Stock Symbol: SGF: TSX
SASKATOON, Aug. 20 /CNW/ - In light of the uncertainty in global credit
markets, the Company felt it prudent to provide an update on the status of its
cash short-term investments of approximately $80 million. The Company has
continued to invest its cash in accordance with its investment policy, the
objectives of which are (in decreasing order of importance) to preserve
capital by investing in highly rated instruments, to insure liquidity and to
insure adequate returns. All of the Company's invested assets are rated (by
DBRS Limited) R1 or higher and were selected on the basis of professional
All of the Company's maturing short-term investment instruments to date
have been redeemed. The Company currently holds approximately $18.7 million in
Coventree Inc. ("Coventree" COF:TSX) sponsored funds with varying maturity
dates to October 15, 2007. DBRS Limited continues to confirm the R1 High
rating of the Coventree sponsored funds. The majority of the Company's
remaining cash is held in Bankers Acceptances, Treasury Bills or bank
sponsored asset backed securities with varying maturity dates through to
November 29, 2007.
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
From time to time, Shore makes written or oral forward-looking statements
within the meaning of certain securities laws, including the "safe harbour"
provisions of the Ontario Securities Act and the United States Private
Securities Litigation Reform Act of 1995. Shore may make such statements in
this press release, in other filings with Canadian regulators or the United
States Securities and Exchange Commission, in reports to shareholders or in
other communications. These forward-looking statements include, among others,
statements with respect to Shore's objectives for the ensuing year, our medium
and long-term goals, and strategies to achieve those objectives and goals, as
well as statements with respect to our beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words "may,"
"could," "should," "would," "suspect," "outlook," "believe," "plan,"
"anticipate," "estimate," "expect," "intend," and words and expressions of
similar import are intended to identify forward-looking statements. In
particular, statements regarding Shore's future operations, future exploration
and development activities or other development plans contain forward-looking
All forward-looking statements and information are based on Shore's
current beliefs as well as assumptions made by and information currently
available to Shore concerning anticipated financial performance, business
prospects, strategies, regulatory developments, development plans,
exploration, development and mining activities and commitments. Although
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other forward-looking statements will
not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, developments in
world diamond markets, changes in diamond valuations, 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 and
development; 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
and short form prospectus, and Shore's anticipation of and success in managing
the foregoing risks.
Shore cautions that the foregoing list of factors that may affect future
results is not exhaustive. When relying on our forward-looking statements to
make decisions with respect to Shore, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
Shore does not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by Shore or on our behalf.
For further information:
For further information: Harvey J. Bay, CFO, COO at (306) 664-2202