True North Gems Inc.

Address:	Suite 608 - 602 West Hastings Street Vancouver, B.C. Canada V6B 1P2
Tel No.:	(250) 716-0088
Fax No.:	(604) 899-1240
Toll Free No.:	1-800-399-8055
Web Site:	www.truenorthgems.com
Corporate Email:	info@truenorthgems.com
Contact Person:	Ken Shortt
Position:	Investor Relations

COMPANY DATA

Traded Market:	TSX Venture
Traded Symbol:	TGX
Outstanding Shares:	11.6 million
Public Float:	7.1 million
52 Week High:	$ 1.75
52 Week Low:	$ 0.89
Present Price:	Click Here

INTRODUCTION

True North Gems Inc. is a Yukon based resource company with the vision of creating a vertically integrated, North American gemstone exploration company capable of identifying, developing and marketing unique and exclusive precious gemstones from wholly owned and operated deposits.

PROPERTY IN HAND

In June of 2001, True North acquired the Regal Ridge Emerald project from Expatriate Resources, establishing this property as the centrepiece of a growing portfolio of North American gemstone assets.

The Regal Ridge property is located in southeastern Yukon Territory between the towns of Ross River and Watson Lake.

HISTORY

While exploring a base metal geochemical soil anomaly on one of its Yukon properties in the autumn of 1998, Expatriate Resources' field geologist, Bill Wengzynowski, discovered an occurrence of emeralds. About one kilogram of emeralds was collected from talus and outcrop during a two-hour examination within a 30 m x 100 m area. At that time, no attempt was made to systematically evaluate the occurrence and surrounding area since the significance of the discovery was uncertain. Early snow cover precluded follow-up that year.

Follow-up of the discovery in the summer of 1999 demonstrated that the deposit has size potential. Prospecting and sampling on the ridge has defined emerald material over an area of 800 m x 400 m. Sampling and processing of seven cubic metres of subcrop and talus material produced roughly five kilograms of emerald. Only a tiny proportion of these recovered crystals are gem quality; however, the colour and clarity of those stones are considered excellent.

THE 2001 AND 2002 EXPLORATION PROGRAM

The 2001 program marked the first time that mechanized equipment has been employed in the exploration of the emerald occurrences at Regal Ridge. Access trails to previously identified areas of emerald mineralization have now been established. Detailed stripping, sampling and mapping of Area 4 has allowed for a better understanding of the controls on mineralization and indicated the development of emerald is more extensive than previously thought. This work has demonstrated that emerald bearing material has been developed, not only within stacked, shallow dipping zones, but also along vertical cross structures. This greatly enhances the potential yield of emerald from the closely stacked horizons observed in such areas.

The 2002 exploration program started from June 15 to September 15, 2002. Fieldwork was concentrated on True North's Regal Ridge Emerald Property in the Yukon Territory. The work consisted of mobilization of crew, equipment and supplies to the property, camp and millsite construction, geological mapping and prospecting, reconnaissance geochemical soil sampling, drilling and bulk sampling.

A small drilling program of five holes (1300 feet) was also completed. This program was designed to determine the continuity of mineralization at depth. The drill intersected zones of alteration with quartz, carbonate, sericite, phlogopite and tourmaline.

Eight bulk samples totalling 114 tonnes were taken from trenches in four different zones. These samples were processed on site to produce 53.5 kilograms of emerald concentrate. These samples were transported in sealed containers to the Head Office in Vancouver for sorting, cutting and evaluation.

INDUSTRY PARTNERSHIP WITH THE UNIVERSITY OF BRITISH COLUMBIA

On February 12, 2002, True North announced the development of a collaborative research project with the University of British Columbia and the funding of research into the Canadian gemstone potential.

OTHER PROPERTIES

In the summer of 2001, True North expanded its property holdings in the Regal Ridge area. A total of 109 mineral titles representing a total area of 22.78 square kilometres of mineral claims were acquired through staking. This property lies contiguous to the eastern boundary of the Regal Ridge emerald discovery.

The new project area, currently referred to as the "Regal Annex Project", hosts the same geological elements as the Regal Ridge project area. True North's management believes that this acquisition greatly enhances the exploration potential of True North's core asset.

MANAGEMENT

True North Gems Inc. has a well experienced management team with expertise in exploration, mining and valuation, marketing and processing of gemstones.

Bernard E. Gaboury, P.Eng., President & COO
Since 1978 Mr. Gaboury has been active in the exploration and mining industry. In addition to a broad range of experience gained in mineral exploration, Mr. Gaboury has owned and operated gem businesses for the past 17 years, and has been engaged in the selection, purchase, cutting and sale of all types of gem rough for the purposes of sale to the retail jewellery industry.

Andrew Lee Smith, P.Geo., Chairman & CEO
Mr. Smith has had a successful career in precious and base metal mineral exploration, property evaluation, mine development and mining operations in North America over the past eighteen years. During that period, Mr. Smith has occupied senior management positions in public companies. Since 1997, Mr. Smith has been President of Iron Mask Explorations Ltd. providing consulting and project management services to companies pursuing opportunities in base and precious metal, and industrial mineral exploration and development.

