Mr. Dev Shetty reports

FURA PROVIDES UPDATE ON RUBY TRANSACTION IN MOZAMBIQUE

Fura Gems Inc. has extended the drop-dead date for the closing of the merger of ruby assets agreement dated July 14, 2018, as revised and restated on Feb. 5, 2020 (MRAA). In accordance with the MRAA, on March 26, 2020, the company gave New Energy Minerals Ltd. written notice to extend the drop-dead date of the MRAA from March 31, 2020, to June 30, 2020.

The MRAA contemplates the purchase by Fura of interests in three ruby licences/concessions in Mozambique as follows: (i) a 70-per-cent interest in ruby mining licence 5030L through the acquisition of 70 per cent of the issued and outstanding shares of Rubies Resources SA; (ii) an 80-per-cent interest in ruby mining concession 8921C through the acquisition of 80 per cent of the issued and outstanding shares of Ibra Moz SA; and (iii) a right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement, please see the company's press releases dated Nov. 29, 2018, and Feb. 11, 2020, for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.

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.

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