North American Gem Inc. Commences Initial Site Visit of Mt. Ogden for 43-101 Approval

Aug 21, 2006: North American Gem Inc. (TSX-V symbol: NAG) (the “Company”) is pleased to announce that it has commenced its initial site visit on the Mt. Ogden Molybdenum property, located in the Atlin Mining District, about 60 km east of Juneau, Alaska, and 130 km south of Atlin, B.C along the Alaska-British Columbia Border. An experienced ground crew lead by Carl Shulze, P.Geo, of All-Terrane Exploration Services, will be observed by Charles Dejardins, President of North American Gem Inc. Samples will be collected on this site visit and summarised in the Company’s initial National Instrument 43-101-compliant report on the Mt. Ogden property.

In 1978 Omni Resources carried out preliminary sampling of a number of molybdenum showings near Mt. Ogden. The known mineralization is associated with an “Alaskite” stock exposed in at least nine separate locations across an area measuring 1,800 metres north-south by 1,500 metres east-west. Results of trench or continuous surface chip sampling from some of the mineralized zones include:

  • Zone “M”: 0.31% MoS2 from 24 samples across 43 m
  • Zone “N”: 0.32% MoS2 from 26 samples across 26 m
  • Also, in Zone “Z”, 10 samples taken along 300m averaged 0.24% MoS2 (Source, 1979 Assessment Report, Omni Resources Inc.).

    In 1979, Omni Resources carried out underground development and drilling at the “N” and “Z” showings, including about 159 metres of drifting and 589 metres of underground drilling (Elliott and Clouthier, 1981). A small high-grade vein, termed the ‘Serious Vein’ was encountered; a preliminary estimate of 30,000 tons of 1.85% MoS2 was provided based on drilling and underground exploration results. This estimate was produced prior to implementation of modern resource standards contained within National Instrument 43-101, does not distinguish between resource categories, and should not be relied on to necessarily represent accurate estimates under modern standards. No subsequent resource estimates have been made. North American Gem is not treating this estimate as an NI 43-101 defined resource verified by a Qualified Person and has not done the work necessary to verify the classification of the resource.

    This news was prepared on behalf of the company by Carl Schulze, P.Geo., of All-Terrane Mineral Exploration Services. Mr. Schulze is the qualified person responsible for the exploration on the Mt. Ogden Property. The company considers the historic resource estimate contained herein to be relevant, but currently unreliable, as insufficient information is available to confirm it.

    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. 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.