TGX TGX Energy and Resources Inc

True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is
pleased to provide an update respecting its previously announced brokered
private placement pursuant to a best efforts agency agreement (the "Agency
Agreement") with Casimir Capital LP ("Casimir") under which True North has
agreed to issue up to 175,000,000 Class A common shares ("Shares") at a price of
$0.09 per Share for gross proceeds of up to $15.75 million. 


The first tranche of the private placement, under which True North received
gross proceeds of $499,999.95 through the sale of 5,555,555 Shares, closed on
April 5, 2013.With the comprehensive due diligence drawing to a successful
conclusion, True North intends to close the second tranche of the financing,
under which Lenomi Holdings Limited ("Lenomi", a private investment company
controlled by Joseph Gutnick), will subscribe for 47,701,948 Shares for $0.09
per Share for gross aggregate proceeds of $4,293,175, on or about the end of May
2013. Following closing of the second tranche, Lenomi will hold approximately
19.9% of True North's issued and outstanding Shares. 


The third tranche of the financing, under which True North is proposing to issue
approximately 121,742,496 Shares to Lenomi for $0.09 per Share for gross
proceeds of $10,956,825, will result in Lenomi holding approximately 45% of True
North's issued and outstanding Shares. Completion of the third tranche is
subject to satisfaction of a number of conditions including, but not limited to,
regulatory approval and the approval of True North's shareholders. True North's
shareholders will be asked to approve the third tranche at True North's annual
general meeting of shareholders which will be held on June 13, 2013. Provided
shareholder approval is obtained, closing of the third tranche is expected to
take place on or before July 15, 2013, and in any event no later than August 1,
2013.


The Company intends to use the net proceeds of the financing to advance the
development of the Company's Aappaluttoq Ruby Project in Greenland as well as
general working capital.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


This document contains "forward-looking information" and "forward-looking
statements" (together, "forward-looking statements") within the meaning of
applicable securities legislation, which are made as of the date of this
document or the document(s) referred to herein. Statements that express
predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases
such as "expects", "anticipates", "plans", "projects", "estimates", "intends",
"strategy", "goals", "objectives" or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be forward-looking
statements. Forward-looking statements include, without limitation, statements
with respect to: the amount of mineral reserves and mineral resources; the
amount of future production over any period; net present value and internal
rates of return of the proposed mining operation; capital costs; operating
costs; strip ratios and mining rates; and mine life. The forward-looking
statements are made based upon certain assumptions which, if untrue, could cause
the actual results, performances or achievements of the Company to be materially
different from future results, performances or achievements expressed or implied
by the forward-looking statements. These assumptions include, without
limitation: the price of gemstone products produced; anticipated costs; the
presence of and continuity of gemstones at modeled grades and values; the
capacities of various machinery and equipment; the availability of personnel,
machinery and equipment at estimated prices; exchange rates; appropriate
discount rates; tax rates applicable to the proposed mining operation; financing
structure and costs; anticipated mining losses and dilution; gemstone recovery
rates; reasonable contingency requirements; and receipt of regulatory approvals
on acceptable terms.

By their very nature, forward-looking statements involve inherent risks and
uncertainties that could cause actual results, performances or achievements to
differ materially from those in the forward-looking statements. These include,
without limitation: price volatility, discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, regulatory restrictions (including
environmental regulatory restrictions and liability), activities by governmental
authorities (including changes in taxation), currency fluctuations, the
speculative nature of gemstone exploration, the global economic climate,
dilution, share price volatility, competition, loss of key employees; additional
funding requirements and defective title to mineral claims or property). This
list is not exhaustive. See also, for example, the risks disclosed in the
Company's other disclosure documents filed at www.sedar.com, including, without
limitation, those disclosed in the Company's management's discussion & analysis.
The Company expressly disclaims any intention or obligation to update or revise
any forward-looking statements, except as otherwise required by applicable
securities legislation.



FOR FURTHER INFORMATION PLEASE CONTACT: 
True North Gems Inc.
Nicholas Houghton
President and CEO
604-687-8055 or 1-800-399-8055
604-899-1240 (FAX)
info@truenorthgems.com
www.truenorthgems.com

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