Stock Symbol: SGF: TSX
SASKATOON, Dec. 3, 2014 /CNW/ - The Canadian Environment
Assessment Agency ("CEAA") has announced an Environmental
Assessment Decision for Shore Gold Inc.'s ("Shore" or the
"Company") Star-Orion South Diamond Project ("the Project").
The Honourable Leona Aglukkaq, Environment Minister, announced that
the Project "is not likely to cause significant adverse
environmental effects when the mitigation measures described in the
Comprehensive Study Report are taken into account". Full text of
the announcement can be found at
http://www.ceaa-acee.gc.ca/.
George H. Read, P. Geo., Senior
Vice President Exploration and Development states: "This Federal
decision marks a major positive milestone in the development of a
world-class diamond mine in Saskatchewan. This milestone is the result of
significant work and effort by our technical team and consultants
and represents our commitment to our stakeholders and the community
surrounding the Project."
The Project is located in central Saskatchewan approximately 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
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.
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.
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 within the
meaning 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", "scheduled", "forecast", "target", "project", "guidance",
"may", "will", "should", "could", "estimate", "predict" or similar
words suggesting future outcomes or language suggesting an
outlook.
Forward-looking statements relate to future events or future
performance and reflect current expectations or beliefs regarding
future events. Forward-looking statements in this press
release include, but are not limited to, the CEAA decision, the
development and construction of the Project, receipt of permits and
authorizations, statements referring to mineral reserves or
resources, the TFFE, the range of quantity, range of grade and
range of carats for the TFFE, Shore's future operations, future
exploration and development activities or other development plans,
the 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 certain factors and assumptions regarding, among other
things, receipt of governmental and other approvals, the estimation
of mineral reserves and resources, the environment in which Shore
will operate in the future, including the price of diamonds and
anticipated costs, the realization of resource estimates, the
timing of future exploration and development expenditures, the
progress of exploration and development activities, the receipt of
necessary regulatory approvals and assumptions with respect to
currency fluctuations, environmental risks and other similar
matters.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results or achievements of Shore to be materially different from
those expressed or implied by such forward-looking
statements. These factors include, but are not limited to,
risks inherent in the exploration and development of mineral
deposits, changes in regulatory laws, 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, risks related to current global financial conditions,
uncertainties inherent in the estimation of mineral resources,
operational risks inherent in the conduct of mining activities,
increases in the costs of proposed capital and operating
expenditures, changes in project parameters as plans continue to be
refined, regulatory risks including risks relating to the
acquisition of the necessary licenses and permits, 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. Additional risk factors are described
in Shore's current annual information form and annual and interim
management's discussion and analysis and other disclosure documents
available under the Company's profile at www.sedar.com.
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. Shore
cautions that the foregoing list of factors that may affect future
results is not exhaustive.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, there can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. When making decisions with respect to Shore,
readers should not place undue reliance on these statements and
should carefully consider the foregoing factors and other
uncertainties and potential events as a number of risk factors
could cause the actual outcomes to differ materially from the
beliefs, plans, objectives, expectations, estimates, assumptions
and intentions expressed in such forward-looking statements.
The forward-looking statements herein are made as of the date of
this press release and unless required by applicable securities
law, Shore does not undertake to update any forward-looking
statement that is made herein.
SOURCE Shore Gold Inc.