Gem River acquires tourmaline project

Following an agreement in principle, Gem River (ASE) will acquire Jean Boulle’s 100% interest in Maine Resources.

The deal will see Boulle, co-chairman of Diamond Fields Resources (TSE), receive 500,000 shares of Gem River (valued at $2.75 per share), representing a 4% interest in the company and a 5% production royalty.

Maine’s principal asset is the mining lease to a historical producer of large quantities of gem-quality tourmaline in Oxford Cty., Me.

As part of the deal, Boulle has agreed to help Gem River identify and develop other colored gemstone opportunities worldwide.

“The acquisition of this property provides the opportunity for Gem River to return a historical gem property to production,” says Gem River President Thomas Lee.