Gem River (GR-A) has resumed mining of sapphires at the Lower Dry Cottonwood property in Montana.
The company is anticipating mined production of approximately 1.5 million rough carats of sapphire this year, compared to approximately 975,000 mined in 1996.
Meanwhile, A private placement of 735,600 units at $2.50 per unit is expected to generate proceeds of $1.8 million for Gem River.
The company will use the proceeds to expand a color enhancement lab in Grand Rapids.
The company not only mines sapphires but controls every aspect of processing, cutting and polishing.
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