GEMXX Corporation announced it has signed a binding Letter of Intent to acquire an initial 50% stake in The Yukon Gold Project ("the Property"), pending conclusion of due diligence and verification of the considerable exploration work already completed on the property and the assessments quantifying the proven and potential gold resources. To date, exploration work on the property includes geological mapping and prospecting, ground magnetometer and induced polarization surveys, soil sampling, trenching and diamond drilling. In 2010, Aurora Geosciences Ltd. submitted all data and assay results to complete a NI 43-101 Resource Report, the Canadian equivalent to a SK-1300.

The Resource Report confirms that the Property holds 2,210,660 ounces of Proven gold resources. In addition, the Probable and Possible values indicated in the reports suggest the Yukon Gold Project could yield a total of 4 million ounces of gold. GEMXX will have 90 days to complete its due diligence and prepare a Definitive Purchase Agreement (the "Agreement").

Pursuant to the Agreement, in consideration for acquiring 50% of The Yukon Gold Project, GEMXX expects to pay to the Vendor, on closing of the Proposed Transaction, a combination of cash and common shares of GEMXX. The Property consists of 145 full Yukon Quartz Claims and is located south of Whitehorse, Yukon Territory in Canada. The Property has been explored since the time of the Klondike Gold Rush.

It is a property of merit that could substantially impact the company's balance sheet and future revenue. GEMXX has negotiated a contract with Aurora Geoscience, the engineering firm that wrote the NI 43-101 Resource Report in 2010. Aurora will confirm the property is as it was and still holds the value previously reported, adjusted for the current gold prices.

GEMXX is a leading producer of top-quality finished Ammolite and Ammolite jewelry. The Company's world-class gemstone cutters and jewelry designers are continuously leading the Ammolite industry in new and exciting directions.