Stock Symbol: SGF: TSX
SASKATOON, SK, Jan. 26, 2017 /CNW/ - George H. Read, P.
Geo., Senior Vice President Exploration and Development of Shore
Gold Inc. ("Shore" or the "Company") announces that the Company has
recently been informed by the Saskatchewan Minister of Environment that
additional consultation is required between the government and
First Nation and Métis communities for the government to meet its
legal obligation with respect to duty to consult and accommodate
process. The Company has been informed by the Minister that the
government is proceeding with a work plan that they anticipate will
enable them to complete this required consultation process within
six months. To this end, an Order in Council by the province also
announced that a grant, not to exceed $137,000, is being provided to the James Smith
Cree Nation for the purpose of consultation with the province for
the period January 2017 to
March 2017, relating to the duty to
consult process.
Minister of Environment Scott Moe
indicated to Shore that once consultations with potentially
impacted First Nation and Métis communities are thorough and
completed, all pertinent information will be reviewed before a
decision under The Environmental Assessment Act is made.
Senior Vice President Exploration and Development, George Read, states: "The Company is pleased to
receive this update from the Minister of Environment, which
provides Shore and our shareholders with an approximate timeline
for the completion the Environmental Impact Statement ("EIS")
review process by the province. Shore awaits the province to
complete its duty to consult as presently no additional information
or activity has been requested from Shore towards the approval of
the EIS."
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 Technical Report on the Revised
Resource Estimate for the Star-Orion South Diamond Project dated
November 9, 2015 provided an updated
Mineral Resource Estimate for the Star and Orion South kimberlite
deposits: Indicated Mineral Resource of 393 million tonnes
containing 55.4 million carats of diamonds at a weighted average
price of US$210 per carat. In
addition to the Indicated Mineral Resource Estimate, the Star and
Orion South Kimberlites include Inferred Resources containing 11.5
million carats.
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 statements with respect to assumptions that
environmental approval will be attained; plans, objectives and
timelines relating to the environmental assessment process of the
Star-Orion South Diamond Project; Shore's objectives for the
ensuing year including the environmental assessment, the
optimization of the feasibility study, anticipated capital and
operating cost savings and the anticipated positive change in the
economic model for the Project; the aim of Shore to undertake
additional studies and the potential updating of the feasibility
study.
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.