Owner
Post by Franko10 ™ on Apr 21, 2006 8:23:47 GMT -5
Fort a la Corne Joint Venture participants agree on 2006 exploration program: budget $43.2 million (cnw)
Stock Symbol: SGF: TSX
SASKATOON, SK, April 21 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development, is pleased to announce that the Management Committee meeting for the Fort a la Corne Joint Venture (FALC-JV) has taken place and the Participants have reached unanimous agreement on the 2006 exploration program. The 2006 FALC-JV exploration program will include core (300 holes) and large diameter drilling (LDD) on the Orion Cluster and core drilling of Star West (defined below), continued exploration core drilling of selected other FALC-JV kimberlites and the investigation of a 50 tonne per hour Dense Media Separation (DMS) sample processing plant for the FALC-JV. This 2006 exploration program will commence immediately, is scheduled for completion by 31 December 2006 and has an approved budget of $43.2 million, which will be funded by the Joint Venture Participants in the following split: Kensington Resources Ltd (a wholly owned subsidiary of Shore Gold Inc.) (46.94%), De Beers Canada Inc. (46.94%) and Cameco Corporation (6.12%).
Orion Cluster
The Orion Cluster is defined as the group of eight defined kimberlites starting with kimberlites 140/141 and 133 in the southeast to kimberlite 120 in the northwest. For convenience, Orion is assigned three subdivisions: Orion South (Kimberlites 140/141 and 133), Orion Centre (Kimberlites 145 and 219) and Orion North (Kimberlites 120, 147, 148 and 220). Interpretation of airborne geophysics over the Orion Cluster by Shore geologists and consultants suggests that all kimberlites within this cluster coalesce and form a seven kilometre long continuous belt of kimberlite from Orion South to Orion North. The FALC-JV Participants have agreed to focus and accelerate exploration work on the Orion Cluster, where a large mass of prospective kimberlite is recognized by all the FALC-JV Participants. The Orion work is intended to provide sufficient data for conceptual level studies of all the bodies in the cluster by year end, and if results warrant, would lead directly into a next phase of more detailed exploration work.
Phase I on Orion includes core and LDD: core drilling on Orion will include 220 PQ (75 millimetre) holes totaling some 50,000 metres on a staggered 200 metre spaced grid over all Orion kimberlites that are currently estimated to be greater than 50 metres thick in vertical section. This core drilling program will include detailed geological and geotechnical logging, whole rock geochemistry, downhole geophysics, microdiamond analysis (2,200 kilograms) and geohydrological studies. A LDD program that includes 12 holes and some 3,000 metres will target the macrodiamond recovery from units of interest within Orion that are defined by the Phase I core drilling and previous work. The JV Participants plan to complete these LDD holes using drilling equipment capable of drilling 1.2 metre diameter holes. Mini-bulk samples, estimated to total 3,750 tonnes, recovered from these LDD holes will be processed for macrodiamonds greater than one millimetre for grade and value estimation.
Phase II drilling on Orion (40 holes, 8,000 metres) is also included in the 2006 exploration budget to insure a continuous work flow into 2007 as is the investigation of a 50 tonne per hour DMS plant within the FALC-JV. The additional 40 PQ core holes will be drilled based on positive results from Phase I and will be used for more detailed delineation of potential economic kimberlite units defined during Phase 1 on Orion. The DMS plant will have the capability to process mini-bulk samples and future large tonnage underground bulk samples and have the capacity to recover large (up to 100 carat) diamonds.
Star West
Star West is defined as that part of the Star Kimberlite that falls within the claim boundaries of the FALC-JV. Shore geologists presently estimate that Star West includes some 22 percent of the Star Kimberlite. The 2006 program defined for Star West includes 18 PQ core holes (4,000 metres), underground delineation drilling into Star West and, subject to further three dimentional kimberlite modeling, limited underground bulk sampling of Cantuar Kimberlite. The 18 PQ core hole program is already underway and seven holes have been completed to date. The underground delineation drilling will commence immediately.
