True North Gems' licenses were renewed at the 110 km2 Fiskenaesset property, which is contiguous with and adjacent to the company's 713 km2 Qaqqatsiaq ruby exploration license, on the southwest coast of
The formal ratification of the Fiskenaesset license, valid now through December 31, 2012, maintains True North's total land position of 823 km2. The Fiskenaesset license was originally acquired by Brereton Engineering & Developments Ltd. in March 2003. True North optioned the property in April 2004 and the obligations to Brereton under the terms of this option agreement remain in effect.
The Fiskenaesset license consists of three separate property blocks (designated sub-areas) which cover more than thirty known ruby occurrences, as well as extensive areas of prospective geology for the occurrence of ruby and pink sapphire mineralization. Exploration within the Fiskenaesset license has been advanced by True North Gems since 2004 and detailed assessment of the high grade Aappaluttoq prospect was initiated by True North Gems during 2006 and 2007. The 2008 exploration program has the objective of acquiring sufficient information to advance Aappaluttoq to the pre-feasibility stage.