North American Gem Inc. Sub-Leases the North American Processing Facility
05 Luglio 2011 - 3:00PM
Marketwired
North American Gem Inc. (NAG) (TSX VENTURE: NAG) through its
subsidiary, North American Gem US, Inc. (NAG US) has sub-leased the
North American Processing Facility (the "Facility") for a one year
period to Kentucky Industrial Services (KIS) during which time they
will become the exclusive operator. KIS will be responsible for
managing operations and all of the cost associated with running the
Facility. NAG US will benefit by collecting a net override royalty
of $0.25/ton of coal that is shipped from the Facility. Coal
produced by NAG US will have priority at the North American
Processing Facility.
NAG US continues to explore its current leases by stepping out
beyond what the company already considers its minable coal and
evaluating the quality of newly discovered coal. In particular, the
exploration is ongoing at the 470 acre Brian Jones lease and the
560 acre Gilliam Hill South lease. Once exploration has completed a
comprehensive engineering report will be compiled for
evaluation.
NAG US has already received an access road permit for the Swan
Pond lease; however the company needed to evaluate another option.
An alternate access road was evaluated and it was determined to be
a more cost efficient transportation route from the mine site. NAG
US is currently waiting for the approval of this new access road
permit in order to proceed with the establishment of mining
operations at the Swan Pond leases (Mine #3).
NAG US is continuing to work on improving the production numbers
at NAG Mine #2. Over the last 12 months, NAG US has experienced
production inconsistencies at NAG Mine #2. Currently, NAG Mine #2
is being mined intermittently and the company is working to
alleviate the legal issues which have been contributing to the
production inconsistencies. An update will be provided when the
company learns of any new developments.
North American Gem Inc. (TSX VENTURE: NAG) is a Junior
Exploration Company based in Western Canada. The Company's primary
goal is to explore for Coal in North America, currently the focus
is in Kentucky, Saskatchewan, and West Virginia. In addition to
Coal exploration, the Company also has interests in Uranium,
Copper, Gold, Molybdenum and other base metals in Canada.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
Charles Desjardins, President and Director
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. The production rate and
mine-life projections have been made without support of a
feasibility study, there is no certainty the proposed operations
will be economically viable. By their nature, forward looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally
producible under existing economic and operating conditions.
"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."
Contacts: North American Gem Inc. Charles Desjardins President
and Director 604-683-5445 604-687-9631 (FAX)
info@northamericangem.com www.northamericangem.com
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