Fura Gems Inc (fka FURA.V)

[Sam Dan]

Another MAJOR financial move- could be HUGE gain for Fura
providing specific conditions are achieved

"FURA PROVIDES UPDATE ON RUBY TRANSACTIONS IN MOZAMBIQUE

In connection with its continuing transaction to acquire interests in nine ruby licences/concessions in Mozambique (please see Fura's press release dated July 16, 2018, for further details), Fura Gems Inc. has entered into a loan agreement with New Energy Minerals Ltd. (formerly Mustang Resources Ltd.) pursuant to which Fura will loan New Energy $2.8-million (Australian). Drawdown of the Loan by NXE is subject to customary conditions precedent, including NXE solvency, no event of default under the Loan Agreement, the obtaining of all necessary approvals of the TSX Venture Exchange and Australian Securities Exchange, as applicable, as well as either (i) the statutory demand (the "Statutory Demand"), served on October 29, 2018 on New Energy by Arena Structured Private Investments (Cayman) LCC ("Arena") in connection with convertible notes issued by New Energy, being withdrawn by Arena, or (ii) Arena agreeing to withdraw the Statutory Demand.

In connection with the Loan, Fura has entered into a Merger of Ruby Assets Agreement Amending Agreement dated November 27, 2018 (the "Amending Agreement") with its wholly owned subsidiary, Cobadale Ltd., New Energy, Regius Resources Group Ltd. ("Regius") and Montepuez Minerals Mauritius Ltd ("Montepuez"), pursuant to which such parties have agreed to amend the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (together with the Amending Agreement, the "Agreement"). Pursuant to the Amending Agreement, the total purchase price under the Agreement for the Mustang Assets and Regius Assets, as detailed below, is reduced from A$15,000,000 to A$7,800,000, and the total purchase price for the Mustang Assets shall be the amount of the Loan (the "Mustang Closing Payment").

Pursuant to the Amending Agreement, the Mustang Closing Payment constitutes full and final payment by Fura to Mustang under the terms of the Agreement for the purchase and sale of interests in three New Energy ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the "Mustang Assets"). Prior to the entering into of the Loan Agreement, the consideration payable for the Mustang Assets under the Agreement amounted to A$9,999,999 of Fura common shares, to be issued in three equal tranches of A$3,333,333 each at closing of the Acquisition ("Closing"), within 12 months of Closing and within 20 months of Closing, and at a price per share respectively of C$0.50, C$1.40 and C$1.80.

The Amending Agreement also permits Fura to close separately on the Mustang Assets, on the one hand, and on the interests in six licences/concessions held by Regius, on the other hand (the "Regius Assets"), as follows: (i) 20% of the issued shares of Montepuez, 80% of the shares in Rio Buzi Resources Limitada (5980L/9307C), 80% of the shares in RQL Rubies S.A. (7083L and 7251L) and a right to earn interests in licences 6064L, 6106L and 8188L. In addition, the Amending Agreement extends the drop dead dates for the Mustang Assets to February 28, 2019 (the "New Energy Drop Dead Date"); provided, however that if any of the conditions or documents to Closing that are to be satisfied or delivered by NXE have not been satisfied or delivered by February 28, 2019, then Cobadale shall have the right to extend the New Energy Drop Dead Date by successive one month periods until such time as such conditions or documents are satisfied or delivered.

Dev Shetty, President and Chief Executive Officer: "We are very pleased to assist New Energy Minerals, one of our counterparties in the several Mozambican ruby acquisition projects that are currently underway, via an A$2,800,000 Loan Agreement. The drawdown rules of that Loan Agreement are limited to assisting New Energy in its financing arrangements with Arena and closing of our transaction with New Energy. As a result of this loan, the purchase consideration for the New Energy Mozambican assets has been significantly reduced. As such, this transaction constitutes a major win-win for both Fura and New Energy shareholders."

Fura is also pleased to announce that it has purchased from New Energy additional ruby wash plant capacity to be deployed at Fura's mining licences. The purchase consideration paid by Fura to New Energy for such additional capacity is A$489,439.86

Further to the Company's press release dated September 17, 2018, the Company confirms that it continues to expect to use the net proceeds of the recently closed private placement financing (the "Financing") to complete the Acquisition, complete the acquisition of mining licence 5572L (please see the Company's press release dated July 26, 2018) (together with the Acquisition, the "Transactions") and for general corporate purposes. The Company confirms that should the Company not be able to complete the Transactions, the net proceeds of the Financing will be used by the Company for general corporate purposes, develop its current mining assets and for future acquisitions.

About Fura Gems Inc.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest in the Coscuez emerald mine in Boyaca, Colombia. Fura is also involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in the four ruby mining licenses (4392L, 3868L, 3869L and 6

[Sam Dan]

