Stock Symbol: SGF: TSX
SASKATOON, May 5, 2014 /CNW/ - George Read, Senior Vice President
Exploration and Development of Shore Gold Inc. ("Shore" or the
"Company"), is pleased to announce that a Memorandum of Understanding
("MOU") has been signed by the Company and James Smith First Nation,
Peter Chapman Cree Nation and Chakastaypasin Cree Nation, collectively referred to as the James Smith Cree Nation ("JSCN"). The
terms of the MOU provide that the parties will engage in discussions
concerning potential education and training, job, business and
participation opportunities for members of JSCN. These discussions aim
to establish mutually agreeable terms for a participation agreement in
anticipation of the proposed Star - Orion South Diamond Project ("the
Project"). The Project is located in the Fort à la Corne forest, which
is used by JSCN for traditional activities. JSCN reserve lands are
located immediately to the south of the Project area.
The Project is located in central Saskatchewan some 60 kilometres east
of the city of Prince Albert. The Project is in close proximity to
established infrastructure, including paved highways and the electrical
power grid, which provide significant advantages for future mine
development. The NI 43-101 compliant Technical Report on the
Feasibility Study and Updated Mineral Reserve for the Star - Orion
South Diamond Project dated July 14, 2011 provided an updated Mineral
Reserve Estimate for the Star and Orion South kimberlite deposits:
Probable Mineral Reserves of 279 million tonnes containing 34.4 million
carats of diamonds at a weighted average price of US$242 per carat,
that can be profitably mined over 20 years. In addition to the Mineral
Reserve Estimate, the Star and Orion South Kimberlites have been
estimated to include Inferred Resources containing 15.7 million carats.
In March 2014 an estimate was made of the Target for Further Exploration
("TFFE", formerly known as "Potential Mineral Deposit") for five
partially evaluated kimberlites and the portions of the Star and Orion
South Kimberlites, which fall outside the Indicated and Inferred
Resources previously estimated (see SGF News Release July 14, 2011).
The TFFE for these seven Fort à la Corne Kimberlites is estimated to
include between 983 million and 1.17 billion tonnes of kimberlite
containing between 52 and 90 million carats of diamonds. The TFFE is
conceptual in nature and is not a Mineral Resource and it is uncertain
whether further exploration work will result in the TFFE being
delineated as a Mineral Resource.
Shore is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of the
Company trade on the TSX Exchange under the trading symbol "SGF".
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined by
certain securities laws, including the "safe harbour" provisions of
Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "believe", "expect", "plan", "intend", "forecast",
"target", "project", "guidance", "may", "will", "should", "could",
"estimate", "predict" or similar words suggesting future outcomes or
language suggesting an outlook. In particular, statements regarding
Shore's future operations, future exploration and development
activities or other development plans constitute forward-looking
statements. By their nature, statements referring to mineral reserves,
mineral resources or TFFE constitute forward-looking statements.
Forward-looking statements in this press release include, but are not
limited to TFFE; the range of quantity, range of grade and range of
carats for the TFFE; mineral resource estimate for the Star and Orion
South kimberlite deposits; inferred resources for the Star and Orion
South kimberlite deposits; range of tons of kimberlites not included in
the TFFE; the aim of Shore to undertake additional microdiamond studies
and the potential upgrading of inferred to indicated resources.
These forward-looking statements are based on Shore's current beliefs as
well as assumptions made by and information currently available to it
and involve inherent risks and uncertainties, both general and
Risks exist that forward-looking statements will not be achieved due to
a number of factors including, but not limited to, developments in
world diamond markets, changes in diamond prices, risks relating to
fluctuations in the Canadian dollar and other currencies relative to
the US dollar, changes in exploration, development or mining plans due
to exploration results and changing budget priorities of Shore or its
joint venture partners, the effects of competition in the markets in
which Shore operates, the impact of changes in the laws and regulations
regulating mining exploration, development, closure, judicial or
regulatory judgments and legal proceedings, operational and
infrastructure risks and the additional risks described in Shore's most
recently filed Annual Information Form, annual and interim MD&A.
Shore's anticipation of and success in managing the foregoing risks
could cause actual results to differ materially from what is
anticipated in such forward-looking statements.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, those assumptions may prove to be incorrect.
When making decisions with respect to Shore, investors and others
should not place undue reliance on these statements and should
carefully consider the foregoing factors and other uncertainties and
potential events. Unless required by applicable securities law, Shore
does not undertake to update any forward-looking statement that is made
SOURCE: Shore Gold Inc.
For further information:
Joseph Dickson, Investor Relations Manager at (306) 667-3505 and www.shoregold.com