October 29, 2007: North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce results of the summer exploration program at its Bonny Fault Uranium property. The Property encompasses approximately 64,128 hectares (158,464 acres) of mineral tenures located in northeastern Alberta, just north of the Athabasca Basin. Exploration consisted of reconnaissance prospecting and sampling to confirm historic showings of high grade, surface uranium mineralization and also to ground check targets identified from a 2006 airborne radiometric survey flown over the property.

Analysis of the 2006 airborne geophysical program had identified 276 linear and point-source uranium anomalies, and several major structures of interest. Forty-one of these are considered higher priority targets as selected by Mr. Jeremy S. Brett, M.Sc. P.Geo., Senior Geophysical Consultant for MPH Consulting Limited of Toronto. Many of these uranium anomalies are coincident with either foliation-parallel or major cross-cutting structures/faults. In addition, several 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 overlaid the area. The absence of sandstone over the property is amenable to shallow drilling to test anomalies allowing for more cost-efficiency.

During the 2007 ground reconnaissance follow-up and prospecting, a total of 130 rock samples were taken, 12 of which assayed 0.1% U₃O₈or greater to a high 2.28% U₃O₈. Uranium mineralization was confirmed at Cherry Lake and Spider Lake, with several samples assaying greater than 0.1% U3O8 to a high of 0.177% U₃O₈ found at Cherry Lake. The highest assay for Molybdenum was 0.19% with the same sample assaying 0.152% U₃O₈ found in the Cherry Lake area. All samples were assayed at the SRC Geoanalytical Laboratory in Saskatoon, Saskatchewan.

Significant historic Uranium mineralization had 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:

Table 1. Historical Uranium and Molybdenum Samples from the Bonny Fault

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.

Several historic showings, some of which are highlighted in table 1 were supported by airborne radiometrics. The highest assays, from the 2007 Ground Program, of 2.28 %U₃O₈ and 1.10 % U₃O₈, found in the Bayonet Lake area (adjacent to the Bonny Fault) were also supported by the airborne radiometrics as high priority targets. In addition, a soil sample assaying 53 ppm U was collected from this location.

A sample with 0.31% U3O8 was also taken from a historic showing further south along the Bonny Fault in the Holmes Lake area. The new data gathered during the 2007 exploration supports the historic and indicates anomalous and elevated uranium concentrations along the Bonny Fault.

Table 2. Results of 2007 Ground Prospecting at the Bonny Fault (Conversions)

Sample ID	General Area	U ppm	% U3O8	lbs/ton U3O8
37821	Bayonet Lake	19300	2.275	45.51
37820	Bayonet Lake	9320	1.098	21.98
37795	Holmes Lake	2600	0.307	6.131
37839	Cherry Lake	1500	0.177	3.537
37859	Cherry Lake	1290	0.152	3.042
37880	Cherry Lake	1110	0.131	2.617
37819	Cherry Lake	1040	0.123	2.45
37838	Cherry Lake	990	0.117	2.33
37794	Holmes Lake	950	0.112	2.24
37717	Spider Lake	937	0.110	2.21
37718	Spider Lake	923	0.109	2.18
37854	Spider Lake	920	0.108	2.17

* % U₃O₈ = 1.179 x U ppm
* 1% U₃O₈ = 20 lbs U₃O₈ / short ton
*Figures in this chart were produced in accordance to NI 43-101.

Several historic anomalies remain to be ground checked. Preliminary results of the 2007 field exploration program are encouraging. Further prospecting over many more priority targets is expected in early 2008. A helicopter will be utilized to access showings that were unattainable via fixed wing aircraft. The 2008 prospecting will also accompany detailed mapping of the higher priority areas in preparation of an impending drill program.

"The uranium numbers collected in this recent ground exploration program definitely support and add validity to the historical numbers collected from the Bonny Fault Program," said Charles Desjardins, President of North American Gem Inc. "To confirm high uranium numbers in areas with little to no overburden (sandstone) will allow for a cost-efficient shallow drill program as potential finds could be at or near surface."

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, meta-sedimentarys 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.

The field work was carried out under the supervision of Jody Dahrouge, 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.