A VERY Lengthy report on drilling by Fura try google to see illustrated links I have eliminated'
INITIAL CORE DRILLING SHOWS PROMISING RESULTS AT COSCUEZ EMERALD MINE
Fura Gems Inc. has provided the initial results of its diamond drilling program and has provided updates of its operations at the Coscuez emerald project in Boyaca, Colombia
Key Highlights
Initiation of a 2,500m of Diamond Drilling Program in May 2018, with the aim of delineating the subsurface mineralised zone at the Coscuez Emerald Mine;
Core drilling is planned whereby the mineralised body is drilled from inside to outside
Fura is the first company in the Colombian emerald industry to drill from underground tunnels rather than surface drilling; To date, seven holes have been completed, totalling 1,183m of drilling;
Initial results from the Diamond Drilling Program demonstrate down dip continuity of mineralised body for another 200m below the lowest tunnel;
A total potential emerald bearing horizon of 632 m along the down dip, with thickness of 200 m at the top, tapering to 100m towards the bottom, has been identified based on previous mining activities, bulk sampling and drilling program, with mineralization still open at depth;
3-D modelling of the Coscuez mineralised zone indicates a carrot shaped zone of potential emerald mineralisation;
After promising results from Phase 1 of the Bulk Sampling Program, in which 12,845 carats of emeralds at 7.14 carats per tonne were recovered, Phase 2 has been initiated with a larger size stope, to further define the mineralisation;
To support this process, the Company is working on a new all-female wash plant, which is expected to be running by Q1 2019;
Fura's maiden national instrument NI 43{A –}101 Mineral Resource Estimate is on track to be completed in Q4 2018; and
The Company has appointed Mining One Australia to carry out a Scoping Study to validate the mine plan assumptions and trade-off studies between different mining methods to construct a large underground mine, due to be completed in Q4 2018.
Dev Shetty, President & CEO of Fura, commented
"We are pleased to provide our stakeholders with updates regarding our Diamond Core Drilling Program at the Coscuez Emerald Mine, the first in the sector to be completed from underground. It is encouraging to see that the initial results prove down dip continuity of mineralised zones, and as we are approaching a new pad at -125m, we expect to continue to see results that strengthen current indications of the potential of the Coscuez Emerald Mine."
"In my years of drilling experience, it is the first time I have seen emeralds in cores in our first drill hole. It is a very encouraging sign, as we move ahead with plans at the Coscuez Emerald Mine."
"As a company, we are committed to applying scientific and technological methods to turn the Coscuez Emerald Mine into a world-class emerald mine and continuing to achieve milestones based on sustainable work with our employees and local communities."
Diamond Drilling Program
With the goal of establishing subsurface continuity of the emerald bearing host rock beyond known levels at the Coscuez Emerald Mine, a Diamond Core Drilling was launched during the last week of May 2018. Fura aims to drill between 10 and 12 holes during 2018, equal to approximately 2,500 metres of drilling and this will be done from inside to outside thus optimising both drilling meterage and cost, avoiding accidental encounters of old workings above these levels.
This Diamond Drilling Program, which is a first for the Coscuez Emerald Mine, also makes Fura the first company in the Colombian emerald industry to drill from underground rather than from the surface.To date, seven holes have been completed, accounting for 1,183m of drilling. The first six holes were drilled from one pad located on the eastern side of the mineralised zone at (-)88 m depth from the main La Paz tunnel. The seventh running borehole is located in the western side of the mineralised zone at the same elevation of (-)88 m in a different pad. A third drill pad at 125m is also under preparation to complete the program by the end of December 2018.
The drilled cores are analysed using hand-held XRF machines in order to understand the associated elements in the potential emerald horizon. Core samples have been earmarked for sending to SGS Colombia, Medellin, an independent, internationally accredited external laboratory for multi element analysis. Core Drilling data along with bulk sampling with great results have enabled Fura to map a 3-D model of the Coscuez mineralized body, based on the existing geological information, which predicts a carrot shaped zone of potential emerald mineralisation. The results to date, indicate subsurface continuity of the mineralised Muzo formation for another 200 m below the lowest tunnel.
Based on the promising results to date, Fura is keen to continue drilling in the coming years to better understand the distribution of emerald bearing mineralised zones.
Qualified Person
Ricardo A. Valls, M.Sc., P.Geo., of Valls Geoconsultant, Toronto, Ontario, a Qualified Person as defined by National Instrument 43-101, has reviewed the scientific and technical information disclosed in this news release and has approved its dissemination.
About Fura Gems Inc.
Fura Gems Inc. is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol "FURA".
Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest the Coscuez emerald mine in Boyaca, Colombia Fura is involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in the four ruby licenses (4392L, 3868L, 3869L and 6811L). Fura has also entered into merger of assets agreement with Mustang Resources Ltd., and Regius Resources Group Ltd. to acquire nine ruby licenses in Mozambique.

[Sam Dan]

FURA’s ruby partner reports on their 8% holdings of FURA shares

“New Energy Minerals Ltd (MTTGF) Quarterly Activities Report for the Period Ending 30 September 2018
Sydney, Australia, Oct 31, 2018 - (ABN Newswire) - New Energy Minerals Limited ("New Energy Minerals" or the "Company") (ASX:NXE) (FRA:GGY) is pleased to provide an update to the market in relation to the Company's activities for the period ending 30 September 2018.
HIGHLIGHTS
- The feasibility study drilling program on the Caula Vanadium-Graphite Project in Northern Mozambique was completed with 3,025m of diamond drilling and 1,130m of reverse-circulation drilling completed in Q3
Caula hosts a JORC (Measured) mica-hosted vanadium resource of 22Mt @ 0.37% V2O5 (0.2% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) with high-grade intersections up to 1.9% V2O5 (see Note 1 below)

- The Caula Graphite Mineral Resource, which is all in the Measured category, was upgraded to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off) for a total of 2,933,100 tonnes of contained Graphite (see Note 2 below)
- The Company's Montepuez ruby assets were merged with TSX-V listed Fura Gems Inc. (CVE:FURA) for A$10 million in shares. Under the agreement the shares will be issued to New Energy Minerals in three tranches over a 20-month period, which will result in New Energy owning approximately 8% of Fura
- The Company announced its intention to change the Company name to 'New Energy Minerals Limited', to reflect its focus on vanadium and graphite exploration and mining, critical commodities for the rapidly growing New Energy Market.

[Sam Dan]

At first I thought this NR was a joke- but it isn`t!!
FURA ANNOUNCES ALL-FEMALE WASH PLANT PROJECT

Fura Gems Inc. has launched an all-female wash plant team at the Coscuez emerald project in Boyaca, Colombia.

Key highlights:

At the second World Emerald Symposium held in Bogota, October, 2018, Fura Gems launched its all-female wash plant project, possibly the first of its kind, not only in the gemstone industry, but also in the mining sector.
Traditionally, women in West Boyaca have contributed to emerald mining as barequeras, washing tailings to find rough emerald, but until now had only been employed for formal work in areas such as general services (kitchen and cleaning) at the Coscuez emerald mine.
The decision to launch the all-female wash plant project was made on the back of findings from the Fura socialization program, in which women expressed their desire to take a more active role in emerald mining and sought employment from Fura Gems.
One of Fura Gems' first actions after acquiring the Coscuez emerald mine was the recruitment of employees, with special emphasis on women barequeras or those dedicated to artisanal mining.
Candidates were assessed according to their knowledge, skills, abilities, attitude, motivation, interest regarding the various resources required, and proved their ability to learn the required skills to a level of competency.
The women working in the wash plant completed a safety and mining competencies course, ran by Servicio Nacional de Aprendizaje (SENA), in their initial months at Fura Gems. They have also been trained to wash, sort and grade on a temporary washing facility, preparing them for the new and modernized installation.
The company is planning on installing a new wash plant, which will have the capacity to process up to 100 tonnes per hour or 240,000 tonnes per annum. The new plant is expected to be operational by the first quarter of 2019.
The new plant will require a minimum of 30 women to run it.
Roles will include: material feeding, picking, loading, recording, security, and pump and equipment managing, as well as electrical repairs will be carried out entirely by women.
The company will organize their training in these competencies to promote further professional growth, skill development and empowerment for local women.
Dev Shetty, president and chief executive officer of Fura, commented: "We are delighted that local women in Coscuez are contributing in such a vital way to the work of Fura Gems. They have been continuously demonstrating their skills and competence at Coscuez, and in doing so, they are promoting a cultural transformation that challenges the previous perception of their role in mining.

