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George
H. Read, P. Geo., Senior Vice President Exploration & Development, is
pleased to announce that Shore Gold Inc. ("Shore") has approved a
budget of $12.5 million, including $4.4 million for the Fort a la Corne Joint Venture (FALC-JV). The budget enables
Shore to focus on the completion of a final Feasibility Study on the
Star-Orion South Diamond Project, and provides for on-going site
administration, reclamation, care and maintenance, as well as site power
design and engineering costs and general working capital purposes.
The
final Feasibility Study is anticipated to be completed in the second quarter
of 2011. Upon completion and due consideration of the study, Shore will be in
a position to make a production decision and, if positive, determine a
development plan for the Star-Orion South Diamond Project. The budget allows
Shore to continue with the Environmental Impact Assessment process, including
continued public engagement and consultation.
Newmont
Mining Corporation of Canada Limited ("Newmont") has elected not to
participate in the 2011 budget. The parties have agreed that Newmont's
interest in the FALC-JV (Shore 66 percent, Newmont 34 percent) will continue
to dilute through completion of the final Feasibility Study.
Senior
Vice President Exploration and Development, George Read, states: "This
budget allows Shore to focus its 2011 activities on the work required to
complete the Feasibility Study and consider a production decision, in
furtherance of our goal to establish Saskatchewan's first diamond
mine."
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, the
anticipated timing of the completion of the feasibility study and following
production decision and development plan.
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, the ability of the provincial and federal
governments to undertake the required review, the impact of the public
consultation period associated with the Environmental Impact Assessment
process, 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. 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.
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