Post by Franko10 ™ on Oct 31, 2005 13:27:01 GMT -5
Shore Gold enters into voting arrangement on the Fort a la Corne Joint Venture
13:23 EST Monday, October 31, 2005
SASKATOON, Oct. 31 /CNW/ - Kenneth E. MacNeill, President and CEO is pleased to announce that Shore Gold Inc. ("Shore") has entered into a voting arrangement with Cameco Corporation ("Cameco") and UEM Inc. ("UEM") relating to the Fort a la Corne Joint Venture ("FALC JV"). Pursuant to this arrangement, Cameco and UEM have agreed to vote with Shore on all operating decisions over a term up to seven years in duration to be made by the participants in the FALC JV in exchange for a cash payment of $10 million from Shore.
Shore's wholly-owned subsidiary, Kensington Resources Ltd., holds a 42.245% interest in the FALC JV, with remaining interests held by De Beers Canada Exploration Inc. (42.245%), Cameco (5.51%) and UEM (10%, carried).
The FALC JV project consists of 63 drill-confirmed kimberlite bodies within the largest diamondiferous kimberlite cluster in the world and is located adjacent to Shore's Star Diamond Project in Saskatchewan.
For further information: Kenneth E. MacNeill, President & C.E.O. or Harvey J. Bay, C.F.O. at (306) 664-2202
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