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Gold/Mining/Energy : True North Gems Inc

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To: TrueScouse who wrote (1011)	3/26/2010 2:55:22 PM
From: zebra4o1	of 1016

TrueScouse, The $40 million in capital is shown on slide 13 of this presentation: truenorthgems.com But judging from slide 17, revenues will start several years before they have spent the whole $40 million. The Jennings Capital report assumed $50 million initial cap ex. See table on page 10 truenorthgems.com I agree that these numbers seem absurdly high, considering that all their exploration and bulk sampling to date has cost them $13 million. It sounds like maybe now they have some different plan to go into production on a smaller scale? Maybe they needed the big expensive mine plan to satisfy Greenland authorities? Sure would be nice to know what the heck these guys plans are. $40 to $50 million cap ex for a tiny little quarrying operation?

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