North American Gem Inc. Finalizes the Acquisition of the Brian Jones Blue Gem Coal Lease in Knox County, Kentucky
May 13 2010 - 8:01AM
Marketwired Canada
North American Gem Inc. (NAG) (TSX VENTURE:NAG) has successfully negotiated the
acquisition of approximately 800 acres (The Brian Jones lease) of contiguous
coal leases to the Gilliam Hill lease (previously announced April 14, 2010). The
Brian Jones lease is located centrally to the NAG operations in Kentucky and
contains the readily marketable Blue Gem coal. In addition to the Blue Gem seam,
the Jellico and Moss seams have been confirmed on this newest acquisition as
well.
Preparation for submittal of the mining permit application to the Kentucky
Department of Natural Resources on the Brian Jones lease has commenced. The
Brian Jones lease is one of five leases currently being permitted with the other
four being the Swan Pond, Granny Rose, Gilliam Hill North (Jamieson), and
Gilliam Hill South. NAG has made plans to begin drilling on the newly acquired
lease and will verify the seam thickness and quality of the coal in all 3 known
seams. As with NAG's other leases the mining costs are expected to be relatively
low on due to favorable strip ratios and mining conditions.
"We are pleased that the Company was able to successfully expand our lease
holdings in this particular area given the extensive presence of Blue Gem coal."
stated Charles Desjardins, President of North American Gem Inc. "North American
Gem plans to continue expanding its lease holdings in Kentucky and continues to
make progress with the mining permitting process."
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.
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.
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