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True North Expands Again
Posted: 11/21/03

True North Gems, best known for its involvement with the Regal Ridge emerald deposit in Canada's Yukon Territory, has acquired an interest in two sapphire properties.

The properties are both located on Baffin Island, which is directly north of Canada's Quebec province and to the north and east of Canada's Northwest Territories, where its diamond deposits are located. The properties together cover 1,004 hectares (2,482 acres).

The area has not yet been explored in any depth, but facet-grade sapphires of a good blue color have been discovered.

The option agreement for the property called for True North to pay Cn$1400,000 and 100,000 shares of True North stock over the next four years. The vendor will also get a 2 percent return on the royalties from any gems found on the properties and a 2 percent net smelter return on all non-gem materials.

In other company news, True North announced that the deep blue beryl discovered near its Regal Ridge property was found to be chemically distinct from other types of blue beryl, commonly called aquamarine. The beryl found on their "True Blue" property is much higher in iron that any previously recorded type of aquamarine. The color of this beryl has been compared to the "Maxixe" beryl mined decades ago in Brazil; however, unlike the Brazilian beryl, it does not fade in sunlight.

True North also has the option to mine another emerald deposit, the Ghost Lake property in Ontario, Canada. Company representatives say that their primary goal at the moment, however, is to develop the emerald mine on Regal Ridge.