NR 0512 "receives sapphire property approval"True North Gems receives sapphire property approval
2004-05-12 11:19 ET - News Release
Mr. Ken Shortt reports
TRUE NORTH GEMS RECEIVES APPROVAL FOR BAFFIN
ISLAND SAPPHIRE DISCOVERY IN NUNAVUT
True North Gems has received approval from the TSX Venture
Exchange for its option of two Baffin Island sapphire properties
located in Nunavut previously reported in Stockwatch (Nov. 19,
2003).
The approved agreement defines the terms of True North's
option of 100-per-cent interest in two Baffin Island properties
with confirmed sapphire mineralization of exceptional blue
colour. The property package encompasses 1,004 hectares
(2,482 acres) and this acquisition is a significant step toward
True North Gems objective of becoming North America's premier
coloured gemstone company.
The acquisition of the Baffin Island Sapphire discovery is
considered significant for True North as the sapphires recovered
from the properties are naturally deep, pure blue with purple
overtones and as such represent a rare type of occurrence.
Images of two faceted Baffin blue sapphires measuring 0.20
carat and 0.68 carat are available on the company's website at
www.truenorthgems.com.
The company has issued the 20,000 shares in connection with
the Baffin Island acquisition with a hold period which expires in
Aug. 30, 2004.