managing permissions for a termset and term with custom group in a site collection

hi,

 I would like to implement  permissions in a  term set and term, such that only those members of a  group- say custom sp group - myGroup1- will be able to access specific one term set .

Assuming that i have a term store created under a group: mytaxonomies -  and created a   term store called --colors -

under that i have created a  term set called BLUE  and under this i have created many  terms  called, DARK BLUE, NAVY, LIGHT BLUE.

so i want to apply permissions to mygroup1 for accessing BLUE term set ONLY.

is it possible to do this, any help is appreciated.