True North Discovers Fancy Yellow Sapphires on Baffin

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  TRUE NORTH GEMS INC.

TSX VENTURE SYMBOL:  TGX

OCTOBER 21, 2004 - 06:00 ET

True North Discovers Fancy Yellow Sapphires on Baffin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 21, 2004) - True North 
Gems (TGX: TSX-V) is pleased to announce the discovery of yellow, clear 
and pale blue fancy coloured sapphires from its Beluga sapphire property 
on Baffin Island, Nunavut. Eighty pieces, comprising twelve grams, of 
fancy coloured sapphire rough were collected as grab samples from 
outcrop and sub-outcrop, over an area measuring 0.5 metres, during a 
regional reconnaissance program of the Beluga property in August, 2004.

The fancy coloured sapphires were discovered by Seemeega Aqpik, a 
co-discoverer of the Beluga sapphire showing, and Tony Le Cheminant, a 
Canadian petrologist, 60 metres from the Beluga showing, while 
conducting the regional reconnaissance for True North Gems. The geology 
of the new occurrence is similar to the other five sapphire showings 
elsewhere on the Beluga property, from which True North collected a 5 
tonne mini-bulk sample earlier this year (see True North Press release 
dated September 28, 2004).

Sapphires are a gemological variety of corundum, Al2O3, with varying 
concentrations of titanium and iron for sapphire. Fancy-coloured 
sapphires are gemstone varieties of corundum in any color other than red 
or blue. Beluga sapphires occur as a late-metamorphic hydrothermal 
replacement mineral in metapelite blocks contained within a 
coarse-grained, marble melange.

Field identification of the fancy coloured sapphires was confirmed by 
X-ray diffraction at the Mineralogy Laboratory of the Geological Survey 
of Canada in Ottawa and through subsequent faceting of the stones. True 
North Gems selected 4.7 grams of the 12 grams of collected rough for 
faceting at a dedicated cutting factory. In all, 12 finished stones with 
a total weight of 6.56 carats were polished, for an overall yield of 
27.7 percent. The largest stone, a Fancy Yellow oval, weighed 1.47 
carats; the smallest, a Fancy Yellow round brilliant, weighed .25 
carats. Photos of the polished goods can be seen on True North's 
website. The polished stones are natural and have not been subject to 
any treatments.

True North Gems is a public company listed on the TSX Venture exchange 
and is engaged in the exploration and development of North American 
coloured gemstone deposits. The company is a pioneer in Canadian 
coloured gemstone exploration and owns a 100% interest in the 
Yukon-based Tsa da Glisza emerald property and the rights to earn 100% 
interest in the Ontario-based Ghost Lake emerald property, the Beluga 
sapphire property located on Baffin Island and the Fiskenaesset ruby 
deposit in Greenland.

The Company relies on litigation protection for "forward-looking" 
statements.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

True North Gems

William Rohtert

Chief of Operations

(604) 687-8055 or Toll Free: 1-800-399-8055

or

True North Gems

Ken Shortt

Investor Relations

(604) 687-8055 or Toll Free: 1-800-399-8055

Email: ken@truenorthgems.com

Website: www.truenorthgems.com

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of the release.