"We believe women in West Boyaca are a pillar of society in the area and that these opportunities help reflect the vital, strong and active role women continue to play within their local communities. It is exciting to hear them talking about their jobs at the Coscuez emerald mine with so much pride and dedication.

"The all-female wash plant reflects our commitment to the development and empowerment of women through professional and personal growth, as well as of communities as a whole."

All-female wash plant

During Fura Gems' presentation at the Second World Emerald Symposium, Bogota, which outlined the company's CSR projects, the all-female wash plant project was launched.

The decision to launch the all-female wash plant project was made on the back of findings from the Fura socialization program, in which women expressed their desire to take a more active role in emerald mining and sought employment from Fura Gems.

The project is in line with the company's commitment to champion women and support the community as a whole as per the recommendations of the socialization program developed immediately after acquisition, as well as the constant interactions between the community and the company's sustainability team, during which the strong desire of women to grow within society and mining became evident.

The company already employs women in administrative roles, general services, cooking and training on the trial washing facility. However, the company wants to continue promoting women participation and develop a series of initiatives, starting with the all-female wash plant.

The female trainees for the new wash plant have completed an industry health and safety course which included mining competences. This course was developed together by Fura Gems and the Servicio Nacional de Aprendizaje (SENA), a government body dedicated to training.

Candidates were chosen according to the company's recruitment policy, and throughout the course, they were tested according to knowledge, skills, abilities, attitude, motivation and interest on the various topics required. On completion, candidates are awarded a certificate which is recognized nationwide, promoting skill development for women and validating their empirical knowledge.

The company's intention is to empower women, strengthen their role in the community and provide their families with a reliable income. The all-female wash plant project enables women to demonstrate to the younger generation the opportunities that are available to them, which are broader than simply becoming barequeras.

The financial benefits to the communities that women are able to bring through formal, regular work and fair salaries goes beyond the family unit and into the community at large. The transformation in terms of confidence also spreads through the community, offering young women in particular the encouragement to play an active role in their own personal and professional development.

Furthermore, the entire wash plant chain, including material feeding, picking, driving, recording, security and pump and electrical management will be carried out by women. All of the women who have been trained so far will be included in the team for the all-female wash plant, which are expected to start using the new equipment in the second quarter of 2019. New team members will be recruited according to their past experience, attitude, aptitude and perceived needs. Continuing performance assessments and training will be offered to the women, as well as continuous updates in training for health and safety, to ensure legal requirements are met.

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters is located in Toronto, Canada, and its administrative headquarters is located in the Almas Tower, Dubai.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest in the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in the four ruby licences (4392, 3868, 3869 and 6811) that it acquired in November, 2017.

[Sam Dan]

Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, has granted 3,360,189 stock options to certain directors, officers and consultants of the Company pursuant to the Company’s stock option plan. The stock options vest immediately and may be exercised at a price of $0.38 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange.

[Sam Dan]

Major financing completed!! Management has significant Financial friends

" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, has closed, on a fully subscribed basis, its previously announced private placement of common shares (the “Financing”). The Company issued 25,117,569 common shares pursuant to the Financing at a price of $0.40 per share for aggregate gross proceeds of $10,047,028. Hannam & Partners and Panmure Gordon (UK) Limited acted as Fura’s financial advisers in connection with the Financing.

The net proceeds of the Financing will be used: (i) to complete the merger of ruby assets transaction with Mustang Resources Ltd. and Regius Resources Group Ltd., as previously announced on July 16, 2018, (ii) to complete the acquisition of a ruby prospecting licence No. 5572L, as previously announced on July 26, 2018, and (iii) for general corporate purposes. All Fura common shares issued pursuant to the Financing will be subject to a regulatory hold period of four months and one day expiring on January 18, 2019.

In connection with the Financing, the Company has paid finders a cash commission of $139,384 and issued 145,192 finder warrants (the “Finder Warrants”). Each Finder Warrant shall entitle the holder to acquire one Fura common share at a price of $0.40 for a period of 24 months following the closing date of the Financing.

Fura also announces the appointment of G. Scott Moore to its board of directors, effective immediately.

Mr. Moore is a business executive with over 25 years of experience in the resource and durable goods sectors. He is presently the President & CEO of Euro Sun Mining Inc. Mr. Moore holds a Bachelor of Arts degree from the University of Toronto and an MBA from the Kellogg School of Management.

The appointment of Mr. Moore follows the resignation of Joe Carrabba from the Company’s board of directors. The board and management of Fura express their gratitude to Mr. Carrabba for his efforts and extensive contributions and wish him well in his future endeavours.

[Sam Dan]

[b
THIS ANNOUNCEMENT BY MUSTANG RESOURCES CLEARS THE AIR
RE THE ACQUISITION BY FURA OF A MAJOR RUBY PROJECT.
The original PR had stated the cost to FURA was 10 million dollars by November. It is in Fura shares !! While dilutive to shares certainly more realistic than cash!!

In July 2018, the Company announced the merger of its ruby assets with Fura Gems Inc. (CVE:FURA), for the consideration of AU$10 million in Fura shares over three tranches and an AU$25 million spending commitment to be allocated to the enlarged Fura ruby project, subject to exploration results. This transaction (subject to final closing by 30 November 2018) relieves the Company of the substantial exploration and market development expenditure required in coming years, to establish the Company's ruby interests as a commercial ruby mining operation.

[Sam Dan]

Another acquisition by Fura. Cash plas shres

"FURA TO ACQUIRE ADDITIONAL RUBY LICENCE IN MOZAMBIQUE

Fura Gems Inc. has entered into a share purchase agreement pursuant to which the company will acquire a 100-per-cent interest in ruby prospecting licence No. 5572L in the Montepuez district of Cabo Delgado province in Mozambique.

Dev Shetty, Fura's President and CEO commented: "We are pleased to further consolidate our position in the main ruby belt of the Montepuez district of Mozambique. The merger of assets with Mustang and Regius announced last week, combined with the acquisition of this licence, now gives Fura further access to both the secondary alluvial and the primary deposit of rubies in the region.

In the last 18 months, Fura's business has grown tremendously. We now have two important silos of colour-gemstones in our portfolio, emeralds from Colombia, the world's largest emerald supplier in value and rubies from Mozambique, the world's largest ruby supplier by volume, and where we now have the largest land package in the country. With these assets and our hugely experienced team, we believe we are in a great position to be able to create a world class colour gemstone company. I would like to thank my team in Fura for their passion and dedication, the local partners and the government of Colombia and Mozambique for their continued support."

