VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/16/11 -- True North Gems Inc. (the "Company") (TSX VENTURE: TGX) is pleased to announce the appointment of Mr. Peter Friedmann to the Board of Directors.
Mr. Friedmann has a broad spectrum of knowledge in the both the private and public business sectors, and is currently a principal of a venture capital company investing in technology driven companies. In addition, through his extensive international network and contacts, Mr. Friedmann will assist in developing finance connections as the Company progresses towards production. Mr. Friedmann will assume his Board role as the nominee for the Halman-Aldubi Group. Mr. Friedmann is a significant investor in the Halman-Aldubi Group.
Mr. Martin Irving, the previous Board nominee for the Halman-Aldubi Group, has resigned from his Board role to accommodate Mr. Friedmann. The Company is pleased that Mr. Irving will continue his relationship and provide his experience to True North Gems through his appointment to the Company's technical advisory board.
The Company is pleased to also announce the appointment of Sherry Siu as corporate secretary, bringing extensive experience with publicly traded companies.
True North Gems has granted 1.1 million incentive stock options for employees and the new director and officer appointments. The options have an exercise price of $0.15 per share and will expire on September 14, 2016.
True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Greenlandic and North American coloured gemstone prospects. The Company is a pioneer in coloured gemstone exploration and, currently in Greenland, has the rights to earn 100% interest in the Aappaluttoq ruby and pink sapphire project, holds a 100% interest in the Tsa da Glisza emerald property, Yukon, and the Beluga sapphire property located on Baffin Island, Nunavut. True North's prime focus remains the commercial advancement of the Aappaluttoq Ruby Project in Greenland.
For further information, visit our website: www.truenorthgems.com.
The Company relies on litigation protection for "forward-looking" statements. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gemstone products produced, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, among others, price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gemstone exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Investors are cautioned that, although management is proceeding with an exploitation (mining) permit application, the Aappaluttoq project may never achieve successful commercial production.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.