Stock Symbol: SGF: TSX
SASKATOON,
Aug. 6, 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 Final Environmental
Impact Statement ("EIS") for the Star - Orion South Diamond Project
("the Project") has been submitted to the Saskatchewan Ministry of
Environment ("Ministry") and the Canadian Environmental Assessment
Agency ("CEAA"). The Ministry is the lead agency on behalf of the
Province and CEAA is the lead agency for the Federal government,
which are jointly conducting the environmental assessment of the
Project. The Final EIS was prepared at the request of the Ministry
and includes all updates, revisions, information requests and the
Company's responses.
The Final EIS is based on the Feasibility Study
of the Project ("FS"), published August
2011, and incorporates responses to all the review comments
and information requests. The Final EIS includes comprehensive
Traditional Land Use information generated as a consequence of
Information Gathering Agreements signed with nine Aboriginal groups
with an expressed interest in the Project. This information has
been compiled into a series of documents, figures, maps, tables and
spreadsheets that have been sent to the Ministry in digital
form.
Senior Vice President Exploration and
Development, George Read, states:
"The submission of the Final EIS marks the achievement of another
major milestone on the route to the development of a world-class
diamond mine in Saskatchewan. The
Final EIS is a substantial document that represents a huge amount
of work and includes over 8,600 pages of information. Shore is
presently focused on the completion of all Federal and Provincial
requirements for Project approval and subsequent permitting."
The Final EIS will be released for public
comment by the Saskatchewan
Ministry of Environment once the document has been reviewed. The
Executive Summary of the Final EIS can be viewed on the company's
website: www.shoregold.com.
The 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 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 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 and the timing and
nature of the review of the EIS.
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.