FALC-JV Exploration
The 2006 budget includes an exploration program of PQ core drilling (40 holes, 5,000 metres) and microdiamond analysis (1,400 kilograms) on additional kimberlites in the FALC-JV. This work intends to focus on Kimberlites 118, 152 and 123. This program will run synchronous with Phase I on Orion.
Senior Vice President Exploration and Development, George Read, states: "This aggressive and ambitious 2006 exploration program has been defined through the extensive efforts and cooperation of the JV Participants. Shore looks forward to working with our FALC-JV partners to develop these large tonnage, highly prospective kimberlites. The 2006 exploration budget for the Fort a la Corne region in which Shore/Kensington holds an interest, now totals approximately $80 million of which Shore/Kensington's cost share totals approximately $60 million."
Senior Vice President Exploration and Development, George Read, Professional Geoscientist in the Provinces of Saskatchewan and British Columbia, is the Qualified Person responsible for the verification and quality assurance of analytical results. 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".
De Beers Litigation
The previously-announced appeal by De Beers is scheduled to be heard on May 18, 2006. This approved 2006 exploration plan will not be affected by the outcome of the appeal.
Caution Regarding Forward-Looking Statements
From time to time, Shore makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Ontario Securities Act and the United States Private Securities Litigation Reform Act of 1995. Shore may make such statements in this press release, in other filings with Canadian regulators or the United States Securities and Exchange Commission, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to Shore's objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "expect," "intend," and words and expressions of similar import are intended to identify forward-looking statements. In particular, statements regarding Shore's future operations, future exploration and development activities or the anticipated results of Shore's pre- feasibility study or other development plans contain forward-looking statements.
All forward-looking statements and information are based on Shore's current beliefs as well as assumptions made by and information currently available to Shore concerning anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, developments in world diamond markets, changes in diamond valuations, 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 and development; 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 and short form prospectus, and Shore's anticipation of and success in managing the foregoing risks.
Shore cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Shore, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Shore does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Shore or on our behalf.
For further information: please contact: George H. Read, P. Geo., Senior Vice President Exploration and Development or Pieter Du Plessis, Vice President Exploration at (306) 664-2202
Stock Symbol: SGF: TSX
SASKATOON, SK, April 21 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development, is pleased to announce that the Management Committee meeting for the Fort a la Corne Joint Venture (FALC-JV) has taken place and the Participants have reached unanimous agreement on the 2006 exploration program. The 2006 FALC-JV exploration program will include core (300 holes) and large diameter drilling (LDD) on the Orion Cluster and core drilling of Star West (defined below), continued exploration core drilling of selected other FALC-JV kimberlites and the investigation of a 50 tonne per hour Dense Media Separation (DMS) sample processing plant for the FALC-JV. This 2006 exploration program will commence immediately, is scheduled for completion by 31 December 2006 and has an approved budget of $43.2 million, which will be funded by the Joint Venture Participants in the following split: Kensington Resources Ltd (a wholly owned subsidiary of Shore Gold Inc.) (46.94%), De Beers Canada Inc. (46.94%) and Cameco Corporation (6.12%).
Orion Cluster
The Orion Cluster is defined as the group of eight defined kimberlites starting with kimberlites 140/141 and 133 in the southeast to kimberlite 120 in the northwest. For convenience, Orion is assigned three subdivisions: Orion South (Kimberlites 140/141 and 133), Orion Centre (Kimberlites 145 and 219) and Orion North (Kimberlites 120, 147, 148 and 220). Interpretation of airborne geophysics over the Orion Cluster by Shore geologists and consultants suggests that all kimberlites within this cluster coalesce and form a seven kilometre long continuous belt of kimberlite from Orion South to Orion North. The FALC-JV Participants have agreed to focus and accelerate exploration work on the Orion Cluster, where a large mass of prospective kimberlite is recognized by all the FALC-JV Participants. The Orion work is intended to provide sufficient data for conceptual level studies of all the bodies in the cluster by year end, and if results warrant, would lead directly into a next phase of more detailed exploration work.
