July 24, 2007: North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce that the summer exploration program at its Bonny Fault Uranium property has commenced. The Property encompasses approximately 160,000 acres of mineral tenures located in northeastern Alberta, just north of the Athabasca Basin. A crew of eight persons will investigate zones of historic, high grade, surface uranium mineralization as well as 41 of the highest priority airborne radiometric uranium targets as selected by Mr. Jeremy S. Brett, M.Sc. P.Geo., Senior Geophysical Consultant for MPH Consulting Limited of Toronto.

Analysis of the 2006 airborne geophysical program had identified 276 linear and point-source uranium anomalies, and several major structures of interest. In addition, there are several known metallic mineral occurrences within the property.

To date 276 linear and point-source uranium anomalies have been identified on the Terraquest airborne geophysical block which was flown in 2006 over about half of the property. Many of these uranium anomalies are coincident with either foliation-parallel or major cross-cutting structures/faults. Approximately 15 percent have been categorized as very high priority targets, characterized by the highest uranium responses coincident with apparent structural controls. These targets will include 10 targets which are located on or near the Bonny Fault or sub-parallel faults, which are major ~NW trending faults that cross-cut the local foliated rocks and may have been conduits for uranium-bearing fluids from the now eroded Athabasca sandstones which once overlay the area.

The Bonny Fault Property is located within the Precambrian Shield of northeastern Alberta within the Churchill structural province. It is situated in the Taltson magmatic zone, which to the south, constitutes the basement of the western Athabasca Basin. Local geology within the property consists of a wide range of massive to foliated granitoids, metasedimentarys and metavolcanic rocks. Several major faults affect most of the rock units; these faults include the northwesterly-trending Bonny Fault, and several subsidiary faults that complicate the structural setting. Faults in this region are expressed as early shear zones that are characterized by mylonites, and by later more shallowly seated ductile-brittle and brittle fault zones. Retrograde greenschist facies minerals indicate a Palo-Proterozoic to possibly Meso-Proterozoic age for this large scale faulting, which has been favourable for other economic uranium deposits within the Precambrian Shield in the Uranium City area of north-central Saskatchewan.

At Bonny Fault, significant historic Uranium mineralization has been identified at Cherry Lake, Twin Lakes, Small Lake, Big Bend, Pythagoras Lake, Spider Lake, Holmes Lake and Carrot Lake; and elsewhere. Two examples of this mineralization are described below:

At the Carrot Lake Uranium showing, which is located near the south end of Andrew Lake, at least 33 trenches and pits were dug to explore mineralization within basement gneiss, granite and pegmatite. Anomalous radioactivity appears present within a structurally controlled zone about 1.6 km long. Three samples collected from the North Zone in 1992 ranged from 0.09 to 2.11% U3O8. The mineralization consists of small veins and pods of pitchblende and thucholite along fractures.

At the Big Bend Uranium Showing, which is located about 400-m west of Andrew Lake, Godfrey (1958) collected three samples during the mid-1950's, as follows:

Sample No.                                                  U3O8 %                                         Mo %

JG-58-44-1A                                                  1.03                                               0.69 

JG-58-44-1B                                                  3.93                                               1.03

JG-58-44-1C                                                  3.29                                               1.40

*Figures in this chart were produced prior to NI 43-101.

Subsequently, four holes were completed in the area to test surface radioactive anomalies, with the best intersection reported as 0.26% U3O8 across 1 m, within a brecciated band of biotite schist.

Past exploration of the Bonny Fault and surrounding area, based on the available assessment records, is considered sporadic. During the mid-1950s to mid-1970s numerous uranium and radioactive occurrences were found, but for a variety of reasons only marginal follow-up appears to have been performed. An example of this follow-up exploration was carried out by Rapid River Resources Ltd., who in 1968 reported 300 scattered radiometric "spot highs" of uranium in the order of 5 to 10 times background aligned along two north trending zones, approximately 1,800m long buy 300m wide. The western zone relates to the mineralized area discovered by Godfrey (1958).

In recent years a better understanding of these styles of uranium occurrences, along with a comparison of these occurrences to other parts of the world such as that of the Olympic Dam type in Australia, and rising uranium prices, has elevated the Bonny Fault showings.

In addition to basement hosted Athabasca-type mineralization inferred from the airborne geophysics, three unique styles of mineralization have been identified on the Bonny Fault property based on a direct result of ground-based investigations and interpretations of historic data in various AGS publications.

During 2007, exploration will be focused on these three mineralization styles within the Bonny Fault property:

• Uranium - Molybdenum zones associated with shearing at granite-metasediment contacts. (AGS OFR 1993-08)
• Gold, silver and nickel zones along metasediment / metavolcanic shear contacts. (AGS OFR 1993-08)
• Massive hematite breccia-hosted uranium, gold, iron and REEs, in a setting that may be analogous to the Australian Olympic Dam style of mineralization. (Metallogenic Evaluation of Alberta, Olson et al., 1994, AGS OFR 1994-08)

The field work is being carried out under the supervision of Stewart Fraser, P.Geol., a qualified person under National Instrument 43-101, of Dahrouge Geological Consulting Ltd. of Edmonton, Alberta.

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 in Canada. The Company is actively pursuing several opportunities, including the Louise Lake copper-gold-molybdenum-silver project located in British Columbia. 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. In addition the Company is also pursuing its Mosquito Gulch uranium property located in the North West Territories and the Ranger Lake Uranium property located in Ontario.

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.