Stock Symbol: SGF: TSX
SASKATOON , April 15, 2014 /CNW/ - George H. Read , P. Geo., Senior Vice
President Exploration and Development of Shore Gold Inc. ("Shore" or
the "Company") is pleased to announce that the Canadian Environmental
Assessment Agency ("CEAA" or the "Agency") has completed their
technical review of the Star - Orion South Diamond Project and is in
the process of finalizing the Comprehensive Study Report ("CSR"), which
will be made available for public review and comment. CEAA is the lead
agency for the Federal government and Saskatchewan Ministry of
Environment ("Ministry") is the lead agency on behalf of the Province,
which are jointly conducting the environmental assessment of the
proposed Star - Orion South Diamond Project ("Project").
The CSR is based on information presented in Shore's Revised
Environmental Impact Statement ("REIS") and on supplemental information
submitted to the Agency in Sept 2012 , Apr, Jun, Aug and Dec 2013 and
Apr 2014 . Within these documents, Shore proposes to construct, operate
and eventually decommission the Project, a diamond mining and
processing facility to be developed within the Fort à la Corne
Provincial Forest. The Project is located approximately 60 kilometres
east of Prince Albert, Saskatchewan . The Project includes a four-year
construction period followed by the excavation of two open-pit mines
and processing of approximately 45,000 tonnes of kimberlite rock per
day over a projected 20-year period. Shore's plans for decommissioning
include progressive reclamation activities beginning within five years
from the start of construction and will continue beyond the operations
phase of the Project.
The Agency will invite the public to comment on the potential
environmental effects of the Project and the proposed measures to
prevent or mitigate those effects as described in the CSR. The
preparation of the CSR and public comment period are part of the
Federal Comprehensive study type environmental assessment of the
Project.
Senior Vice President Exploration and Development, George Read , states:
"The completion of the technical review of the REIS by the Federal
Agencies is a major milestone towards the development of the Star -
Orion South Diamond Project. Shore technical staff and consultants have
compiled an extensive amount of information, covering a wide spectrum
of technical disciplines, into the REIS. We appreciate the cooperation
we have received from the Federal Agencies in their review of this
information and their guidance in ensuring that all information in the
REIS is compliant with Federal regulations. The CSR will outline the
Agency's conclusions regarding the potential environmental effects of
the project, the proposed mitigation measures and the significance of
the remaining adverse environmental effects. The CSR will also be made
available for public comment, after which the Minister of Environment
will take into consideration the CSR and all comments received and will
issue the environmental assessment decision statement, stating whether
the Project is likely to cause significant environmental effects, and
if those effects are justified, accounting for the mitigation measures
and follow-up program as presented in the CSR."
The Executive Summary of the REIS can be viewed on the company's
website: www.shoregold.com.
The Star-Orion South Diamond 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
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.
SOURCE Shore Gold Inc.