North American Gem Receives Prospecting Permit Approval From the West Virginia Department of Environmental Protection
March 02 2009 - 5:09PM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") is pleased to
announce the prospecting permit approval for its parcel of coal in
the Lyon district of West Virginia referred to by the company as
the Dalton Tract. The property is 134.17 acres and hosts three coal
seams including the Little Clarksburg, the Elk Lick and the Harlem.
The prospect permit issued by the West Virginia Department of
Environmental Protection (WVDEP), for the Dalton property, will
allow for the drilling of above-coal strata from the uppermost
elevations of surface mining disturbance to elevations just below
the coal pavement. One complete drill hole with detailed sampling
of all drilled overburden material is a requirement of the WVDEP
for a surface mining permit. The test results from the overburden
analysis will determine what precautions are necessary to mine the
coal and not produce poor water quality after mining operations
have been completed.
The prospect permit obtained for this property also included
sufficient acreage to drill additional holes on the property.
Depending on the results of the initial hole, additional drilling
may be performed to more adequately estimate the coal reserve
tonnages on the property.
The Company has contracted Triad Engineering Inc., established
in 1975, which provides geotechnical and civil engineering,
environmental services, land surveying, construction testing and
monitoring, drilling and construction materials laboratory services
to a wide range of clients. Triad will perform all drilling on the
property and a site visit has been set for March 3rd, 2009 with a
Company representative and drill work has been scheduled to
commence during the week of March 9th, 2009.
All current work on the West Virginia properties is being
supervised by Mike Green of Green Engineering, Inc., who is a
registered professional engineer in Philippi, West Virginia, and
will be operating as the Company's qualified person under National
Instrument 43-101. Mr. Green has reviewed the technical content of
this news release and confirms its accuracy. Mr. Green is
independent of the Company.
Saskatchewan Property Update
On February 26, 2009 the Company announced that it had initiated
the drill permitting process for a work program that will include
up to 20 drill holes around the Tobin Lake region. The program will
target locations with historic coal occurrences and areas with
potential for coal intercepts, at depths amenable to open-pit
mining. One such area the Company will be focusing on will be a
land package approximately 20 kilometres south of the new coal
discovery in the Split-Leaf area of the Border project by
Goldsource Mines Ltd. which was announced in their March 2, 2009
release. These particular Coal Prospecting Permits represent the
Company's closet land package to the Goldsource discovery.
Granting of Options
North American Gem Inc. would like to announce that pursuant to
its stock option plan, the company has granted incentive stock
options to its directors, officers, consultants and employees to
purchase 1.5 million common shares in the capital stock of the
company, exercisable for a period of five years, at a price of 10
cents per share. These options are subject to a four-month hold
period.
North American Gem Inc. (TSX-V: 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
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. The Company has advanced the
Louise Lake Copper-Gold-Molybdenum-Silver project, located in
British Columbia and has produced a NI 43-101 compliant resource
estimate (included in its NI 43-101 Technical Report dated July 14,
2006 and updated February 6, 2009, as filed on SEDAR). The Uranium
projects include the Whiskey Gap and Western Basin in Alberta, the
Mosquito Gulch property in the Northwest Territories and the Ranger
Lake Uranium property in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary note:
This report contains forward-looking statements, particularly
those regarding cash flow, capital expenditures, and investment
plans. Resource estimates, unless specifically noted, are
considered speculative. The Company has filed a National Instrument
43-101 resource estimate on the Louise Lake property. Any and all
other resource or reserve estimates are historical in nature, and
should not be relied upon. 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.
Contact: North American Gem Inc. 604-683-5445
info@northamericangem.com
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