NAG North American Gem Inc.

North American Gem Inc. ("NAG") (TSX VENTURE:NAG) reports that it has, subject
to satisfactory due diligence completed by Hunter Dickinson Group ("HDG"),
executed a legally binding and enforceable agreement between HDG and NAG to
implement a Joint Venture on its Louise Lake property (the "Joint Venture
Agreement").


In order for HDG to retain its initial ownership interest of 50% in the
property, HDG must, within the first two years from execution of the Joint
Venture Agreement, make payments to NAG in the aggregate of $400,000 and incur
exploration expenditures totaling $3,000,000. Of the $400,000 in payments to be
made, $200,000 of it, at the sole election of HDG, can be made through the
issuance of common shares of HDG after completion of its initial public offering
or an equivalent transaction ("Listed Shares").


Provided that HDG has retained its initial ownership interest of 50%, HDG will
have an option, exercisable at its sole discretion, to earn an additional 30%
ownership interest for a total ownership interest of 80%. In order for HDG to
acquire the additional ownership interest of 30%, HDG must, within the third and
fourth years from execution of the Joint Venture Agreement, make payments to NAG
in the aggregate of $400,000 and incur exploration expenditures totaling
$7,000,000. Of the $400,000 in payments to be made, $200,000 of it, at the sole
election of HDG, can be made through the issuance of Listed Shares.


Currently, there is a 2.0% Net Smelter Return royalty ("NSR") in favour of the
original vendors of the property, of which 1% of the NSR can be acquired for a
$1,000,000 payment to the original vendors.


"Of the parties that expressed interest the Louise Lake property, we are pleased
to be able to work with a group that is a known and respected mine developer,"
stated Charles Desjardins, President of North American Gem Inc.


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.

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