Share Purchase Agreement

Fura and a wholly owned subsidiary of the Company have entered into a share purchase agreement dated July 24, 2018 with Azores Overseas Inc. ("Azores"). Pursuant to the Agreement, Fura will acquire a 100% interest in the Licence through its acquisition of 100% of the quotas of Mozambican Ruby Ltda. ("MRL").

The aggregate purchase price pursuant to the Agreement is as follows:

USD$381,000 in cash to be paid to Azores on the closing of the Acquisition;
2,500,000 common shares in the capital of Fura ("Fura Shares") to be issued to Azores on the closing of the Acquisition.
In addition to above Fura will also pay USD$993,900 to discharge certain of MRL's liabilities on the closing of the Acquisition. The Fura Shares will be subject to a regulatory hold period of four months and one day from the closing of the Acquisition. The Acquisition is expected to be completed by September 30, 2018.

The Acquisition is an arm's length transaction for the purposes of the policies of the TSX Venture Exchange ("TSXV") and is subject to the approval of the TSXV. Fura is not paying any finder's fees in connection with the Acquisition. The closing of the Acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, receipt of ministry authorizations, completion of the acquisition of the Licence by MRL, Fura being satisfied with the results of its due diligence, approval of the TSXV and the provision of applicable legal opinions concerning the title to the Licence."

[Sam Dan]

A MAJOR MOVE BY MANAGEMENT!!
FURA TO MERGE RUBY ASSETS WITH MUSTANG AND REGIUS

Fura Gems Inc. has entered into a merger of ruby assets agreement, pursuant to which the company will acquire controlling ownership in the issued and outstanding shares of entities and interests in joint ventures that collectively own interests in nine additional ruby licences in the Montepuez district of Cabo Delgado province in Mozambique.

Key Highlights:

{A •} Acquisition of nine ruby assets in Mozambique from ASX listed Mustang Resources Ltd ("Mustang") and Regius Resources Group Ltd ("Regius") for a total consideration of A$15 million (approximately C$14.6 million), payable in A$3m (approximately C$3 million) cash and approximately 12.7 million Fura shares on the schedule below; {A •} On completion of the Acquisition, Fura will hold the largest ruby land package in Mozambique of 1,104 sq. km; {A •} Acquisition breakdown: On completion of the Acquisition, Fura will pay A$3 million (approximately C$3 million) in cash and an additional A$4 million in Fura shares at C$0.50 per share;12 months after completion of the Acquisition, Fura will issue A$4 million in shares at C$1.40 per share; and20 months after completion of the Acquisition, Fura will issue A$4 million in shares at C$1.80 per share. {A •} Fura is acquiring the Assets free of debt and will also acquire the related infrastructure, which includes two wash-plants, security set-up, mine camps and other related infrastructure; {A •} Fura expects to commence bulk sampling activities of rubies by the end of 2018 and commence auction sales from Q3 2019; {A •} Acquisition is expected to be completed by 30th November 2018; {A •} Fura's Mozambique operations to be run by its newly formed team of gemstone experts who were previously involved with discovering and successfully building the world's largest ruby mine in Mozambique; and {A •} Fura is exploring the benefits of pursuing a dual listing of its common shares on the London Stock Exchange.

Dev Shetty, Fura's President and CEO, commented: "I am pleased to announce the merger of these ruby assets with those of our existing licenses in Mozambique transforming Fura into the largest ruby group by licence area in the country. Our team has in-depth experience in the Mozambique ruby sector having previously worked in Mozambique since 2011 where they were instrumental in discovering and developing what is largely considered the world's largest ruby deposit.

Based on our extensive work in-country, we believe these combined licenses to be some of the highest quality ruby licenses available in Mozambique.

The initial ground work has already been done by Mustang and Regius, which includes significant exploration and the construction of two wash-plants. Following completion of the Acquisition, we plan to commence a significant bulk sampling project within these licenses in the next few months with the mid-term objective of creating another world class, cash generative ruby mine to complement our iconic Coscuez emerald mine in Colombia."

Merger of Assets Agreement

Fura and a wholly owned subsidiary of the Company have entered into a merger of ruby assets agreement (the "Merger of Assets Agreement") dated July 16, 2018 with Mustang, a publicly traded company on the Australian stock exchange, Montepuez Minerals Pty Ltd., a subsidiary of Mustang, and Regius. Pursuant to this agreement, Fura will acquire the controlling ownership in various entities owned by both Mustang and Regius, that together own nine mineral exploration licenses (license numbers 9307C, 7083L, 6106, 8188L, 6064L, 7251L, 5030L, 8955C and 8921C) in Mozambique. A table with further details of the licences is provided below.

The aggregate purchase price pursuant to the Merger of Assets Agreement is A$15,000,000 and shall be payable as outlined below.

Cash consideration of A$3 million payable at closing of the Acquisition (the "Closing");

Common shares in the capital of the Company (the "Fura Shares") with a value equal to A$4 million with such Fura Shares to be issued at C$0.50 per share, to be issued at Closing;

Fura Shares with a value equal to A$4 million, with such Fura Shares to be issued at C$1.40 per share to be issued on the day that is twelve months following Closing; and

Fura Shares with a value equal to A$4 million, with such Fura Shares to be issued at $1.80 per share, to be issued on the day that is twenty months following Closing.

Upon closing of the Acquisition, Fura will hold effective interests in the Assets of between 65% and 80% with the remaining interests, non-dilutive and free carried, being held by the respective local partners. The Assets cover approximately 711sq. km (71,100 hectares).

Fura intends to invest up to C$25 million (subject to operational success) over a period of three years, in a programme of drilling, bulk sampling and production mining on the properties comprising the Assets. Other initiatives that Fura intends to launch include: the reconfiguration of the existing wash plant to increase efficiencies; extension and/or consolidation, where appropriate, of certain of the ruby licences; and the implementation of grading and marketing systems via Fura's existing marketing platform.

All of the Fura Shares issued by the Company pursuant to the Acquisition will be subject to lock-up agreements pursuant to which the vendors shall be restricted from selling or transferring such securities during the twelve months following the date of the issuance of the Fura Shares to the vendors.

The Acquisition is an arm's length transaction for the purposes of the policies of the TSX Venture Exchange ("TSXV") and is subject to the approval of the TSXV. Fura is not paying any finder's fees in connection with the Acquisition. The closing of the Acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, receipt of ministry and joint venture authorizations, approval of the TSXV and the provision of applicable legal opinions concerning the title to the Assets.

