Mr. Dev Shetty reports

FURA SECURES MINISTRY APPROVAL FOR ACQUISITION OF RUBY LICENCE IN MOZAMBIQUE

Fura Gems Inc. has received formal approval from the Ministry of Mineral Resources and Energy of Mozambique (MIREM) and has completed the previously announced acquisition of SLR Mining Ltda., a Mozambican mining company holding 100 per cent of each of ruby mining concession 8955C and ruby exploration licence 7414L. In accordance with the share purchase agreement dated Feb. 4, 2020, entered into by a wholly owned subsidiary of the company and GemRock Company Ltd., as amended, Fura paid GemRock $2.1-million (U.S.) upon completion of the acquisition. Please see the company's press release dated Feb. 10, 2020, for more information about the transactions contemplated in the share purchase agreement.

The acquisition is an arm's-length transaction for the purposes of the policies of the TSX Venture Exchange, and the company understands that the acquisition qualifies as an "exempt transaction" under TSX-V Policy 5.3. Fura is not paying any finders' fees in connection with the acquisition. The only material condition remaining for completion of the acquisition is obtaining formal approval from MIREM for the acquisition of the 20-per-cent free carried and non-dilutive participating interest in Ibra Moz SA, a Mozambican mining company holding ruby mining concession 8921C.

Fura is currently in the process of completing the purchase and sale of interests in three additional ruby prospecting 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. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Gold Tower, Dubai.

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