Issue link: http://resourceworld.uberflip.com/i/638235
f e b r u a r y / m a r c h 2 0 1 6 www.resourceworld.com 41 during the current extraction will pave the way for the 2016 mining season to com- mence as scheduled. "When it comes to production, we don't need an ice-free port to get the material out," said Houghton. "All our processing facilities are on site so we end up with a clean first concentrate that can be trans- ported out by boat or helicopter in secured containers." "This is a historic day for the revived mining industry in Greenland," stated Bent Olsvig Jensen, Managing Director of True North Gems Greenland A/S. "Being one of the first companies to progress through the new permitting system and to reach a posi- tive outcome is a testament to all involved. We now look forward to fully commission- ing the newest mine in Greenland, which will be one of the most advanced coloured gemstone mines in the world." True North is experimenting with pol- ishing the gemstones in China, Thailand, Sri Lanka and Canada. "Countries such as Sri Lanka have a certain polishing style and customers that prefer it," said Houghton. "Thailand has a different style and also has its customers as does China and India". The company plans on marketing the rubies and pink sapphires worldwide. "I want to elevate the coloured stone sector up a few notches where I think should be," enthused Houghton. "It has been dawdling, you might say, due to a lack of consistent supply. If you don't have a consistent supply, you don't get that confidence to grow. Ninety percent of the operations out there are alluvial deposits where the product is marketed sporadi- cally. We want to change that, work with our buying partners and supply gemstones consistently of various qualities from com- mercial to high." Houghton noted that rubies have always been in the top echelon of coloured gemstones along with emeralds and blue sapphires. "Rubies don't form in the larger crystal form that can be found in blue sapphires and emeralds. Therefore, large rubies can command a very high price. The bottom line is that there is a strong demand for rubies and pink sapphires." The dimensions of the corundum deposit offers "plenty of potential for expansion" Houghton said. "The pit we envision at present is a small one 200 by 100 metres and 70 metres deep. We know the orebody extends underneath. We will be making a decision as to go to underground mining. The trend itself is 8.3 km long and we have already found a second and third outcrop. Right now, the mine life is nine years but we should far surpass that." Marketing is most important, Houghton observed. "We want to maximize the value since we have a commodity that is not capped like gold or copper. I know the price can be increased with good market- ing. There is also a lot of upside to pink sapphires. People would want the colour but not the expense of a pink diamond – and that is what we have." n