True North Gems Inc.: Airborne Geophysical Survey Advances Bandito Nickel

True North Gems is pleased to announce the completion of the 2006 airborne program for its wholly owned Bandito (formerly known as Corundum Dome) nickel property in the Watson Lake Mining District, Yukon Territory, Canada.

McPhar Geosurveys Ltd. has concluded its low altitude airborne, THEM time domain EM and magnetometer geophysical survey over the Bandito property (see press releases June 23 and July 12, 2006).

The survey, which was initiated only in late September and completed in October, evaluated an area of 38 square kilometres comprising 416 line-kilometres at a confirmed line spacing of 100 metres with tielines at a 1000 metre interval. The survey was comprised of a THEM time domain EM system installed on a Eurocopter A-Star helicopter. The TDEM system was complemented by a Geometrics G-822A high sensitivity cesium magnetometer, GSM-19T proton magnetometer base station, real-time GPS Navigation, and Terra TRA-3000 radar altimeter using an optimum terrain clearance of 30-60 metres. The total magnetic field and EM anomaly maps have been received in draft form. The final geophysical report is pending.

“The initial review of the magnetic survey results indicate a broad NNE discontinuity generally coincident with the topographic lineaments traversing the area of the principal polymetallic geochemical anomaly. Preliminary EM data displayed one significant anomaly with EW and NNW conductors intersecting one kilometre to the southwest in Cambrian sulphide-bearing argillites underlying Ordovician limestones of the target area,” said Greg Davison, True North Gems’ VP Exploration.

Analytical data have been received from a total of 197 soil samples and 229 stream silt samples submitted to ALS Chemex in Vancouver for 47 element ICP-MS multi-element analysis using the four acid, near total digestion method. Interpretation of the geochemical data is nearing completion.

Twenty samples were collected for petrographic analysis of the mineralization and alteration suite. The microscopic study is underway and results will be provided as available. The rock samples include specimens of massive aggregates of high grade nickel arsenate, coarse breccias with fragments to several centimetres, and thin veinlets, up to 1 centimetre in thickness, within Fe-Mn altered sediments. Copper typically occurred as malachite and minor relict chalcopyrite in fractures and surface coatings. Additional primary and secondary metalliferous minerals are expected based on the presence of highly anomalous Pb, Zn, Bi, Sb, As and Co values.

The Company is seeking joint venture partners to advance the project.

The planning and execution of the base and precious metal exploration and quality control programs at the Company’s Canadian properties, including Bandito, are under the supervision of Greg Davison, P.Geo., Vice President Exploration, who is a “Qualified Person” as defined by National Instrument 43-101.

True North Gems is a public company listed on the TSX Venture Exchange and is engaged primarily in the exploration and development of coloured gemstone deposits in North America and Greenland.

The Company relies on litigation protection for “forward-looking” statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

Contact:

Greg Davison, P.Geo. True North Gems Inc. Vice President Exploration (604) 687-8055 or 1-800-399-8055

Email: greg@truenorthgems.com

Greg Fekete True North Gems Inc. President (604) 687-8055 or 1-800-399-8055

Website: www.truenorthgems.com

Source: True North Gems Inc.