Hannam & Partners Advisory Limited acted as sole financial adviser to Fura in relation to the Mustang and Regis acquisition.

Corporate Update

Fura is exploring the benefits of pursuing a dual listing of its common shares on the London Stock Exchange by the end of 2018, with a potential concurrent fundraise in order to continue the development and production of its emerald and ruby operations, as part of a strategy to to expand its international profile and capitalise on substantial UK investor interest given management's previous position at former London listed Gemfields plc.

About Fura Gems Inc.

Fura Gems Inc. is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol "FURA".

Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest the Coscuez emerald mine in Boyaca, Colombia Fura is involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in the four ruby licenses (4392L, 3868L, 3869L and 6811L). Fura has entered into merger agreement with Mustang and Regius to acquire nine ruby licenses.

Qualified Person

Ricardo A. Valls, M.Sc., P.Geo., of Valls Geoconsultant, Toronto, Ontario, a Qualified Person as defined by National Instrument 43-101, has reviewed the scientific and technical information disclosed in this news release and has approved its dissemination. Mr. Valls is considered independent of Fura.
"

[Sam Dan]

Significant additions to management

"KEY MANAGEMENT APPOINTMENT IN TECHNICAL SERVICES, SECURITY & RISK AND GEOLOGY

Fura Gems Inc. has appointed Dibya Baral as director, technical services, Rahul Gopal as director, security and risk control, and Amit Sharma as head of geology for Mozambique.

Both Mr. Baral and Mr. Gopal will be based in Fura's administrative headquarters in Dubai and will be reporting to Ashim Roy, vice-president -- operations. Mr. Baral will be responsible for Fura's overall technical functions, including mining, geology, processing plants and other technical services. Mr. Gopal will be responsible for the security and risk functions. Mr. Sharma will be based in Montepuez and will be reporting to the project manager, Mozambique. Mr. Sharma will be responsible for the exploration and mining operations of Fura's Mozambican ruby project.

Prior to joining Fura, Mr. Baral served as general manager for Kagem emerald mine in Zambia, the world's largest supplier of emeralds and subsidiary of Gemfields PLC. He has worked previously with mining majors like Vedanta Resources and Tata Steel and has a total of 20 years of experience in multicommodity exploration, development and mining in diverse geological settings and geographical terrains across the globe. Mr. Baral is a professional geologist, fellow for the Society of Economic Geologists (SEG), and competent person for Australasian Institute of Mining and Metallurgy (AusIMM), and holds a master of applied geology from Indian Institute of Technology, Roorkee, India.

Mr. Gopal has over 15 years of experience in the field of security. Prior to joining Fura, he was the head of security for the Montepuez ruby mine (MRM) in Mozambique, the world's largest ruby deposit and a subsidiary of Gemfields PLC. While at MRM, he was responsible for putting in the best security practices, incorporating a balanced mix of technological, structural and operational elements. Mr. Gopal has also worked in Nigeria at a petrochemical plant where he was responsible for formulating and implementing security processes as an integrated management system. Mr. Gopal has also worked with Vodafone in India and has also served in the Indian Army as a Major, where he was deployed in the hostile areas of Jammu and Kashmir and was in charge of planning and co-ordinating operations along the line of control.

Mr. Sharma worked with MRM since 2013. During his tenure at MRM, Mr. Sharma and his team were responsible for building the mine from the exploration stage to the production stage. Mr. Sharma has more than 15 years of experience in geology, of which eight years were in Mozambique at the MRM. He gained African experience in the mining sector as an exploration geologist for gold and gemstones in the Democratic Republic of the Congo and Mozambique. Mr. Sharma holds a master of geology from University of Baroda.

Dev Shetty, president and chief executive officer of Fura, commented:

"At Fura we have always tried to hire the best talent from the industry and today I am pleased to welcome our newest team members to the Fura family. As a growing business, we are always on the lookout for unique talent and I am lucky to have Dibya, Rahul and Amit joining our team. They are veterans and very well-respected individuals from the colour gemstone industry. Having worked with all of them in the past and knowing their passion, dedication and commitment, I am certain they will add a lot of value to our business and help take Fura to much greater heights."

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company which is engaged in the exploration and acquisition of gemstone licences.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration of rubies in Mozambique through its 80-per-cent effective interest in the four ruby licences (4392, 3868, 3869 and 6811) that it acquired in November, 2017.

[Sam Dan]

Fura Gems Inc. (“Fura” or “the Company”) (TSXV:FURA) (OTC:FUGMF) (FRA:BJ43) a gemstone mining and marketing company has undergone a brand review and today unveiled its new brand identity including logo, tagline and social media to strengthen its communication with key stake holders and consumers.

The rendition of the new Fura logo, which is an evolution of Fura’s existing logo, is inspired by the Fura and Tena mountains of Colombia. The mystery and magic of the Fura and Tena mountains and its classic love story has been the inspiration behind our brand name since we launched Fura in the year 2017. The customized typeface reflects the mountains and the facets of the gemstone. For the first time colour hues have been introduced to in our overall branding. The choice of colors is inspired by gemstones in Fura’s portfolio, the vivid green Colombian emeralds and the intense red Mozambique rubies.

"We discover the gem", the new tagline, is meant to capture the core of our business. These gems, which are true miracles of nature, were created millions of years ago. At Fura, we discover these gems, that are hidden within the mountains and dense jungles, from our iconic mines located in Colombia and Mozambique.

Dev Shetty Fura CEO commented: “Fura is excited to introduce the new logo design, which marries a subtle evolution of Fura’s old logo and the Fura and Tena mountains with a modern outlook. The new design demonstrates clear visual change without losing the meaning, heritage, or recognition of Fura’s logo that has been built over the last year and the value that it holds to those who are a part of the collaboration.”

The updated brand identity on social media features new and vibrant colours in a wide range of hues selected after the varied colour gemstones in our portfolio. The Fura social media campaign will regularly update information on the latest happenings not only in the world of Fura but also cover stories around colour gemstones and jewellery.

[Sam Dan]

Today's PR indicates that management is confident that their
Columbian Coscuez emerald mine will be proven a very significant revenue generator after a 43-101 compliant report has been completed.

