SGF NewsStar Diamond Project commencement of final phase of large diameter drilling
17:00 EDT Tuesday, May 01, 2007
Stock Symbol: SGF: TSX
SASKATOON, May 1 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development, is pleased to announce that the large diameter drill (LDD) rigs have returned to the Star Diamond Project and have commenced the final phase of drilling. The 2007 program of LDD includes 20 holes on the Star Diamond Project and five holes on Star West, the portion of the Star kimberlite that falls within the Fort a la Corne Joint Venture (60 percent Shore Gold Inc., 40 percent Newmont). Many of these holes will be in close proximity to the Star underground workings, an area that could not be sampled thus far, due to safety reasons, while the underground bulk sampling was in progress. All of these LDD holes target kimberlite intersections greater than 50 metres. The objective of the LDD is to obtain a three dimensional distribution of the diamond grade in the Star Kimberlite.
Senior Vice President Exploration and Development, George Read, states: "The LDD is an essential component of the sampling of the Star Kimberlite necessary for the determination of a NI43-101 compliant Mineral Resource. The diamond grade and valuation data determined for the mini-bulk samples recovered from the LDD will be reconciled with underground bulk sampling data as part of the Mineral Resource calculation. This LDD method, which uses Bauer BG36 rigs to drill 1.20 metre diameter holes to depths of 300 metres below surface, has been developed and proven in the mini-bulk sampling of the Star and Orion North and South Kimberlites. This final phase of LDD on Star is the last data collection process required for the determination of a Mineral Resource on Star."
The Star Kimberlite is currently being evaluated using a combination of pattern core drilling, underground bulk sampling and large diameter drilling. This evaluation program, with a budget of some $60 million, is the process followed to determine the presence of a National Instrument 43-101 compliant Mineral Reserve for the Star Kimberlite. 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".
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 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: Adam Buchanan, Manager, Investor and Community Relations at (306) 667-3503
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