February 2, 2006: North American Gem (NAG- TSX.V) (the “Company”) announces that the Drilling Permits have been extended for the Whiskey Gap Uranium project which will allow the Company to return to its planned 40 drill hole program sooner than the previously stated. Drill contracts are presently being negotiated. It is anticipated that drilling will commence approximately the third week of February.

Anomalous radioactivity, up to a maximum thickness of 5 meters, was encountered in seven drill holes over a wide area within carbonaceous mudstones, in association with a thick sandstone channel sequence.

Assay results from the SRC indicate that the radioactive zones are enriched with Uranium. The source of the Radon anomaly was not located, however a substantial enrichment of heavy metals is present, this heavy metal enrichment halo is typical of sandstone uranium deposits.

The radioactive zones also contain significant, copper, arsenic, molybdenum, vanadium and barium. These pathfinder elements typically occur in association with sandstone uranium deposits in Wyoming and Colorado.

North American Gem is extremely encouraged by these preliminary results, and is confident that further work in the area will define significant sandstone hosted Uranium mineralization.

The Phase 2 drill program will include drilling of up to 40 holes to further delineate the sandstone channel system and define the mineralization.

The Whiskey Gap property is underlain by a series of fluvial sandstones of Cretaceous age, thought to be analogous to sandstones in parts of Wyoming that host significant Roll front Uranium deposits.

The project is under the direction of Glenn .S. Hartley P. Geol. in accordance with the regulations of National Instrument 43-101, and the contents of this news release have been reviewed by Glenn .S. Hartley.

The Company also announces that pursuant to its stock option plan, the Company has granted incentive stock options to its directors, officers, consultants and employees to purchase in the total of 1,600,000 common shares in the capital stock of the company, subject to regulatory approval, exercisable for a period of two years, at a price of $0.15 cents per share. These options are subject to a four-month hold period.

North American Gem Inc. (NAG:TSX-v) 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 company's Louise Lake Property located in British Columbia, Canada and its Uranium and Multi-mineral deposit Properties which are the Del Bonita, the Western Basin, the Bonny Fault, and the Whiskey Gap, all located in Alberta, Canada.

On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
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. 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.