"Fura Gems Inc. (“Fura” or “the Company”) (TSXV:FURA) (OTC:FUGMF) (FRA:BJ43), a gemstone mining and marketing company, has engaged Toronto based Watts, Griffis and McOuat Limited (“WGM”), an independent firm of geological and mining consultants, to ensure the disclosure of all existing data, and proposed work and plans for its Coscuez emerald mine in Colombia are compliant with Canadian National Instrument 43-101 (“NI 43-101”) and the Council of the Canadian Institute of Mining, Metallurgy and Petroleum standards and definitions and Best Practices Guidelines. The Company intends to work with WGM to publish a maiden NI 43-101 mineral resource estimate for the Coscuez emerald mine.

The important first step in this process is for WGM to complete a site visit to the Coscuez emerald mine in Colombia. This visit was completed in mid-April 2018 and Fura will continue to work with WGM to provide further insight into the Coscuez emerald mine, including through its local experience and the sharing of historical information.

Dev Shetty, President & CEO of Fura, commented: “Fura has taken an important step with commencing the work to achieve the NI 43-101 compliant mineral resource estimate for its flagship Coscuez emerald mine in Colombia, Coscuez. The successful completion of a NI 43 -101 mineral resource estimate will be the first of its kind for the Colombian emerald market and it is Fura’s intention to release the mineral resource estimate sometime in Q4 2018.”

“We are pleased to have WGM on board who are Canada’s longest running independent firm of geological and mining consultants that provides value-added professional services of the highest standards to the global mineral resource industry."
/b]

[Sam Dan]

Fura Gems Appoints the Thompson Group as Its Creative Agency

TORONTO, April 12, 2018 (GLOBE NEWSWIRE) -- Fura Gems Inc. (“Fura” or “the Company”) (TSXV:FURA) (OTC:FUGMF) (FRA:BJ43), a gemstone mining and marketing company, has appointed the Thompson Group as their creative agency. The Thompson Group will lead the development of a marketing initiative to build awareness and establish prestige branding for Colombian Emeralds and Mozambique Rubies. This is part of the Company’s overall plan to structure the coloured gem market and unlock significant value. The brand campaigns will be executed globally, and include digital, design and traditional communication channels. The account will be handled out of the agency’s Mumbai office.

Commenting on the appointment, Dev Shetty, Fura’s President & CEO said: “We are delighted to have the Thompson Group as our global creative agency. Having worked with them in the past and seen the quality and success of work they produce, they were the obvious choice for us. The team at Thompson has in depth knowledge of the gems and the jewellery sector, particularly in the diamond sector, and I am confident they will be a great asset as we continue to build Fura.”

Tarun Rai, CEO, Thompson Group South Asia said: “We warmly welcome Fura to the Thompson family and look forward to an enduring and successful partnership.”

[Sam Dan]

Major news from the management of progress in mining gems


INITIAL PRODUCTION OF EMERALDS AND COMMENCEMENT OF BULK SAMPLING PROGRAM AT THE COSCUEZ EMERALD MINE

Fura Gems Inc. has commenced its bulk sampling program at the Coscuez emerald project in Boyaca, Colombia.

Key highlights:

Fura owns a 76-per-cent beneficial interest in the Coscuez emerald mine, which covers a total area of 46 hectares.
The bulk sampling program has been initiated, and a total of 30,000 tons of material from the mineralized body are expected to be collected in the first phase of the program on or before Dec. 31, 2018, using existing tunnels.
The main purpose of the bulk sampling program is to collect the most representative samples from the mineralized body at different levels from all accessible tunnels and workings within the Coscuez emerald mine.
Data collected from the program will then be modelled to permit Fura to better understand the mineralized grade and prepare a mining plan.
During the initial phase of bulk sampling, a total of 1,720 carats of emeralds were mined, out of which 826 carats were high-quality emeralds.
Since February, 2018, the company has been upgrading the safety standards at the Coscuez emerald mine to create a safe environment for the commencement of the bulk sampling program.
Detailed geological and topographic survey programs have been initiated, and to date, 24 historical workable tunnels, consisting of 17 kilometres, have been surveyed and mapped out of 23 km.
The Fura management team has started designing the pilot wash plant to support the bulk sampling process with a rated capacity of 30 tons per hour, and the company expects such plant to be commissioned on or before June 30, 2018.
Dev Shetty, president and chief executive officer of Fura, commented: "Fura has achieved an important milestone by commencing the bulk sampling mining operation at the Coscuez emerald mine within eight weeks of the completing the acquisition of the mine.

"The initial production of 1,720 carats of emeralds, including 826 carats of top-quality emeralds, during the early stage of the program, further confirms the quality of the Coscuez emerald mine. We will continue to build our geological knowledge of the licence area and also strive to modernize the Coscuez emerald mine. Fura has now become the first publicly listed company in the world to commence a bulk sampling operation in Colombia, the world's largest supplier of emeralds."

About the Colombia emerald mine

The Coscuez emerald mine licence covers an area of 46 hectares and includes exclusive rights for the exploration, construction and mining of emerald deposits granted by the government of the Republic of Colombia. The Coscuez emerald mine is located within the area historically known as the Coscuez mine in the municipality of San Pablo de Borbur, department of Boyaca.

The Coscuez emerald mine has been in operation for over 400 years. It is recognized worldwide as it has produced renowned pieces like the 1,759-carat Guinness emerald, believed to be one of the largest gem-quality crystals, and the pieces found in the Spanish crown, as well as collections from India and the Ottoman Empire, and others which continue to be discovered in diverse archeological findings, such as the San Jose galleon.

Historically, the Coscuez emerald mine has been operated on a small-scale basis with the development of various tunnels over the licence area. A total of 40 tunnels were created at various levels, but the previous owners mainly focused on the La Paz tunnel at the 900RL level (zero level) -- 88 metres below La Paz and 120 metres below La Paz. The mining operations were carried out very traditionally and on a small-scale basis with the focus being on chiselling of calcite veins postblasting.

Bulk sampling program

Prior to Fura's acquisition of the Coscuez emerald mine, the previous management used small-scale underground mining methods, such as blasting of the mineralization zone within the carbonaceous shale, chiselling of the calcite veins within the carbonaceous shale and focusing on the manual extraction of emeralds present on the calcite veins. The mine has historically been operated using non-mechanized methods without a wash plant for the washing of the mined mineralized body or recording of grade and tons mined.

Immediately after the acquisition of the Coscuez emerald mine by Fura, detailed geological and topographic survey programs were initiated, and to date, 24 historical workable tunnels consisting of 17 km have been surveyed, and a total of 23km have been mapped. This survey has provided Fura with valuable information about the geology and the definition of the mineralized body.

The bulk sampling program was initiated the second week of February, 2018, and Fura plans to mine a total of 30,000 tons of material as a part of this program. The program will be completed in two phases and will continue until Dec. 31, 2018. The first phase of the sampling will focus on the area below the La Paz tunnel, and the second phase will focus on the area over the La Paz tunnel, covering most of the known mineralized body.

