North American Gem Inc. Finalizes the Acquisition of Its Largest Blue Gem Coal Lease in Knox County, Kentucky
April 14 2010 - 1:57PM
Marketwired
North American Gem Inc. (TSX VENTURE: NAG) has finalized the
acquisition of an additional 650 acre multi-seam coal lease in Knox
County, Kentucky which will be known as the Gilliam Hill Lease.
This newly acquired lease is immediately adjacent to the North
American Gem #2 Mine and also contains the readily marketable Blue
Gem coal throughout the entire lease area with an average seam
thickness of 2 feet. In addition to the Blue Gem seam, the Jellico
and Dean seams have been confirmed on the lease as well.
NAG has made plans to begin drilling on the newly acquired lease
in the next 90 days and will verify the seam thickness and quality
of the coal in all 3 known seams. Preparation for submittal of the
mining permit application to the Kentucky Department of Natural
Resources on the Gilliam Hill lease has already begun. As with the
Granny Rose Lease announced February 2nd 2010, mining costs are
expected to be relatively low on this particular lease due to
favorable strip ratios and mining conditions. Once successfully
permitted, the Gilliam Hill lease will be mined using surface and
auger mining techniques.
"The Gilliam Hill lease will be our largest lease acquired to
date for total estimated tonnage as well as mining production
potential," stated Charles Desjardins, President of North American
Gem Inc. "We are optimistic that the Company will be able to expand
this lease area by adding available contiguous parcels that are
currently in negotiation."
Mr. Dean Schafer is acting as operations manager of all the
Company's Kentucky coal leases and is currently implementing an
overall mine plan.
Ms. Deborah Moses, PEng, PLS, REM, of Engineering Consulting
Services Inc. (ECSI) is the qualified person for the Company's coal
operations in Kentucky and West Virginia.
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
North American Gem Inc. (TSXV:NAG)
Historical Stock Chart
From Jun 2024 to Jul 2024
North American Gem Inc. (TSXV:NAG)
Historical Stock Chart
From Jul 2023 to Jul 2024