Stock Symbol: SGF: TSX
SASKATOON, April 11, 2012 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development of Shore Gold Inc. ("Shore" or the "Company") announces that the Environmental Impact Assessment ("EIA") process on the Star - Orion South Diamond Project (the "Project") has been ongoing since the filing of the Environmental Impact Statement ("EIS") in December, 2010, and has proceeded to the point where, currently, Shore is finalizing the EIS by including responses to information requests and technical comments received from provincial and federal regulators and Aboriginal groups.
Shore and AMEC Environment and Infrastructure ("AMEC") are jointly working on the preparation of the final EIS, the text of which is essentially complete and currently under review by Shore and AMEC personnel. However, discussions are scheduled for mid-April with some Aboriginal groups and these discussions may influence the responses prepared for the information requests and could influence the text of the EIS. Closure water quality modeling is on the critical path from AMEC's perspective, but results are expected during April. Closure water quality predictions feed into other assessment areas (e.g., aquatic resources) and once the water quality modeling is complete, these other areas can be finalized within weeks.
Shore has conducted extensive discussions with the federal government over the last 12 months regarding the appropriate application of the Fisheries Act to the Project, given that there are currently no specific regulations in place for diamond mines. The recent federal budget acknowledged this lack of regulation and committed to fund development of regulations specific to non-metal mining. Shore is currently investigating if these changes have the potential to impact the Project, and if it would be advantageous to modify the EIS accordingly. As part of these discussions with federal regulators, it has recently become apparent that additional water quality information will facilitate the federal government's interpretation of the Fisheries Act within the context outlined above. This additional testing is expected to be complete in May.
Senior Vice President Exploration and Development, George Read, states: "Shore is presently focused on the completion of all federal and provincial requirements for Project approval and subsequent permitting. Simultaneous to the ongoing completion of Project approval and permitting, Shore is aggressively in pursuit of development capital on a number of fronts."
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.
Forward-looking statements in this press release include, but are not limited to, assumptions that environmental approval will be attained, assumptions that financing will be secured, assumptions that the Star-Orion South Diamond Project economics will be positive as indicated in the Feasibility Study, and assumptions made respecting diamond price increases resulting from long-term supply/demand fundamentals.
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 specific.
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 herein.
For further information:
Joseph Dickson, Investor Relations Manager at (306) 667-3505 and www.shoregold.com