Fura Gems Inc has announces updates and results of its bulk sampling program at the Coscuez emerald project in Boyacá, Colombia. Key highlights:

• Initiation of a bulk sampling program at Coscuez in March 2018, with an aim to mine from the mineralised body in different levels and workings
• In phase 1 of the sampling, 9,737 t of material were mined
• 6,396 t of mineralized body were identified, with a total of 1,800 t of high-priority mineralised body washed; recovering 12,845 ct of emeralds at 7.14 ct/t
• The balance of the low to medium quality emeralds are expected to be washed before the end of the year and the company expects the post-wash blended average to be lower than the 7.14 ct/t recovered to date
• Out of the 12,845 ct of emeralds recovered by Fura Gems, there is a good mix of high, medium and lower quality emeralds, which are needed to support the wider demand for Colombian emeralds
• In May 2018, the Company announced the discovery of an exceptional high quality 25.97 ct emerald, the ÄRE Emerald
• Phase 2 of the bulk sampling program has been initiated, with a larger size stope, to further define the mineralization
• Fura Gems has started working on the pilot wash plant design to support the bulk sampling process and completion is expected before the end of the year
• The maiden NI 43 – 101 Mineral Resource Estimate is on track to be released in Q4-2018
• 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 released in Q4-2018
• The 2,500 m of diamond core drilling program to delineate the mineralized zone was initiated in June 2018 and is expected to be completed in Q4-2018.

Dev Shetty, President & CEO of Fura, commented: “We have significantly progressed our understanding of the emerald mineralization at the mine. Within a short period of six months since the launch of the bulk sampling program, we have gained a comprehensive understanding of the geology, possible mining methods and we have developed a culture of workplace safety. We are now continuing with the next phase of our program with an even greater confidence on our vision of a long term mine plan at Coscuez.”

“Through our phase one program, we have found a wide range of quality in our emerald production, including the 25.97 ct ÄRE Emerald. This further proves the potential of the mine and we look forward to confirming this with our maiden NI 43-101 mineral resource estimate at the end of the year.”