Sask Power working w/ Shore?Star Diamond Project Letter Agreement signed with SaskPowerSASKATOON, Sep. 30, 2009 (Canada NewsWire via COMTEX News Network) --
Stock Symbol: SGF: TSX
GeorgeH. Read, P. Geo., Senior Vice President Exploration and Development, ispleased to announce that a Letter Agreement has been signed betweenShore and the Saskatchewan Power Corporation ("SaskPower") to provideservices in connection with planning a potential electrical powersupply for Shore's Star Diamond Project ("Project"). Specifically Shorerequires SaskPower to carry out the preliminary engineering andenvironmental studies required to begin to determine preferred routingoptions for the location of power lines to connect the Project to theSaskPower transmission system in order for SaskPower to serve Shore'sfuture anticipated power requirements (collectively, the "work").
Shorehas authorized SaskPower to perform the work and to incur such costsand expenses for the account of Shore, as SaskPower may deem necessaryor appropriate, up to a maximum amount of $500,000 to the end of June2010, at which time the parties contemplate entering into a furtherConstruction Agreement that would include any work not completed byJune 30, 2010.
Senior Vice President Exploration andDevelopment, George Read, states: "The execution of this LetterAgreement with SaskPower is an important step in the process leading upto a production decision and the potential establishment of a diamondmine in central Saskatchewan. This Agreement will expedite theprovision of electrical power to the site in the event a productiondecision is made. The accessibility of abundant, low cost power to theStar Diamond Project significantly improves Project economics."
Shore is a Canadian based