Greg Fekete, Lawyer, Corporate Secretary, Director
Greg Fekete is a Partner in Austring, Fendrick, Fairman & Parkkari, a full service law firm in Yukon. He practices mining, corporate and securities law, advising a wide variety of both private and public companies and manages a micro-capital finance corporation.

Roger Morton, Ph.D., Director
Dr. Morton, is Professor Emeritus in Geology at the University of Alberta with extensive international experience in mineral exploration. He has published some 72 papers on economic geology and mineralogy. Dr. Morton has served as founder and senior management in a number of successful junior exploration companies and is a qualified gemologist and the founder and owner of Polar Star Diamonds Ltd. and of Diamori Ltd.

NEWS UPDATE

On September 24, 2003, True North Gems Inc. announced that it has initiated formal assessment of exploration data collected during the 2003 filed season at the Company's True Blue beryl discovery located in the Finlayson District of the Yukon. As part of this process True North has now completed the delivery of reconnaissance samples from the True Blue property onwards to the University of British Columbia and the California Institute of Technology for authentication and characterization.

On September 18, 2003, True North Gems Inc. reported that the Company has staked 156 claims covering an area of 25 sq.km around to the 100-percent-owned True Blue property, located in the Finlayson District of the Yukon northwest of True North's Regal Ridge emerald property.

On September 17, 2003, True North Gems Inc. announced that Hinterland Metals informed the Company that exploration has resulted in the discovery of significant gold mineralization on the Company's Gleam option property located 15 kilometres northwest of the True North's Regal Ridge emerald property in the Finlayson district of the Yukon.

On September 09, 2003, True North Gems Inc. reported that the mapping, trenching and underground work conducted during the 2003 C$2.1 million exploration program has doubled the size of the confirmed emerald mineralization on the 100 % owned Regal Ridge property. A total of thirteen emerald mineralized zones have been confirmed within an area measuring 1500 metres in length, 500 metres in width and exposed over 200 metres of vertical section. Drilling and underground work on the Southwest zone has confirmed the continuity of emerald mineralization.

On September 04, 2003, True North Gems Inc. reported that the scientific verification necessary to classify the rare blue beryl found on the Company's 100-percent-owned True Blue Property is underway. This verification will determine if the blue beryl is a completely new classification of gemstone, or the world's second only occurrence of deep blue beryl from the same family of minerals as emeralds.

On August 28, 2003, True North Gems Inc. confirmed the discovery of the potentially rare blue gemstones announced in the National Science and Engineering Research Council's (NSERC) News Bureau Bulletin. In the Bulletin, NSERC says that True North Gems' C$470,000 regional exploration program has resulted in the discovery of, "A transparent gemstone the colour of blue velvet. And perhaps so rare that it may have only been found once before, in Brazil."

On August 22, 2003, True North Gems Inc. reported that phase one of the regional exploration program has identified eight high priority targets in the Finlayson Lake district. The CDN$470,000 exploration program conducted by Archer Cathro & Associates (1981) Limited has confirmed beryl showings on many of the targets while exploration on the Company's 100 percent-owned True Blue property results in 50 individual beryl showings. Beryl is a very important gem mineral---the green variety of beryl is known as emerald while other varieties of beryl gemstones are named based on their colour.

On August 18, 2003, True North Gems Inc. reported continuing development of its newly discovered Mattscar zone. The Mattscar is a zone of alteration with three visible quartz-tourmaline veins. Mechanical stripping has so far exposed a zone of mineralization six metres thick.

On August 11, 2003, True North Gems Inc. reported that significant emerald mineralization has been discovered during the initial stages of underground work conducted on the Southwest #1 zone at the Company's 100-percent-owned Regal Ridge emerald property.

On July 31, 2003, True North Gems Inc. reported that exploration has commenced on the Company's newly acquired, 100-percent-owned Ghost Lake property near Dryden, Ontario. Field work will include surveying and geochemical sampling to delineate the dimensions of the emerald-bearing zone.

On July 24, 2003, True North Gems Inc. announced that the Company has initiated underground exploration at the Company's 100 percent-owned Regal Ridge emerald property. The first phase of underground work will evaluate the emerald-bearing Shouthwest #1 zone through lateral drifting along the mineralized structure. True North's 2003 budget approved a total 300 metres of underground exploration as part of the CDN$2.1 million program for the Regal Ridge property.

On July 18, 2003, True North Gems Inc. reported that analysis of the emeralds discovered on the Company's 100-percent-owned Ghost Lake property near Dryden, Ontario confirm they are chromium bearing. Chromium-enriched emeralds are among the rarest and highly prized in the world because their intense emerald-green colour results from a phenomenon called chromium florescence. Simply put, this means that they emit green light as well as reflect it.

