May 30, 2005: North American Gem Inc. is amending its previously announced private placement. The company will now raise $84,000 by way of a non-brokered private placement, at a price of seven cents per unit, subject to the approval of the TSX Venture Exchange. This is an increase of $14,000 from the previously announced $70,000 private placement.

Up to 1.2 million units will be issued as flow-through units, consisting of one common share and one-half of one warrant. One full warrant will entitle the holder to purchase one additional non flow-through common share of the company at a price of 10 cents per share for the first year, and 12 cents until expiration the following year.

The proceeds of the private placement will be used for exploration of the company's mineral properties.

For additional information please contact North American Gem Inc.

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, 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.