May 3, 2007: North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce results from the next five holes of the winter 2007 program targeting the "Main Zone" at the Louise Lake copper-gold-molybdenum-silver project. The road-accessible property is located 35 kilometres west of Smithers, British Columbia, Canada, a full-service community with excellent access to highway, rail and electrical power infrastructure.

The Main Zone hosts an unusual mineral assemblage, with copper occurring as an equal mixture of enargite and chalcopyrite. The 2004 through 2006 programs extended the known dimensions of the east-west striking, moderately north-dipping tabular Main Zone both to the west and east, as well as down-dip to the north. By 2006, the Main Zone was known to be at least 970 metres long, up to 170 metres wide, and known to extend to a depth of 270 metres, where it is abruptly truncated by the flat-lying "Terminator" fault.

In 2006 SRK Consulting (Canada) Inc. completed the first NI 43-101-verifiable resource estimate on the Main Zone, with the following results:

Table 1: - SRK classified mineral resources for the Louise Lake deposit.


The resource estimate study also indicated potential for a separate overlying block north of the western portion of the Main Zone. A series of step-out holes confirmed a minimum 200-metre northward extension of the Main Zone (see NAG News Release Apr 16th). Hole LL-07-15, collared at the same location as LL-07-14, but drilled due north at a dip of -80o (Table 2) intersected a 22.5-metre interval of sub-economic mineralization below the "Terminator" fault. Metal ratios and the mineralized setting are roughly the same as in the "Main Zone", the first such sub-Terminator interval to be encountered to date. Grades are comparable to those along the southern footwall side of the Main Zone, suggesting the portion underlying the Terminator fault may occur roughly 600 metres to the north-north-west.

Table 2 lists significant intercepts to date.

Table 2: Significant Intercepts as of May 3rd, 2007.

Hole	Interval (m)		Length (m)	Copper (%)	Molybdenum (ppm)	Gold (g/t)*	Silver (g/t)*	Copper Equiv (%)
LL-07-08	68.3 – 296.3m		228.0	0.242	67	0.273	1.3	0.447
	Includes:	92.3 – 134.6m	42.3	0.212	207	0.221	1.2	0.491
	And:	134.6 – 278.2m	143.6	0.282	34	0.330	1.5	0.499
LL-07-09	87.3 – 287.6m		200.3	0.182	96	0.129	1.3	0.328
	Includes:	97.6 – 215.5m	117.9	0.219	112	0.150	1.7	0.390
LL-07-10	59.0 – 262.1m		203.1	0.236	117	0.187	1.6	0.430
	Includes:	107.0 – 142.9m	35.9	0.263	166	0.161	1.0	0.471
	And:	152.1 – 214.3m	62.2	0.338	117	0.248	1.4	0.564
LL-07-12	92.7 – 315.3m		222.6	0.216	90	0.183	0.9	0.384
	Includes:	115.3 – 130.8m	15.5	0.279	182	0.310	0.7	0.614
	And:	255.6 – 297.8m	42.2	0.308	47	0.224	1.4	0.474
LL-07-15	340.2 – 362.7		22.5	0.069	60	0.056	0.3	0.143

* 1 g/t = 1 ppm
** Commodity values utilized for Cu Eq are identical to those used in the SRK resource calculation. 100 ppm Mo =0.01%

Hole LL-07-08, an "interior hole" targeting east-central portions of the deposit, returned a 228.0-metre interval grading 0.242% copper (Cu), 67 ppm molybdenum (Mo), 0.273 g/t gold (Au) and 1.3 g/t silver (Ag). This includes higher-grade subintervals (Table 2), as well as a 42.3-metre subinterval grading 207 ppm Mo, considerably exceeding typical molybdenum grades in the eastern deposit area.

Hole LL-07-09, collared towards the western end of the surface trace of the Main Zone, returned a 200.3-metre intercept grading 0.182% Cu, 96 ppm Mo, 0.129 g/t Au and 1.3 g/t Ag, which contains higher-grade subintervals. Results indicate the zone extends near surface, although grades are somewhat lower than those encountered from down-dip intercepts to the north from drilling in 2005 and 2006.

Hole LL-07-10, collared about 65 metres east of DDH LL-07-09 and closer to the centre of the Main Zone, returned predictably higher grades. This hole returned a 203.1-metre intercept grading 0.236% Cu, 117 ppm Mo, 0.187 g/t Au and 1.6 g/t Ag, with a 62.2-metre subinterval grading 0.338% Cu, 117 ppm Mo, 0.248 g/t Au and 1.4 g/t Ag.

Hole LL-07-12 was collared approximately along the former northern limit of pre-2007 drilling, and targeted the down-dip extension of the Main Zone in central areas. This returned a 222.6-metre interval from 92.7m to 315.3m grading 0.216% Cu, 90 ppm Mo, 0.183 g/t Au and 0.9 g/t Ag, including a 15.5-metre sub-interval from 115.3m to 130.8m grading 0.279% Cu, 182 ppm Mo, 0.310 g/t Au and 0.7 g/t Ag. Higher grade mineralization occurs at depth, at the expected down-dip extension of the Main Zone itself. This indicates the presence of higher-grade mineralized horizons overlying the Main Zone.

Hole LL-07-15 returned a 22-5-metre interval grading 0.069% Cu, 60 ppm Mo, 0.056 g/t Au and 0.3 g/t Ag. Although grades are sub-economic, this is an important discovery, as the mineralized setting is similar to that of the Main Zone.

Analytical results for the remaining holes are pending. These include results from Main Zone-style mineralization at an equivalent northing to Holes LL-07-06 and LL-07-06A (News Release Apr 16th) but roughly 300 metres to the east.

This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analysis was done by ALS Chemex of North Vancouver, British Columbia, Canada. Drilling was conducted by Britton Brothers Diamond Drilling Ltd of Smithers, British Columbia.

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 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. In addition the Company is also pursuing its Mosquito Gulch uranium property located in the North West Territories.

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.