VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - True North Gems Inc. (TSX VENTURE:TGX) today announced that it has appointed Mr. Bent Olsvig Jensen as Managing Director for its wholly owned Greenland subsidiary, True North Gems Greenland A/S. Mr. Olsvig Jensen will oversee the anticipated transition from a successful exploration company to being a leading producer of gem quality ruby and pink sapphire.
Mr. Olsvig Jensen will be based in Nuuk, Greenland, and offers the company extensive business experience and an understanding of the relationship dynamics of local operations having worked in senior management for the past thirteen years for Greenland based companies. His diverse portfolio of responsibilities have included community and government relations, corporate project development, implementation of Quality Assurance Programs at nine factories, employee training development, and preparation of statistical data related to production, staffing and operational maximization.
Mr. Olsvig Jensen also has proficiency and familiarity of the Greenlandic Educational and Municipal Council system, where responsibilities undertaken have including liaison and cooperation with Community leaders' for development of public awareness programs.
"It is such a unique and exciting project," says Mr. Olsvig Jensen. "As we move towards production of ruby and pink sapphire, I am looking forward to being an integral member of True North Gems team and enhancing the contributions and opportunities that we as a Company can bring to both the local communities and Greenland as a whole."
President and Chief Executive Officer Nicholas Houghton commented, "The engagement of Mr. Olsvig Jensen as our Nuuk-based managing director demonstrates the commitment that we have in advancing the project and ensuring the project benefits the local communities. The community relationship, operational and development capabilities that Mr. Olsvig Jensen offers True North Gems will prove to be an invaluable asset to our company."
True North Gems are also pleased to announce the appointment of Mr. Ward Kondas, and look forward to his involvement going forward with the Company through his extensive experience and background in Corporate Communications and Finance.
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.
This document contains "forward-looking information" and "forward-looking statements" (together, "forward-looking statements") within the meaning of applicable securities legislation, which are made as of the date of this document or the document(s) referred to herein. Statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements include, without limitation, statements with respect to: the amount of mineral reserves and mineral resources; the amount of future production over any period; net present value and internal rates of return of the proposed mining operation; capital costs; operating costs; strip ratios and mining rates; and mine life. The forward-looking statements are made based upon certain assumptions which, 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 the forward-looking statements. These assumptions include, without limitation: the price of gemstone products produced; anticipated costs; the presence of and continuity of gemstones at modeled grades and values; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; appropriate discount rates; tax rates applicable to the proposed mining operation; financing structure and costs; anticipated mining losses and dilution; gemstone recovery rates; reasonable contingency requirements; and receipt of regulatory approvals on acceptable terms. By their very nature, forward-looking statements involve inherent risks and uncertainties that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements.
These include, without limitation: price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development 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. This list is not exhaustive. See also, for example, the risks disclosed in the Company's other disclosure documents filed at www.sedar.com, including, without limitation, those disclosed in the Company's management's discussion & analysis. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, except as otherwise required by applicable securities legislation.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.