Stock Symbol: SGF: TSX
SASKATOON, SK,
June 25, 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 released the final Comprehensive Study Report
("CSR"), for public 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"), a diamond mining and processing facility to be
developed within the Fort à la Corne Provincial Forest in
Saskatchewan.
The CSR contains CEAA's conclusions about the
potential environmental effects of the Project, based on
information presented in Shore's Revised Environmental Impact
Statement ("REIS") and supplemental information submitted to the
Agency in September 2012, April,
June, August, December 2013, April
and May 2014. Within the CSR, CEAA
concludes that the Project is not likely to cause significant
adverse environmental effects when the implementation of proposed
mitigation measures is taken into account. The CSR will be used to
inform the Minister of Environment's environmental assessment
decision for the Project.
The Agency invites the public to comment on
information contained in the CSR, including the Agency's
determination of significance of potential environmental effects of
the Project. The preparation of the CSR and public comment period
are steps in the Federal Comprehensive Study type environmental
assessment process for the Project. The Minister of Environment
will take into consideration the CSR and all comments received and
will issue an environmental assessment decision statement, stating
if the Project is likely to cause significant adverse environmental
effects, and if those effects are justified, considering the
potential benefits of the Project. The CSR is available in print at
locations in Prince Albert and
Melfort, Saskatchewan, as well as
on-line. The Agency announcement of the public review of the CSR,
and a link to the CSR, are available on the Major Projects
Management Office ("MPMO") website at:
https://www.ceaa-acee.gc.ca/050/documents-eng.cfm?evaluation=46277&type=5.
Senior Vice President Exploration and
Development, George Read, states:
"The CSR outlines the Agency's conclusions that the Project is not
likely to cause significant adverse environmental effects. We have
made significant progress to reach this advanced stage of the
assessment process and look forward to the Minister's
decision."
The Executive Summary of the Revised EIS 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.
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.
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.