On July 08, 2003, True North Gems Inc. announced that the Company has begun the first phase of their planned 1,250 metre diamond drilling program on the Company's 100 percent-owned Regal Ridge emerald property. This phase of the drilling program will delineate the emerald-rich Southwest #1 and West #1 veins to determine optimal locations for the 300 metres of lateral underground development budgeted in this year's C$2.1 million exploration program.

On June 18, 2003, True North Gems Inc. announced that it has discovered two new emerald mineralized structures in the West Zone at Regal Ridge, confirming that emerald mineralization is increasing as exploration continues southwest along the property.

On June 16, 2003, True North Gems Inc. announced that the Company has optioned 100 percent interest in a 288 hectare property with confirmed emerald mineralization located in Northwestern Ontario. The emerald discovery on the Ghost Lake property marks the first potential gem-quality emeralds confirmed in Canada outside the Company's Regal Ridge Emerald discovery in the Yukon.

On June 03, 2003, True North Gems Inc. announced the Company has closed a brokered private placement with Canaccord Capital Corporation totaling C$2.04 million. The proceeds of this financing will fund the 2003 exploration program at True North Gem's Regal Ridge emerald property located in the Finalyson Lake District of the Yukon Territory, Canada.

On May 05, 2003, True North Gems Inc. announced it has been granted permission to trade stock on the Third Market Segment of the Berlin Stock Exchange under the trading symbol TFN and the German securities code (WKN) 157748. For company stock quotes go to www.comdirect.de and type in the WKN number 157748 in the box up on the left side.

On April 22, 2003, True North Gems Inc. announced that the winter mobilization program is complete. All of the heavy equipment and materials required for this year's C$2.1 million exploration plan at the Regal Ridge emerald discovery are now in place. "The first crew will be on site by May 15, 2003 to construct a camp to accommodate 30 persons and enlarge the existing sampling plant, plus prepare for construction of a 750-metre (2,500-foot) airstrip", says Len De Melt, Director of Operations for True North Gems.

On April 3, 2003, True North Gems Inc. announced the appointment of Mr. Len De Melt as project manager for the Regal Ridge Emerald project. Mr. De Melt is an engineering graduate of Haileybury School of Mines, holds a B.A. in business and economics and a diploma of mechanical studies from British Columbia Institute of Technology. He has held management positions with 12 mines internationally and was instrumental in starting and building five mines including Gulf Oil's Rabbit Lake Mine (Uranium), Syncrude Mine (Oil Sands), Homestake's Golden Bear Mine (Gold), BHP's Ekati Mine (Diamonds) and Goldust's Croiner Mine (Gold).

On March 25, 2003, True North Gems Inc. announced that the Company has begun the winter mobilization program marking the start of the 2003 exploration field season at the Company's Regal Ridge emerald discovery. The mobilization program involves moving the heavy equipment and materials required to complete the budgeted C$2.1 million exploration and camp expansion plans announced February 4, 2003.

On March 19, 2003, True North Gems Inc. and the Ross River Dena Council on behalf of the Kaska Nation have signed a landmark Memorandum of Understanding (MOU) that confirms the Kaska support for True North's ongoing exploration of the Company staked properties in the Finlayson District of the Yukon, within the Kaska Traditional Territory. The MOU acknowledges that True North Gems holds 100 percent of the Regal Ridge property and establishes a framework for creating economic partnerships with the Kaska in support of ongoing mineral exploration.

On February 11, 2003, True North Gems Inc. announced that the Company has acquired five new highly prospective claim groups in the emerald-rich Finlayson District and has approved an additional C$470,000 exploration budget for 2003.

On February 4, 2003, True North Gems Inc. has approved a C$2.1 million exploration program for the 2003 field season at the Company's 100% owned Regal Ridge emerald project in the Finlayson district of southeastern Yukon. The program will consist of surface and underground work to evaluate and explore the emerald-bearing mineralization that hosted the high concentration of gem and near-gem quality emeralds confirmed in the 2002 bulk sampling program.

On December 12, 2002, True North Gems Inc. announced that the 2002 initial bulk sample from True North's Regal Ridge property was confirmed high concentrations of gem grade emerald, especially in the southwest zone. It shows most promise with yields of 19.09 grams/tonne gem quality and 92.35 grams/tonne near-gem quality. The stone count in this zone was also the highest obtained. The +4.5mm count was 284 gem and 714 near-gem. For the gem quality, this equates to an average of 0.35 grams (1.75 carats) per stone.

On December 10, 2002, True North Gems Inc. announced that it has acquired the right to earn a 100% interest in 337 claims in the Finlayson District, by exercising its first right of refusal to claims staked by Glacier Gems.

Also, True North Gems Inc. announced that it has completed an option agreement with Firestone Ventures Inc. (TSX-V:FV), whereby Firestone Ventures will fund exploration in the 118 mineral claims staked by True North Gems in the Finlayson District, Yukon, Canada. Under the terms of the option agreement, Firestone will earn up to a 60% interest in the claims staked by True North Gems. In return, Firestone Ventures will pay True North Gems' staking costs, will issue a total of 500,000 shares in Firestone Ventures, and will incur exploration expenditures of $750,000 over a five-year period.