National Jeweler Network

Market Developments

Co. awarded license to mine rubies in Greenland

March 05, 2014

Vancouver, British Columbia--The government of Greenland has given Canada’s True North Gems Inc. an exclusive 30-year mining license for the Aappaluttoq ruby deposit in Greenland.

The exploitation license will become effective on March 10. Under it, True North has agreed to pay a gross revenue royalty to the government of the country of nearly 6 percent on all sales of rubies and pink sapphires mined from Aappaluttoq.

The deposit will be an open-pit mine, and over its initial nine-year life will create up to 80 new jobs in Greenland ranging from mining operations at the Aappaluttoq site to gemstone grading in the Nuuk Processing Facility.

“Today marks the culmination of our exploration, delineation and major permitting activity. Since 2004 we have worked hard to plan a sustainable mining operation that showcases the economic opportunities for our shareholders and the people of Greenland,” said True North President and CEO Nicholas Houghton.

“This also heralds the beginning of our transformation from an exploration company to a producer. It will enable us to showcase and deliver a new supply of rubies and pink sapphires to the worldwide gemstone industry. I would like to take this opportunity to publicly thank all who have worked with us and helped to achieve this major milestone.”

True North also owns 100 percent of the Tsa Da Glisza emerald property in the southeastern Yukon, Canada, which is comprised of 105 claims covering 21 square kilometers (about 13 square miles).