Mr. Dev Shetty reports

FURA ANNOUNCES UPDATE ON AUSTRALIAN SAPPHIRE MINING PROJECT ACQUISITION

Fura Gems Inc. has provided an update in respect of the option agreement that was entered into by the company and Richland Resources Ltd. on June 26, 2019, as amended. To allow the parties to complete the remaining legal formalities in relation to the completion of the transactions contemplated in the amended option agreement, Fura agreed with Richland on Dec. 13, 2019, to extend the long stop date from Dec. 14, 2019, to Dec. 20, 2019, and to amend the purchase price to a single cash payment of $1.25-million (U.S.) payable on completion. Pursuant to the amended option agreement, Fura is no longer required to issue any of its common shares or pay any further amounts.

The amended option agreement contemplates the acquisition by Fura of 100-per-cent interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) for a sapphire mining project in Queensland, Australia. The acquisition is described in more detail in the company's press releases dated June 27, 2019, and July 22, 2019.

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 Gold 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.

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