North American Gem Inc. and International Ranger Finalize Joint Venture Agreement for the Whiskey Gap Project

Nov 1, 2005: North American Gem Inc. (NAG:TSX-v) (the Company) is pleased to announce that it has finalized the joint venture agreement with International Ranger Corp.(IRNGTC pink sheets) on the 44,400 acre Whiskey Gap uranium property located in southern Alberta along the Canada/U.S.A border.

Terms of the agreement are as follows:

  • $15,000.00 cash on signing and 100,000 shares (upon TSX-v approval)
  • $250,000 firm work commitment first year to earn 50%
  • $400,000 work commitment second year and 100,000 shares to earn 60%
  • $600,000 work commitment third year and 100,000 shares to earn 70%
    The Company can earn an additional 10% by taking Whiskey Gap to feasibility, thereby potentially earning an 80% interest.

    International Ranger will have a 20% working interest in the Del Bonita property held by the Company, after the Company meets its three year work commitment International Ranger will be responsible for 20% of expenses incurred on the Del Bonita property. Should International Ranger default on the agreement the option will be diluted down to a 10% carried interest.

    This Exploration project is being conducted under the direction of Glenn .S. Hartley P. Geol. in accordance with the regulations of National Instrument 43-101.

    North American Gem Inc., subject to regulatory approval, has granted to directors, officers, consultants and employees incentive stock options of the company to purchase in the total of 100,000 common shares in the capital stock of the company per the company's stock option plan for a period of two years at a price of 15 cents per share.

    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.