True North Gems Announces $1.5 Million Private Placement Financing

True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is
pleased to announce that it will be conducting a non-brokered private placement
equity financing under which it intends to issue up to 16,666,667 units at a
price of $0.09 per unit for gross proceeds of up to $1,500,000. Each unit will
be comprised of one common share of the Company and one-half of one common share
purchase warrant, with each full warrant exercisable for two years for an
additional share at a price of $0.12. The securities to be issued under the
financing will be subject to a four month hold period. The terms of the
financing are subject to the approval of the TSX Venture Exchange.


The Company intends to use the net proceeds of the Transaction to advance the
development of the Company's Aappaluttoq Ruby Project in Greenland, and also as
general working capital.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


Visit our website: www.truenorthgems.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


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


True North Gems Inc.
Joanna Hall
Corporate Coordinator
604-687-8055
[e-mail]
www.truenorthgems.com