True North Gems Enters Financial Agreement with Greenland's Largest Private Equity Fund

True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") announces
it has entered into a financial agreement with Greenland Venture A/S ("Greenland
Venture"), the largest private equity fund in Greenland. Greenland Venture will
invest a total of 4.5 million DKK (equivalent to approximately $800,000 CDN)
with True North's wholly owned Greenlandic subsidiary True North Gems Greenland
A/S ("TNGG"). These funds will be utilized for general working capital and will
also facilitate the public hearings and other Greenlandic matters during the
final stages of permitting for the Aappaluttoq Ruby Project.


The funding comprises a 500,000 DKK equity component with TNGG and a 4 million
DKK commercial loan bearing 10% annual interest. The equity will be issued to
Greenland Venture as class B voting shares of TNGG. Greenland Venture will also
have the right to appoint a representative on the Board of Directors of TNGG.
The loan has a term of 60 months, with repayment guaranteed by True North.


"Greenland Venture realise the potential offered by the burgeoning Greenlandic
mining industry while seeking to endorse their belief in Greenlandic operations
and development," stated True North Gems President and CEO Nick Houghton.


Greenland Venture A/S specializes in providing venture finance to companies
operating in Greenland. Greenland Venture is a subsidiary of Greenland Holding,
A/S, a private equity company. The fund's investment strategy is primarily aimed
at small and medium-sized enterprises in Greenland, or companies that otherwise
have a general interest in the development of Greenlandic society. The
enterprise must have commercially viable activities that directly or indirectly
create added value for Greenland through import/export, production or services. 


"Our mandate is to invest in the development of Greenland; we see this as the
perfect opportunity to show our confidence in the country, the potential of its
mining industry and in the Aappaluttoq Ruby Project," commented Karsten Hoy, CEO
of Greenland Venture.


This transaction is subject to TSX Venture Exchange approval.

This document contains "forward-looking information" and "forward-looking
statements" (together, "forward-looking statements") within the meaning of
applicable securities legislation, which are made as of the date of this
document or the document(s) referred to herein. Statements that express
predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases
such as "expects", "anticipates", "plans", "projects", "estimates", "intends",
"strategy", "goals", "objectives" or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be forward-looking
statements. Forward-looking statements include, without limitation, statements
with respect to: the amount of mineral reserves and mineral resources; the
amount of future production over any period; net present value and internal
rates of return of the proposed mining operation; capital costs; operating
costs; strip ratios and mining rates; and mine life. The forward-looking
statements are made based upon certain assumptions which, if untrue, could cause
the actual results, performances or achievements of the Company to be materially
different from future results, performances or achievements expressed or implied
by the forward-looking statements. These assumptions include, without
limitation: the

price of gemstone products produced; anticipated costs; the presence of and
continuity of gemstones at modeled grades and values; the capacities of various
machinery and equipment; the availability of personnel, machinery and equipment
at estimated prices; exchange rates; appropriate discount rates; tax rates
applicable to the proposed mining operation; financing structure and costs;
anticipated mining losses and dilution; gemstone recovery rates; reasonable
contingency requirements; and receipt of regulatory approvals on acceptable
terms. By their very nature, forward-looking statements involve inherent risks
and uncertainties that could cause actual results, performances or achievements
to differ materially from those in the forward-looking statements. These
include, without limitation: price volatility, discrepancies between actual and
estimated production, mineral reserves and resources and metallurgical
recoveries, mining operational and development risks, regulatory restrictions
(including environmental regulatory restrictions and liability), activities by
governmental authorities (including changes in taxation), currency fluctuations,
the speculative nature of gemstone exploration, the global economic climate,
dilution, share price volatility, competition, loss of key employees; additional
funding requirements and defective title to mineral claims or property). This
list is not exhaustive. See also, for example, the risks disclosed in the
Company's other disclosure documents filed at www.sedar.com, including, without
limitation, those disclosed in the Company's management's discussion & analysis.
The Company expressly disclaims any intention or obligation to update or revise
any forward-looking statements, except as otherwise required by applicable
securities legislation.


FOR FURTHER INFORMATION PLEASE CONTACT: 
True North Gems Inc.
Nicholas Houghton
President and CEO
604-687-8055 or 1-800-399-8055


True North Gems Inc.
Meghan Brown
Corporate Communications
604-687-8055 or 1-800-399-8055
604-899-1240 (FAX)
info@truenorthgems.com
www.truenorthgems.com
True North Gems (TSXV:TGX)
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