VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3,
2010) - True
North Gems (TSX VENTURE:TGX) is pleased to announce management changes, which
the Company believes will enhance its ability to expeditiously advance the
exploitation (mining) permit application process and preliminary development of
the Company's Fiskenaesset Ruby Project located in southwest Greenland. The
Company views the completion of the permitting process and commencement of
development activity as key milestones in increasing shareholder value.
Nicholas Houghton has been appointed President and continues to serve as a
Director of the Company. Mr. Houghton replaces Andrew Lee Smith, who retains
his role as a Director of the Company with executive responsibilities. Mr.
Jeff Giesbrecht is appointed Vice President Corporate Development and Ms.
Jacqueline Tucker has been appointed to the position of Chief Financial Officer
to replace David S. Parsons who has now been appointed to the Company's Board
of Directors and will be appointed Chairman of the Company's Audit Committee.
A. G. (C. I. G.), appointed President:
Houghton is an accredited Gemmologist with thirty years experience in all
aspects of the jewellery industry, including design, manufacturing, and marketing.
Having worked with diamonds and coloured stones in both retail and wholesale,
rough and polished, he has been providing the Company with a wealth of
expertise in rough marketing, manufacturing and marketing serving as an
executive of True North Gems since 2004.
appointed Vice President of Corporate Development:
Giesbrecht completed his degree in engineering geophysics in 1989 and worked in
mineral exploration throughout North America before receiving a law degree in
1994. Throughout his legal career he specialized in mining and securities law
and acted as legal counsel for a number of companies in the mining sector. Most
recently, Mr. Giesbrecht acted as General Counsel for Western Silver Corp. In
this role, Mr. Giesbrecht was a member of the management team that successfully
negotiated a $1.6-billion sale of Western Silver to Goldcorp Inc. in 2006.
appointed Chief Financial Officer:
Tucker holds a Bachelor of Arts degree from the University of Western Ontario.
She is a qualified Chartered Accountant and a member of the Alberta, Ontario
and British Columbia Institute of Chartered Accountants. Ms. Tucker was elected
a fellow of the British Columbia Institute of Chartered Accountants and has
served on numerous committees of her profession including the Audit Assurance
Standards Board of Canada. Ms. Tucker has thirty years of public practice
experience as an auditor and advisor to public companies. Ms. Tucker has been
providing financial consulting to True North since 2005.
David S. Parsons,
appointed as Director and Chairman of the Audit Committee:
Parsons is currently Director, Corporate Services and Financial Analysis for
Goldcorp Inc. Mr. Parsons is a Certified General Accountant with over 20 years
experience in the mining industry, having served in the roles of Controller,
Chief Financial Officer and Director of mining companies. In 2001, Mr. Parsons
was employed by Wheaton River Minerals Ltd. and was directly involved in
mergers and acquisitions, including the merger with Goldcorp. Mr. Parsons has
been the Chief Financial Officer of True North since March 28, 2002.
Andrew Lee Smith, a co-founder of True North Gems in 2001 is relinquishing his
role as President and CEO to dedicate his time to other business ventures. Mr.
Smith will remain active with the Company in his continuing role of a Director
with executive responsibilities.
Robert T. Boyd retains his role as non-executive Chairman of the Board. The
other remaining members of Board of Directors include William Anderson,
President and CEO of First Nickel Inc., John Ryder, President and CEO of Dianor
Inc., and Martin Irving, President of Diamond Consultants Canada.
North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the
exploration and development of North American and Greenland coloured gemstone
prospects. The Company is a pioneer in coloured gemstone exploration and,
currently in Greenland, has the rights to earn 100% interest in the
Fiskenaesset ruby and pink sapphire property, holds a 100% interest in the
Qaqqatsiaq ruby property, and in Canada, holds a 100% interest in the Tsa da
Glisza emerald property, Yukon, and the Beluga sapphire property located on
Baffin Island, Nunavut.
The Company relies
on litigation protection for "forward-looking" statements. Certain
technical information contained within this press release is 43-101
non-compliant by virtue of the fact that National Instrument 43-101which
governs public disclosure of technical information for mineral exploration
properties in Canada is silent with respect to the exploration and technical
disclosure of gemstone properties. The company employs high standards for the
collection of geological information and exploration data, employs industry
recognized professionals as qualified persons to provide oversight and
management of the exploration programs and is committed to the implementation
of QA/QC protocols to monitor the integrity of the technical information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.