Star diamond project: phase 3 final pense diamond results



    12.32, 4.54, 4.47 AND 4.21 carat diamonds in parcel totaling
    724.39 carats

    Stock Symbol: SGF: TSX

    SASKATOON, Aug. 13 /CNW/ - George H. Read, P. Geo., Senior Vice President
Exploration and Development, is pleased to announce the seventh set of diamond
results from Phase 3 of the underground bulk sampling of the Star Kimberlite
(Phase 1 being the original 25,000 tonne bulk sample and Phase 2 being the
18,000 tonne bulk sample). The diamond recoveries total 724.39 carats from
5,580 dry tonnes processed. Included in this release are results for
15 kimberlite batches of a total of 87 kimberlite batches that have been
processed as part of the Phase 3 bulk sampling program. A total of
7,484 commercial sized diamonds (greater than 1.18 millimetre square mesh
screen), collectively weighing 717.18 carats, has been recovered from the
15 batches. Seventy-two diamonds greater than one carat have been recovered
and the four largest stones are: 12.32, 4.54, 4.47 and 4.21 carats,
respectively. In addition, 399 diamonds totaling 7.21 carats were recovered
down to 0.85 millimetre square mesh. The colour of 71 percent of the diamonds
has been classified as white, with a further 18 percent classified as
off-white.
    These kimberlite batches were recovered from the Pense Kimberlite, which
was mined at the north-east end of the underground development, some
300 metres northeast of the shaft, within Shore's 100% owned portion of the
Star Kimberlite. All sampling of the Pense Kimberlite was completed on the
215 metre level which was accessed by a ramp from the 235 metre level where
most of the Star underground bulk sampling was completed. The lower grades
associated with Batches 213, 215, 218, 221, 222 and 223 are a function of a
localized zone of fine grained, ash-rich Pense Kimberlite. The pattern core
drilling program has shown that extensive volumes of coarse grained Pense
Kimberlite (similar in nature to the kimberlite associated with Batches 214,
217, 224, 227, 228, 229, 230, 231 and 232) occur to the east of this localized
fine grained zone. Results from the final Early Joli Fou, Cantuar and clean-up
batches will be reported once they become available from SGS Lakefield.

    Table 1: Kimberlite processed and diamond results for the 15 sample
    batches are listed in the table below. Grades are expressed in carats per
    hundred tonnes (cpht).

    
    -------------------------------------------------------------------------
                                     Diamonds                        Largest
    Batch                   Dry      Number of     Total     Grade    Stone
    No.     Location       Tonnes     Stones     (carats)   (cpht)   (carats)
    -------------------------------------------------------------------------
    213     SOUTH 21A      340.18       382        32.29     9.49      1.18
    -------------------------------------------------------------------------
    214     SOUTH 19D      352.83       463        56.02    15.88      2.61
    -------------------------------------------------------------------------
    215     SOUTH 22B      348.78       202        12.36     3.54      1.45
    -------------------------------------------------------------------------
    217     SOUTH 19C      389.74       523        80.20    20.58     12.32
    -------------------------------------------------------------------------
    218     SOUTH 20B      321.31       291        23.39     7.28      0.80
    -------------------------------------------------------------------------
    221     SOUTH 19E      330.43       336        24.47     7.41      0.92
    -------------------------------------------------------------------------
    222     SOUTH 21B      325.32       405        21.15     6.50      0.57
    -------------------------------------------------------------------------
    223     SOUTH 22A      358.88       535        25.95     7.23      1.23
    -------------------------------------------------------------------------
    224     SOUTH 16AB     322.98       387        53.10    16.44      4.21
    -------------------------------------------------------------------------
    227     SOUTH 19F      472.70       688        71.97    15.23      3.84
    -------------------------------------------------------------------------
    228     SOUTH 18B      431.48       658        57.54    13.34      2.50
    -------------------------------------------------------------------------
    229     SOUTH 18C      443.56       914        64.31    14.50      2.12
    -------------------------------------------------------------------------
    230     SOUTH 19A      388.93       685        78.54    20.19      4.47
    -------------------------------------------------------------------------
    231     SOUTH 19B      402.35       712        60.74    15.10      1.94
    -------------------------------------------------------------------------
    232     SOUTH 20A      351.04       702        62.36    17.76      4.54
    -------------------------------------------------------------------------
    Total                5,580.51     7,883       724.39    12.98
    -------------------------------------------------------------------------
    

    The four largest stones are: 12.32 (Batch 217, white), 4.54 (Batch 232,
grey), 4.47 (Batch 230, off white) and 4.21 (Batch 224, grey) carats
respectively. Twenty-two diamonds exceed two carats and 72 diamonds exceed one
carat, of which 28 are white, 28 are off white, 10 are grey, 5 are brown and
one is yellow. A total of 178 diamonds exceed 0.5 carat. Seventy-one percent
of this diamond parcel is classified white in colour, with a further
18 percent classified as off-white. Ninety-nine percent of the carat weight of
this parcel occurs in diamonds greater than 1.18 millimetre square mesh.
    Senior Vice President Exploration and Development, George Read, states:
"These results are the final batches of Pense Kimberlite processed for the
underground bulk sample. A total of 11,024 tonnes of Pense Kimberlite was
sampled underground and processed to recover a total of 1,403 carats, giving
an average grade for the Pense bulk sample of 12.73 cpht and a range of grades
from 3.54 (Batch 215) to 29.26 (Batch 205). We have achieved our objective of
this Pense bulk sampling exercise by obtaining a diamond parcel in excess of
1,000 carats, which will be used for diamond price estimation purposes for the
Pense Kimberlite. The diamond valuation of the total underground bulk sample
from Star is scheduled for the fourth quarter of 2007."
    The diamond recovery procedure includes on-site processing of kimberlite
through the modular Dense Media Separator (DMS), after which DMS concentrates
are batch fed through an X-ray Flow-sort. In order to ensure the recovery of
low luminosity diamonds, the Flow-sort tailings are processed over a grease
table. Flow-sort and grease table concentrates are transported by a secure
carrier to SGS Lakefield Research for final diamond recovery. The SGS
Lakefield Research process includes drying, screening, magnetic separation,
manual sorting and diamond weighing and description. SGS Lakefield Research is
accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as
a testing laboratory for specific tests.
    The Star Kimberlite is currently being evaluated using a combination of
pattern core drilling, underground bulk sampling and large diameter drilling.
This evaluation program, with a budget of some $60 million, is intended to
determine the presence of a National Instrument 43-101 compliant Mineral
Reserve for the Star Kimberlite. Senior Vice President Exploration and
Development, George Read, Professional Geoscientist in the Provinces of
Saskatchewan and British Columbia, is the Qualified Person responsible for the
verification and quality assurance of analytical results. 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,
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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
statements.
    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.





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For further information: Adam Buchanan, Manager, Investor and Community
Relations at (306) 667-3503

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