Sept 21, 2006: North American Gem Inc. (TSX-V symbol: NAG) (the "Company") is pleased to announce that Fundamental Research Corp. has completed and released its valuation on the Company.

Fundamental Research Corp. is an independent equity research firm, which provides their subscribers with the highest quality fundamental research on smaller cap companies from a value-based perspective. The companies covered are selected using a very strict value screen in order to identify under-valued stocks (BUY) or grossly overvalued stocks (REDUCE). North American Gem Inc. commissioned an independent research report from Fundamental Research Corp. based on the fact it is an affiliate of Investrend Research and a member of the First Research Consortium that sets the standards and ethics for independent research agreed to by all members of the association.

Fundamental Research Corp. (FRC) has been ranked in the Top 10 for Investment Research Companies by Investars in overall daily returns. FRC's third place ranking has been based on a 2 year unaudited performance against firms covering 1-99 stocks, and only includes stocks in FRC's coverage list which meet minimum share price requirements. The full list of the ranked Investment Research Companies can be viewed at www.fundamentalresearchcorp.com.

In summary the Fundamental Research report is recommending a BUY for North American Gem Inc. and has evaluated the stock price value at $2.00 with the risk rated at highly speculative. The entire report may be viewed at the following link www.juniormines.com/nag.

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 and Mt. Ogden molybdenum property, both 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.

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.