Phase I on Orion includes core and LDD: core drilling on Orion will include 220 PQ (75 millimetre) holes totaling some 50,000 metres on a staggered 200 metre spaced grid over all Orion kimberlites that are currently estimated to be greater than 50 metres thick in vertical section. This core drilling program will include detailed geological and geotechnical logging, whole rock geochemistry, downhole geophysics, microdiamond analysis (2,200 kilograms) and geohydrological studies. A LDD program that includes 12 holes and some 3,000 metres will target the macrodiamond recovery from units of interest within Orion that are defined by the Phase I core drilling and previous work. The JV Participants plan to complete these LDD holes using drilling equipment capable of drilling 1.2 metre diameter holes. Mini-bulk samples, estimated to total 3,750 tonnes, recovered from these LDD holes will be processed for macrodiamonds greater than one millimetre for grade and value estimation.
Phase II drilling on Orion (40 holes, 8,000 metres) is also included in the 2006 exploration budget to insure a continuous work flow into 2007 as is the investigation of a 50 tonne per hour DMS plant within the FALC-JV. The additional 40 PQ core holes will be drilled based on positive results from Phase I and will be used for more detailed delineation of potential economic kimberlite units defined during Phase 1 on Orion. The DMS plant will have the capability to process mini-bulk samples and future large tonnage underground bulk samples and have the capacity to recover large (up to 100 carat) diamonds.
Star West
Star West is defined as that part of the Star Kimberlite that falls within the claim boundaries of the FALC-JV. Shore geologists presently estimate that Star West includes some 22 percent of the Star Kimberlite. The 2006 program defined for Star West includes 18 PQ core holes (4,000 metres), underground delineation drilling into Star West and, subject to further three dimentional kimberlite modeling, limited underground bulk sampling of Cantuar Kimberlite. The 18 PQ core hole program is already underway and seven holes have been completed to date. The underground delineation drilling will commence immediately.
FALC-JV Exploration
The 2006 budget includes an exploration program of PQ core drilling (40 holes, 5,000 metres) and microdiamond analysis (1,400 kilograms) on additional kimberlites in the FALC-JV. This work intends to focus on Kimberlites 118, 152 and 123. This program will run synchronous with Phase I on Orion.
Senior Vice President Exploration and Development, George Read, states: "This aggressive and ambitious 2006 exploration program has been defined through the extensive efforts and cooperation of the JV Participants. Shore looks forward to working with our FALC-JV partners to develop these large tonnage, highly prospective kimberlites. The 2006 exploration budget for the Fort a la Corne region in which Shore/Kensington holds an interest, now totals approximately $80 million of which Shore/Kensington's cost share totals approximately $60 million."
Senior Vice President Exploration and Development, George Read, Professional Geoscientist in the Provinces of Saskatchewan and British Columbia, is the Qualified Person responsible for the verification and quality assurance of analytical results. 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".
De Beers Litigation
The previously-announced appeal by De Beers is scheduled to be heard on May 18, 2006. This approved 2006 exploration plan will not be affected by the outcome of the appeal.
Caution Regarding Forward-Looking Statements
From time to time, Shore makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Ontario Securities Act and the United States Private Securities Litigation Reform Act of 1995. Shore may make such statements in this press release, in other filings with Canadian regulators or the United States Securities and Exchange Commission, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to Shore's objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "expect," "intend," and words and expressions of similar import are intended to identify forward-looking statements. In particular, statements regarding Shore's future operations, future exploration and development activities or the anticipated results of Shore's pre- feasibility study or other development plans contain forward-looking statements.
All forward-looking statements and information are based on Shore's current beliefs as well as assumptions made by and information currently available to Shore concerning anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, developments in world diamond markets, changes in diamond valuations, 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 and development; 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 and short form prospectus, and Shore's anticipation of and success in managing the foregoing risks.
Shore cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Shore, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Shore does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Shore or on our behalf.
For further information: please contact: George H. Read, P. Geo., Senior Vice President Exploration and Development or Pieter Du Plessis, Vice President Exploration at (306) 664-2202
