Shore acquiring De Beers' interest in the FALC Joint Venture Monday September 25, 8:34 am ET
Stock Symbol SGF: TSX SASKATOON, SK, Sept. 25 /CNW/ - Kenneth E. MacNeill, President and CEO of Shore Gold Inc. ("Shore") is pleased to announce that Shore has entered into an agreement with De Beers Canada Inc. ("De Beers") whereby Kensington Resources Ltd. ("Kensington"), Shore's wholly-owned subsidiary, will acquire De Beers' 42.245% participating interest in the Fort a la Corne Joint Venture ("FALC JV") for a cash price of $180 million. The transaction documentation has been delivered in escrow pending registration of mineral disposition transfers comprising the FALC JV lands, following which the escrow will be automatically released and the transaction completed and closed. On completion and closing of the acquisition, Kensington will become the operator of the FALC JV. Shore is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Shore trade on the TSX Exchange under the trading symbol "SGF".
For further information
Kenneth E. MacNeill, President and CEO or Harvey J. Bay, COO & CFO at (306) 664-2202