Dr. Harrison Cookenboo reports

FURA FILES NI 43-101 TECHNICAL REPORT CONFIRMING MAIDEN MINERAL RESOURCE ESTIMATE FOR THE COSCUEZ EMERALD MINE

Fura Gems Inc. has filed its National Instrument 43-101-compliant technical report. This follows the company's press release issued on Dec. 12, 2018, announcing the maiden mineral resource estimate for its 76-per-cent-owned Coscuez emerald mine in Colombia. The technical report supports the scientific and technical disclosure in the company's news release dated Dec. 12, 2018, the highlights of which are below.

Highlights

• Maiden inferred mineral resource estimate at Coscuez mine is in accordance with the NI 43-101 and the first of its kind at an emerald deposit in Colombia.
• Activities to deliver the mineral resource estimate included:
  • Mapping of more than 20 kilometres of existing underground tunnels;
  • Completion of more than 1,700 m of core drilling;
  • Recovery of nearly 16,000 carats of emeralds from bulk sampling activities.

Inferred mineral resource estimate:

• Three million tonnes of inferred mineral resources;
• Grade of 2.0 carats per tonne;
• Six million carats contained;
• Estimated life of mine for Coscuez of 30 years;
• Conservative case price of $200 (U.S.)/carat;
• Estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada.

The technical report entitled "Technical Report on the Coscuez Emerald Mine, Boyaca Department, Colombia for Fura Gems Inc.", dated Jan. 23, 2019, was prepared for Fura by Harrison Cookenboo, PhD, PGeo, APEGBC, NAPEG, APEGS, OGQ, Warren F. Boyd, BSc, FGA, FCGmA, FGAC, gemmologist -- geologist, and Ross MacFarlane, PEng, senior associate mining and metallurgical engineer, each from the independent group Watts, Griffis and McOuat Ltd. (WGM), and is available under the company's profile on SEDAR and on the company's website.

Qualified person

Dr. Harrison Cookenboo, PhD, PGeo, is a qualified person as defined by NI 43-101 and is independent of Fura. Dr. Cookenboo is responsible for reviewing and approving this mineral resource estimate. He has verified, reviewed and approved the technical data contained in this news release.

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 are located in Toronto, Canada, and its administrative headquarters are 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 also involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in the four ruby mining licences (4392L, 3868L, 3869L and 6811L).

We seek Safe Harbor.