True North’s binding agreement with major Asian gemstone polisher Chinastone, details a three-year commitment for the latter to purchase US$7m (C$9.9m) of Aappaluttoq stones per year for an initial three-year term. Stones will be sold at market prices, paid for solely in cash. This is a major step forwards for the company, and brings on-board a major player in the gemstone market. True North intends to develop this partnership to engage further buyers for its highly marketable and conflict-free pink sapphires and rubies. Consistency of supply is a unique selling point for the company and is underpinned by Aappaluttoq’s mine plan being based on an NI43-101 compliant resource.
