Last C$0.16 CAD
Change Today -0.005 / -3.12%
Volume 554.7K
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true north gems inc (TGX) Snapshot

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52 Week High
02/26/15 - C$0.19
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Market Cap
46.1M
Average Volume 10 Days
497.6K
EPS TTM
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Shares Outstanding
297.2M
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P/E TM
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true north gems inc (TGX) Details

True North Gems Inc. explores and develops colored gemstone deposits in Greenland and Canada. The company primarily explores for ruby, emerald, and sapphire. It owns 100% interest in the Aappaluttoq ruby project that consists of 2 prospecting licenses comprising 8 claim blocks covering 823 square kilometers in southwest coast of Greenland. It also holds a 100% interest in the Tsa da Glisza emerald property consisting of 105 claims located in Yukon, Canada; and the Beluga sapphire property comprising 4 claims located on Baffin Island, Nunavut in Canada. True North Gems Inc. was founded in 2001 and is based in Vancouver, Canada.

Founded in 2001

true north gems inc (TGX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

true north gems inc (TGX) Key Developments

True North Gems Inc. Appoints Raymond Simpson to Board of Directors

True North Gems Inc. announced the addition of Mr. Raymond Simpson to their Board of Directors. Mr. Simpson has over 20 years of experience in the diamond industry and is currently managing director of Diamond Asset Advisors. Until recently he was an Executive Vice-President of Dominion Diamond Corp.

True North Gems Inc. Provides Update on Pre-Feasibility Study on the Aappaluttoq Ruby and Pink Sapphire Project in Southwest Greenland

True North Gems Inc. announced the results of the updated pre-feasibility study on the Aappaluttoq Ruby and Pink Sapphire Project in Southwest Greenland. True North contracted Tetra Tech of Vancouver as independent engineers to review the project and complete the update. The current resource for the Aappaluttoq Deposit was issued on 1 June 2011. No further in-ground eological development work has occurred since then, thus the resource is still current and actively utilized within the updated pre-feasibility study. The Mineral Reserves account for the anticipated mining recovery and dilution and a lower cut-off size of 1.7 mm, which is utilized throughout the resource and plant design. Mineral Resources are reported inclusive of Mineral Reserves. The primary capital development cost for the project including initial and sustaining has been estimated at USD 25 million which includes construction of the project port, roads, helipads, mine camp, security, processing facility and workshop. This represents a significant reduction of approximately USD 15 million over the 2011 Prefeasibility study that has been accomplished by utilizing a Greenlandic partner experienced in arctic construction, as well as designing a corundum recovery plant with a lower capital requirement, and contributing EPCM within the company's experienced Nuuk operations team. As part of the LNS-Greenland joint venture agreement the majority of the capital costs will be assumed by LNS-Greenland in exchange for a final earn of 27% ownership of True North Gems Greenland A/S. The company is expected to contribute USD 8 million of the total capital expenditure; these expenses include the processing plant equipment, Nuuk HF secondary cleaning facility, corporate in-country headquarters and the gem sorting and grading facility. The operating expenditure includes negotiated fixed lease payments to LNS-Greenland for certain site buildings and other estimated costs using quotes provided by LNS-Greenland and verified by TetraTech. The LNS joint venture will provide all mining and service equipment for the mining project this equipment includes; three haul trucks, three excavators, three front end loaders and various service and small vehicles that will be leased over the current life of mine. Upgrade of inferred resources to indicated: The resource estimate identifies 77,200 tonnes of inferred resource with a grade of 283 grams per tonne of total clean corundum. In accordance with NI 43-101 standards 66,000 tonnes of the inferred resource falls within the designed pit shell but is not included as ore in the study. Increasing mine life and/or throughput: The deposit remains open along strike in both directions and to depth, indicating potential for increased throughput and/or a longer life operation. The processing plant is designed for additional capacity. Development of nearby targets-for-further-exploration which host gem corundum at surface and lie within 10km of the Aappaluttoq site - including Siggartartulik and Kigutilik both of which are within the Companys licence area.

True North Gems Inc. Appoints Hayley Henning as V.P Marketing and Development

True North Gems Inc. announced that Hayley Henning has been appointed V.P Marketing and Development. Ms. Henning strengthens the Company with twenty years of marketing and corporate social responsibility (CSR) experience in the gemstone and jewellery industry. Her career highlights include her role for the last several years as Executive Director of the Tanzanite Foundation, the marketing division of TanzaniteOne Mining Ltd, where she was responsible for: Developing and implementation of strategic marketing initiatives and partnerships to generate Global awareness for Tanzanite to stimulate sales and desirability. Creating educational and marketing materials used worldwide, and acted as the global company spokesperson representing TanzaniteOne Ltd. to the International media. Managing and maintaining Sightholder relationships, and communicating marketing initiatives. Coordinating company Corporate Social Responsibility (CSR) programs, which includes various schools, orphanages and empowerment projects, all of which have been recognized by The United Nations and CIBJO.

 

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