VANCOUVER, June 25 /PRNewswire-FirstCall/ -- North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce the acquisition of the Charles Lake Property, totaling approximately 46,000 acres located along Charles Lake Shear Zone, northeastern Alberta, just north of the Athabasca Basin.
One of the areas of interest for uranium exploration within the Charles Lake area, is located along the Charles Lake Shear zone. The area is comprised of foliated granitoids, basement gneisses, mylonitic rocks, and high-grade metasediments (Godfrey, 1966), known as the Charles Lake granitoid belt. The Charles Lake shear zone generally strikes north-south, following the alignment of the basement gneisses that run along the north shoreline of Lake Athabasca. This shear zone parallels the major fault features of the region, which also trend north-south. These basement gneisses, running along the shear zone, are flanked on both sides by the granitoids. The basement gneisses span more than 30 kilometers east to Andrew Lake, with the area between being highly faulted.
Numerous historical radioactive and REE showings have been documented within the area between Charles and Andrew Lakes. These showings exhibit a general spatial relationship to the dominate shear and fault zones within the area. Near Charles Lake, there are over a dozen historical showings that occur directly along shear zones. These include radioactive showings of uranium, thorium, and REE's. A number of the showings occur in metasediments within basement gneisses, with a majority hosted by pegmatite units within the metasediments. Historical showings References: (Godfrey, 1966); (Lanenberg et al, 1993)
Charles Desjardins says, "The Northwest and Southeast trending structures at Charles Lake combined with the historical occurrences and our recently complied airborne data from Bonny Fault, lead us to believe the Charles Lake claim block will be a significant addition to our 160,000 acres Bonny Fault Property."
An airborne geophysical program that was completed during 2006 at Bonny Fault identified 276 linear and point-source uranium anomalies, and several major structures of interest. In addition, there are at least 50 known metallic mineral occurrences within the properties.
The 2007 summer exploration program will include the follow-up of an estimated 41 priority airborne radiometric targets, time permitting. The program will also target the zones of historic, high-grade, surface uranium mineralization.
At the Big Bend Uranium Showing, which is located about 400-m west of Andrew Lake, Godfrey (1958) collected three samples during the mid-1950's, as follows:
Sample # U(3)O(8) % Mo %
JG-58-44-1A 1.03 0.69
JG-58-44-1B 3.93 1.03
JG-58-44-1C 3.29 1.40
(x) Figures in this chart were produced prior to NI 43-101.
"The Company has an aggressive exploration agenda for its current Uranium properties and is currently entertaining several joint ventures possibilities on its Uranium prospects," says Charles Desjardins.
The terms of the options agreement for a 100-per-cent interest in the property require the company to make a total cash payment of $105,000 and to issue four hundred fifty thousand shares to the optionor. With payment of $32,500 and one hundred fifty thousand common shares upon signing, an additional $35,000 and one hundred fifty thousand common shares by the first anniversary and an additional $37,500 and one hundred fifty thousand common shares by the second anniversary. The property is subject to a 2-per-cent net smelter return royalty (NSR) for metals and a 2-per-cent Gross Overriding Royalty (GORR) in the case of gemstones or other economic minerals. This acquisition is subject to exchange approval.
The project is under the direction of Glenn S. Hartley P. Geol., who is the qualified person for the project in accordance with the regulations of National Instrument 43-101.
AGM HELD
North American Gem Inc. ("NAG") announces on June 22, 2007, the Company held its Annual General Meeting. All agenda items, as outlined in the circular, were approved, and all company directors were re-elected.
About North American Gem Inc.
North American Gem Inc. (TSX-V symbol: NAG) is a junior exploration Company based in Western Canada. The Company's primary goal is to explore for Uranium, Molybdenum, Gold, Copper and other base metals. The Company is actively pursuing several opportunities, including the Louise Lake copper-gold-molybdenum-silver deposit located in British Columbia, Canada. The Company is also pursuing its uranium projects, consisting of the Whiskey Gap, Del Bonita, Western Basin, and Bonny Fault projects, all located in Alberta, Canada. In addition the Company is also pursuing its Mosquito Gulch uranium property located in the North West Territories.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CONTACT: North American Gem Inc., 1788 - 650 West Georgia Street, Vancouver, BC, Canada, V6B 2N8, Phone (604) 683-5445, Facsimile (604) 687-9631,