The main purpose of a bulk sampling program is to collect representative samples from the mineralized body at different levels from all accessible tunnels and workings within the licence area. The data collected from the program will then be modelled to understand the mineralized body grade, and accordingly, if conclusive, a large-scale mining plan can be devised.

Initial production during the bulk sampling program

During the first phase of the bulk sampling program, a total of 1,720 carats have been discovered, out of which 826 carats are of high quality.

Pilot wash plant

Fura has started working on the design of the pilot wash plant to support the bulk sampling process with a rated capacity of 30 tph and with an annualized capacity of 100,000 tons per annum. The company expects the plant to be commissioned on or before June 30, 2018.

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company, which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters is located in Toronto, Canada, and its administrative headquarters is located in the Almas Tower, Dubai.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest the Coscuez emerald mine in Boyaca, Colombia, and a 100-per-cent interest in the emerald licence ECH-121. Fura is involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in the four ruby licences (4392, 3868, 3869 and 6811) that it acquired in November, 2017.

Qualified person

Ricardo A. Valls, MSc, PGeo, of Valls Geoconsultant, Toronto, Ont., a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information disclosed in this news release and has approved its dissemination. Mr. Valls is considered independent of Fura.

[Sam Dan]

Smart move by management to attract "eyes" on FURA
FURA GEMS INC. APPOINTMENT OF UK AND CANADIAN INVESTOR RELATIONS FIRMS

Fura Gems Inc. has appointed Tavistock Communications Ltd. and Renmark Financial Communications to provide financial public relations and investor relations services in the United Kingdom and North America, respectively. The appointment of Tavistock and Renmark supports the company's communications strategy of building awareness of the company in the U.K. and to international audiences and communicating with all its stakeholders.
[company should have caught typo mistake- "have any interest, directly or NOT directly ]
Neither of Tavistock or Renmark have any interest, directly or directly in the company or its securities nor any right to acquire such an interest. Pursuant to the terms of the company's agreement with Tavistock, Tavistock will be responsible for a variety of financial public relations and investor relations activities, including development of the company's communications strategy, dissemination of corporate information, presentations to and communications with brokers, analysts and investors, and handling shareholder enquiries regarding the company in the U.K. The company's agreement with Renmark is similar in nature for services in Canada.

Dev Shetty, president and chief executive officer of Fura, commented: "Following the acquisition of the Coscuez emerald mine in Colombia, I am delighted to announce the appointment of both Renmark and Tavistock to the Fura advisory team. Tavistock has worked in the coloured gemstone industry for over a decade, having previously advised Gemfields, the world's largest coloured gemstone mining company. In addition, Renmark boasts many years of experience in mining and the Canadian financial markets."

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters is located in Toronto, Canada, and its administrative headquarters is located in the Almas Tower, Dubai.

[Sam Dan]

Fura Gems Inc. (TSXV:FURA) is pleased to announce the launch of its new corporate website, at www.furagems.com, and the availability of its new corporate presentation.

The new website features up-to-date information on the Company’s mining assets as well as quick and easy access to in-depth information regarding the Company, its management and board of directors, corporate presentations, news releases, financial reports and other relevant corporate information.

For more information, please contact:

Fura Gems Inc.
Dev Shetty - President & Chief Executive Officer

Tel: [phone]
[e-mail]
Investor Relations
Vikram Pathak Tel: [phone]
[e-mail]
About Fura Gems Inc.

Fura Gems Inc. is engaged in the exploration and acquisition of gemstone licences. Fura’s headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol “FURA”.

Fura owns an 80% effective interest in four ruby licences (4392, 3868, 3869 and 6811) in Mozambique. Fura is also engaged in the exploration of resource properties in Colombia and owns a 100% interest in the emerald licence ECH -121. In addition, Fura owns 76% of the issued and outstanding shares of Esmeracol S.A., which wholly owns the Coscuez emerald mine in Boyacá, Colombia.

[Sam Dan]

Sarcasm Alert - a lengthy PR from management

FURA PROVIDES MOZAMBICAN OPERATIONS UPDATE
!
Fura Gems Inc. has released its maiden operations update, including drilling results, for its four ruby licences 4392, 3868, 3869 and 6811 in Mozambique. Fura prepared this operations update to provide investors with additional information on the exploration planning, drilling, sampling, washing, sorting and the geological studies carried out by the company from Oct. 4, 2017, to the present date.

Key highlights

Fura acquired an 80-per-cent interest in ruby licences 4392, 3868, 3869 and 6811, covering a total area of 394.24 square kilometres, in September, 2017. These licences are located within the Montepuez complex in Mozambique.
Fura has set up an operational office in Montepuez with 42 employees consisting of mining engineers, geologists, gemmologists, finance, security and other support team members.
A drilling contractor has been appointed and the facility consisting of the pilot wash-plant has been commissioned to wash the drilling samples. A sort-house facility consisting of expert geologists has been commissioned in Montepuez.
The auger (non-core) and core drilling program was commenced in October, 2017, to delineate the thickness of the gravel bed and ruby-bearing amphibolite rock.
The first phase of the drilling program consists of 5,000 metres (400-metre-by-200-metre grid), of which 2,350 metres of non-core drilling has been completed to date.
A total of 399 non-core bore holes have been drilled and 627 wash samples have been completed. Out of the 399 bore holes, 49 positive bore holes of gravel bed have been intersected.
Out of 627 wash samples (including gravels), a total of 316 samples (50 per cent) have been processed and sorted.
The wash results have generated 926.1 carats of Ruby, Corundum and Garnets.
The drilling program is expected to be completed on or before June 30, 2018, and the bulk mining is expected to commence in the second half of 2018.
Dev Shetty, president and chief executive officer of Fura, commented: "We are delighted to announce our maiden operational update from Mozambique, including the initial findings from our drilling program. Within four months of acquiring our Mozambican ruby licences, we have managed to recruit the key management team, set up infrastructure facilities and deliver 50 per cent of the drilling results from phase 1 of our drilling program. The initial findings from our drilling program have been encouraging with both secondary gravel bed and primary amphibolite reported. The finding of rubies and corundum from the samples further confirms our understanding of the geology."

About Mozambique ruby assets

Mozambican rubies have been historically found in the north-eastern part of Mozambique in the Montepuez district of Cabo Delgado province. Cabo Delgado has an area of 77,867 square kilometres and a population of 1,893,156 and it shares borders to the north with Tanzania, to its west with the province of Niassa, Mozambique and to its south with the province of Nampula, Mozambique.

