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| September 25, 2014 --- Vol. 08, No. 39 | September 2014
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Greenland
GEMS – True North Gems Inc. Sept. 23 said it has issued the commencement notice to its joint venture partners LNS Greenland A/S to authorize mobilization of equipment and inaugurate construction at the Aappaluttoq Ruby and Pink Sapphire project located in southwest Greenland. “This exciting announcement marks the continuation of a very successful transition year for True North,” said Nicholas Houghton, president and CEO of True North. “It is anticipated that the construction will progress very quickly and will be a testament to the experience of our partners LNSG and all their investment in planning in anticipation of the commencement notice. It is another step in delivering upon our promise bringing economic benefit to all stakeholders.” Key construction objectives include: Transportation and installation of the pre-fabricated loading dock; enabling mobilization of equipment to site; movement of rolling stock required to commence road construction; set up and establishment of the living quarters and accommodation for construction crew which facilities will remain for future operations; the completion of all infrastructure, which will enable planned production to commence in 2015. The issuance of the commencement notice as required under the terms of the joint venture agreements with LNSG is now possible following project financing. Progress reports will be issued periodically as construction milestones are achieved. “The news of True North’s successful financing and the anticipated commencement of construction was well received in Greenland by all. Jens-Erik Kirkegaard, the government minister responsible for industry and mineral resources, hailed the financial news as “a strong signal to the world and investors that mining in Greenland is certainly possible,” said Bent Olsvig Jensen, managing director of True North Gems Greenland A/S. “We are pleased to say we have received a large number of applications from people who are looking forward to the upcoming employment opportunities.” True North said it eagerly awaits the commencement of production in 2015 of mine-to-market sourced Greenland rubies and pink sapphires.
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