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Gold/Mining/Energy : True North Gems Inc

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From: seventh_son	9/6/2005 1:02:58 AM
	of 1016

One tiny company, one giant 445 carat gem quality ruby in the rough... here is Bob Moriarty's report on visting TGX's ruby property: 321gold.com My favourite quotes were these: If I was a mining executive anywhere in the world and I found out about an iron deposit or a coal deposit or even a boring old ruby deposit in Greenland, I'd drop everything I was doing and jump on the next plane to Greenland. The government actually encourages mining and instead of throwing road blocks in the way of mining juniors, they actually ask what they can do to help. How quaint. We viewed a few specimens of the ruby material in the building True North Gems used as a base and they were quite remarkable. The 9th deposit may well prove to be the company-making prospect. They have found rubies along a great distance and in world-class, multi-kilo per ton finds. They haven't even begun to come up with any estimate of bulk tonnage but in comparison to what I saw at Regal Ridge, the rubies are two orders of magnitude better than the emerald deposit And I was dazzled by the quantity of rubies. It does indeed look like a world class deposit. Based on two day's sketchy data the new deposit looks as if it represents a new and exceptional form of ruby mineralization. the exposed area shows rubies over a 110 meter by 15 meter area and they occur as primary, well-formed crystals. Only time will tell, but eveyone felt the new find was wonderful. True North now has a company-making stone. It will be trimmed and may end up in the 200-250 carat range. Andy intends to have a Vancouver jewelry carver carve the stone into something eligant. It was a heart-stopper and could have only been found through a solid partnership between Greenlanders and Canadians. Clearly the market doesn't understand True North Gems. Last year, with only the emerald deposit at Regal Ridge, the market valued the company at about $20 million dollars Canadian. Even the release of the 43-101 reports on the sapphire and ruby deposits in May and June did nothing to move the stock and True North Gems is only worth about $12 million dollars Canadian today. I believe it's an education issue and over time the public will begin to understand the magnitude of what this year's programs have discovered. Based on my admitedly-limited experience, I'd estimate the emeralds as 1 X, the sapphires as 5 X and the rubies as 500 X.

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