Shares outstanding: 142 Million
Symbol & exchange: FGT-V
MONTREAL, June 9 /CNW Telbec/ - Forest Gate Resources Inc. ("Forest
Gate") ") reports that co-owners of a non-core asset have recovered a 7.99
carat diamond from their K122 Pipe portion in the Taurus kimberlite cluster
located near Prince Albert, Saskatchewan (Shore Gold News Release, June 4,
The co-owners of the K122 kimberlite pipe from which the diamond was
discovered are Newmont Mining Corp. of Canada Ltd., Toronto and Shore Gold
T-K122 DIAMOND RESULTS FROM SHORE GOLD LDD MINI-BULK SAMPLES
Number Processed Largest
Kimberlite of Kimberlite dry Total Total Grade stone
unit holes metres tonnes carats stones (cpht) (carats)
EJF1 Inner 9 1,134 610 69 590 11 7.99
EJF1 Outer 4 321 461 30 343 7 1.00
EJF2 5 77 82 3 27 3 0.57
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Total 1,532 1,153 102 960 9
----- ----- ---- --- ---
----- ----- ---- --- ---
- Kimberlite units: EJF: Early Joli Fou and LJF: Late Joli Fou
- EJF Inner and Outer based on geology and discussed below
- EJF1, EJF2 and EJF3 are subunits within the stratigraphically defined
- Grade is calculated as total carats divided by processed dry tonnes.
- Diamonds reported with a 1.18-millimetre, square-mesh, screen-bottom
The Taurus cluster K122 kimberlite pipe, better known to Forest Gate
shareholders as the 122 Pipe located at the company's West Side Property, is
partly owned by Forest Gate relating to its origins as diamond explorers.
Forest Gate acquired this asset in 2005 when the company's business was
diamond exploration. The company subsequently converted itself into an
international oil and gas exploration and production company in 2007.
In 2006, Forest Gate drilled two three-inch diameter drill-holes on its
portion of the 122 Kimberlite Pipe. Twenty seven diamonds were recovered from
64 kilograms of coarse-grained volcaniclastic kimberlite from drill-hole
Acquired between 1999 and 2005, Forest Gate's diamond properties include
the 100% owned West Side and East Side properties, strategically located along
the western and eastern flanks of the massive Fort a la Corne kimberlite
field. The properties are for sale.
Forest Gate's East Side property includes a portion of the 121 kimberlite
pipe, the Dizzy kimberlite and Duke kimberlite. Additionally, the company owns
the South Side property located southeast of the Saskatchewan river. These
properties are also for sale.
Detailed Information on Forest Gate's Diamond Properties in Fort a La
Corne, Saskatchewan can be found on the company's website www.forestgate.ca:
Exploration & Production - Diamond Properties.
Please also visit the company website to view an updated video pertaining
to Forest Gate's Texas Opportunity.
Forest Gate would also like to invite all shareholders to its Annual
General Meeting to be held in Montreal at the company offices located at 1
Place Ville Marie, Suite 1511, on June 23, 2009 at 11:00 AM (ET).
About Forest Gate Resources
Forest Gate is an international oil & gas exploration and production
company. It is seeking to increase shareholder value through participation and
development of oil & gas exploration and production projects in Canada and
Certain statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's anticipated
financial performance, may constitute forward-looking statements under
applicable securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Forest Gate's control. These risks may
cause actual financial and operating results, performance, levels of activity
and achievements to differ materially from those expressed in, or implied by,
such forward-looking statements.
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are interpreted
and enforced; competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and development
drilling and related activities; imprecision in reserve estimates; the
production and growth potential of Forest Gate's various assets; fluctuations
in foreign exchange or interest rates; the ability to access sufficient
capital from internal and external sources; and obtaining required approvals
of regulatory authorities.
Among other things, the economic viability of these properties has not
been established and there is no guarantee that it will be. Accordingly,
Forest Gate gives no assurance nor makes any representations or warranty that
the expectations conveyed by the forward-looking statements will prove to be
correct and actual results may differ materially from those anticipated in the
forward looking statements. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties and should
not place undue reliance on such forward-looking statements. Forest Gate does
not undertake to publicly update or revise any forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or the accuracy of this release. This
transaction is subject to TSX Venture Exchange Approval.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
1-866-666-3040, firstname.lastname@example.org; www.forestgate.ca