Fura owns an 80-per-cent interest in each of the licences with the balance held by its local partners.

The four licences cover a total area of 394.24 square kilometres and the mineral granted under such concessions are rubies and other precious and semi-precious stones.

Deposit type

Ruby mineralization at Montepuez occurs in two settings, namely the underlying primary mineralization, which is associated with amphibolites, and the overlying secondary mineralization, hosted by the gravel bed above the basement. The current focus for exploration and production is both the primary and secondary mineralization, which historically has been the source of both high and low-quality gemstones.

Secondary rubies, which are confined to the gravel bed horizon above basement, are typically more transparent, less included and often of a darker red colour than primary rubies in the in situ amphibolite. Primary rubies are liberated by chemical and physical weathering of the host rock. These are then carried by one or more major fluvial cycle and concentrated in the gravel bed due to its high specific gravity.

Alluvial reworking resulted in the fragmentation of the more heavily included and fractured material into particle-sized grains, concentrating the more durable clean material into the gravel bed deposits. As a result, the average gem quality of the secondary rubies is typically much higher than those contained within the primary amphibolite.

Management team

Fura's key management team in Mozambique

Debananda Tripathy is the project manager of Fura Gems Mozambique. Mr. Tripathy joined Fura in June, 2017. He has over 22 years of experience in mineral exploration including 10 years of working experience in Mozambique and South Africa.

Rajendra Rajeeva Karanth is head of finance and administration. He has over 28 years of finance experience and has been working in the African continent for the past 18 years. He has been with Fura since December, 2017.

Harswardhan Singh Rajawat is head of security. He is a former officer of the Indian army with 17 years of experience in strategic management, security and operations. He is an expert in strategic and intelligence services in the mining and gemstones industry. He has been with Fura since December, 2017.

Infrastructure set-up

Fura set up its administrative office in Maputo, Mozambique, in October, 2017, and has a total of four employees. The Montepuez project office was set up in July, 2017, and at present has over 42 employees. The project office houses the exploration, human resources, finance and administration departments.

Exploration and washing at the licenses is being carried out by three senior geologists, assisted by a team of six junior geologists, two sorters and technical assistants.

The exploration camp of Fura is situated in the village of Merenje, which is 35 kilometres northeast of Montepuez city. A team of exploration geologists, samplers, sorters and drilling crew consisting of about 25 people are presently working on site.

Fura has also acquired a Bushman Jig for washing of the samples from South Africa. The jig was commissioned in January, 2018.

Drilling update

In July, 2017, a systematic exploration method was employed over the whole area comprising the licences to get a better understanding of its primary and secondary ruby occurrences/potential. This work included satellite image interpretation, lineament analysis, detailed lithological and structural mapping, and soil geochemical sampling.

Based on the above studies and geological/geophysical and geomorphological interpretation, a series of potential exploration blocks (21) were identified and an Auger drilling program was initiated in the area comprising the licences in a large grid pattern.

Auger drilling is used for getting data relating to the depth and thickness of the gravel bed, the thickness of the over burden and the basement geology. Following the auger drilling, core drilling will be undertaken in the areas where amphibolites rocks with primary mineralization have been encountered. Auger drilling data will also help in identifying the areas for mining by bulk sampling which will determine the actual potential of the area.

Drilling summary auger drilling was carried out in 4392L, 3868L and 3869L from Oct. 4, 2017, to Dec. 9, 2017. A total of 399 noncore auger bore holes were drilled in these three licences. A total of 2,345 metres of drilling was carried out in 16 selected subblocks.

A summary of the drilling completed in 2017 is shown in the table.


Sr. No. License No. No. of bore holes drilled Meterage (m)

1 4392L 95 487.2
2 3869L 52 397.2
3 3868L 252 1460.6
4 6811L None None
Total 399 2345
Sample preparation and other studies are continuing by Fura. Based on the results of this first phase of drilling, a close grid, second phase of drilling will be planned to define the target blocks which will be then tested by bulk sampling pits.

Geochemical surveys

Geochemical sampling of boreholes was completed for all the drill holes completed to date. Each metre interval samples were stored in a chip tray/zip-lock sample bag. A total of 2,376 samples were collected for analysis by XRF/ICP MS. The results of such analysis is pending.

Sample processing

Gravel and possible primary mineralized samples of approximate weight of 35kilograms to 50 kilograms were fed to a scrubber cum classifier with three different size fractions, one millimetre to five mm, five mm to 10 mm and more than 10 mm. The one mm to five mm and five mm to 10 mm samples are being processed by the Plietz Jig and the five mm to 10 mm samples are being hand sorted at site.

The scrubber cum classifier's has a round pan, approximately 500 mm across and 50 mm deep, with a very tight screen bottom which is shaken up and down (jigged) below the water level of its bin. Gravel is fed on to the pan at a controlled rate and this jigging motion gyrates the gravel in the water causing the material with the heavier specific gravity to collect at the bottom of the pan and the lighter material to float over the edge. After feeding the machine with a prescribed amount of gravel, the machine is stopped, the pan lifted out carefully, overturned onto a sorting table and lifted away to expose the collected layer of gravel. Due to the unique jigging action, all the heavy specific gravity material, which includes rubies and garnets are on top of this layer.

Fura has also procured Bushman Jig from South Africa. It is commissioned at site and expedites the washing process. A summary of the washing and sorting results is summarized in the table.

A summary of Fura's washing and sorting results is found in the table (as of Jan. 14, 2018).

Bore holes (BH) Meterage Wash sample BH Gravel Bed (GB) Samples Corundum, Garnet
drilled drilled generated Intersected washed weight (Ct)

399 2345 627 49 312 926.1

Gemmological studies

Fura has a team of specialist gemmologists for immediate study of sample grains obtained from wash samples and field samples. Fura has also established a small-scale field gemmological laboratory in its Montepuez office for immediate reporting of the quality of gemstones identified. All reports are immediately uploaded to Fura's intranet site for further internal expert analysis.

About Fura Gems Inc.

Fura Gems is engaged in the exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Almas Tower, Dubai.

Fura owns an 80-per-cent effective interest in four ruby licences (4392, 3868, 3869 and 6811) in Mozambique. Fura is also engaged in the exploration of resource properties in Colombia and owns a 100-per-cent interest in the emerald licence ECH-121.

Qualified person

Ricardo A. Valls, MSc, PGeo, of Valls Geoconsultant, Toronto, Ont., a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information disclosed in this news release and has approved its dissemination.