259
Last Close3/31/2009 $0.085
Wednesday April 01 2009 - News Release
Mr. Charles Desjardins reports
NORTH AMERICAN GEM INC. AMENDS THE RANGER LAKE URANIUM AGREEMENT
North American Gem Inc. has amended the Ranger Lake option agreement,subject to TSX Venture Exchange approval.
The new terms of the agreement are as follows:
- The optionee shall issue to the optionor 200,000 common shares immediately upon approval by the TSX Venture Exchange.
- The optionee shall issue to the optionor 200,000 common shares by the anniversary date of the original agreement (May 15, 2009).
- The optionee shall issue to the optionor payment of $40,000 and issue 50,000 common shares by May 15, 2010.
- The optionee shall issue to the optionor payment of $60,000 by May 15, 2011, at which point all terms of the amended option agreement will have been fulfilled.
The Ranger Lake uranium property, totalling 19,280 acres, is located in the Sault Ste. Marie mining district of Ontario. The property has road access as it is located to the east of Ranger Lake just north of Highway 556 and west of Highway 129. The Ranger Lake uranium property is located approximately 60 miles northwest of the historic Elliot Lake uranium mines.
The Ranger Lake uranium property was staked as a result of favorable radiometric anomalies in conjunction with high lake sediment samples. A particular lake sediment sample recorded a value of 994.2 parts per million (ppm) uranium (2.35 pounds per ton uranium), and was recovered from the Renwich township. These data were released prior to establishment of current standards under National Instrument 43-101, and has not been substantiated by North American Gem, and therefore should not be relied upon.
North American Gem contracted Terraquest Surveys of Markham, Ont., to fly an airborne survey over the Ranger Lake property and is currently analyzing the geophysical survey data to select targets for further exploration.
Garry Clark, PGeo, will be operating as the company's qualified person under National Instrument 43-101 for the Ranger Lake uranium property.