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Tamtam ,, shore gold up to .80 maybe time to buy more
Sidewinder
Shore Gold announces second quarter results
SASKATOON, Aug. 13 /CNW/ - Shore Gold Inc. ("Shore" or the "Company")
reports that the unaudited results of Shore's operations for the quarter ended
June 30, 2009 will be filed today on SEDAR and may be viewed at www.sedar.com
once posted. A summary of key financial and operating results for the quarter
is as follows:
<<
Highlights
- Continued positive progress on the Star Diamond Project pre-
feasibility study
- Announced diamond results from Large diameter ("LD") drilling
previously performed on the Orion South, Orion North and Taurus
Kimberlite clusters
- Announced release by the Environmental Assessment Branch of the
Saskatchewan Ministry of Environment of draft project-specific
guidelines for the Star-Orion South Diamond Project
- Working capital of $19.0 million at June 30, 2009
- Issued and outstanding shares of 199,904,242 at June 30, 2009
>>
Overview
Star Diamond Project
The Company is progressing on the Star Diamond Project pre-feasibility
study. This primarily involves desk-top engineering studies and data analysis
required to convert the Mineral Resource to a Mineral Reserve conforming to NI
43-101 and CIM standards. Shore anticipates the delivery of a final
feasibility study on the Star Diamond Project by the end of the first quarter
of 2010.
The Environmental Assessment Branch of the Saskatchewan Ministry of
Environment, in anticipation of the environmental assessment of the Star-Orion
South Diamond Project, recently made draft project-specific guidelines
available for public review and comment (See SGF News Release July 13, 2009).
The Company must conduct an Environmental Impact Assessment and prepare an
Environmental Impact Statement, which the public and Ministry of Environment
will use to evaluate the environmental implications of the proposed
development.
FALC-JV Programs
During the second quarter of 2009, the Company announced diamond results
from LD drilling programs performed to date on the FALC-JV's Orion South (See
SGF News Release May 6, 2009), Orion North (See SGF News Releases May 19, 2009
and June 16, 2009) and Taurus Kimberlite clusters (See SGF News Release June
4, 2009). The Early Joli Fou ("EJF") Inner Area Kimberlite Units of these
bodies have been identified by Shore as high priority targets for exploration.
The EJF Inner Area Kimberlite Units represent coarser grained EJF kimberlite
and the EJF Outer Area Kimberlite Units include finer grained EJF kimberlite.
Underground bulk and LD drilling mini-bulk samples of the Star Kimberlite and
the FALC-JV's Orion South Kimberlite have shown that higher grades and larger
diamonds are found within the EJF Inner Area Kimberlite Units. The following
table summarizes the LD drilling results by ore body that were released during
the quarter.
<<
LD Drilling Mini-bulk Sampling Diamond Results Announced During the
Quarter
EJF Inner Area
Overall Kimberlite Unit Largest
----------------- ----------------- Diamond
Grade Tonnes Grade Tonnes Recovered
FALC-JV Kimberlite (cpht) Processed (cpht) Processed (carats)
-------------------------------------------------------------------------
Orion South - K140/K141 11 9,302 19 3,519 10.53
Orion North - K120 11 2,668 15 1,730 7.53
Orion North - K147/K148 8 2,284 12 1,088 6.89
Taurus - K122 9 1,153 11 610 7.99
Taurus - K118 11 889 13 464 3.42
Taurus - K150 10 677 12 498 2.85
>>
Orion South
The LD drilling and underground grade data both show that the EJF Inner
Area Kimberlite Unit at Orion South has a similar grade to the EJF Inner Area
Kimberlite Unit of the near-by Star Kimberlite. The Company is currently
performing the necessary desk-top engineering studies and data analysis for
the pending initial NI 43-101 compliant Mineral Resource on Orion South.
During the fourth quarter of 2008, a project proposal for a Star-Orion South
Diamond Project was submitted to the Environmental Assessment Branch of the
Saskatchewan Ministry of Environment and to various Federal agencies (See SGF
News Release November 3, 2008). The project proposal contains a detailed
project description of the Star-Orion South Diamond Project, which includes an
open pit on the Star Kimberlite, a potential second open pit at Orion South, a
common processing plant and associated infrastructure.
Orion North
The Orion North Kimberlite Cluster ("Orion North") is one of the largest
diamond bearing kimberlites in the world. Though a resource estimate has not
yet been determined for Orion North, kimberlite tonnage estimates of 800-870
million tonnes of kimberlite, which are conceptual in nature, were published
in the SGF News Release of November 21, 2006. No underground bulk sampling has
been undertaken to date in Orion North.
The K120 Kimberlite within Orion North has a surface area totaling some
102 hectares situated within claims of the FALC-JV. The preliminary grade from
LD drilling performed to date in the EJF Inner Area Kimberlite Unit of the
K120 Kimberlite compares favourably with the grades of the EJF Inner areas in
the Star and Orion South kimberlites. The EJF Inner Area Kimberlite Unit of
the K120 Kimberlite is an extensive, relatively homogenous kimberlite unit
that extends from the kimberlite-till interface to depths of more than 350
metres below surface. The extent and vertical continuity of this EJF Inner
Area Kimberlite Unit are favourable factors in the event of future mining.
The K147-148 Kimberlite Complex located within Orion North has a surface
area totaling some 394 hectares situated within claims of the FALC-JV. The
drilling results from the EJF Inner Area Kimberlite Unit of the K147-148
Kimberlite Complex shows that large volumes of diamond bearing kimberlite
exist and that these units require more detailed evaluation.
Taurus
Taurus lies to the west of the Orion Cluster and includes eight
coalescing kimberlites (K150, K118, K152, K218, K154, K155, K122 and K156)
that result in over six kilometres of contiguous kimberlite (See SGF News
Release February 25, 2008). While an initial geological model is currently in
preparation for Taurus, examination of the internal geology, determined from
core drilling, has confirmed extensive areas of EJF Inner Area Kimberlite
Units within the K122, K118 and K150 Kimberlites. No underground bulk sampling
has been undertaken to date in Taurus. The preliminary diamond grades and size
of the largest stones recovered from the EJF Inner Area Kimberlite Units from
the LD drilling performed to date confirm Taurus as a key target for future
detailed exploration and evaluation.
Quarterly Results
For the quarter ended June 30, 2009, the Company recorded a net loss of
$2.2 million or $0.01 per share compared to a net loss of $2.8 million or
$0.02 per share for the same period in 2008. Contributing to the loss during
the quarter ended June 30, 2009 was the $0.6 million write-down of mineral
property expenditures incurred during the second quarter by the Company on
certain of its mineral properties as well as the $0.1 million impairment in
fair value of long-term investments held by the Company. The loss for the
quarter ended June 30, 2008 was primarily due to the $2.0 million impairment
in fair value of third-party asset-backed commercial paper ("ABCP") held by
the Company that was recorded during the quarter.
Year to Date Results
For the six-month period ended June 30, 2009, the Company recorded a net
loss of $6.1 million or $0.03 per share compared to a net loss of $5.0 million
or $0.03 per share for the same period in 2008. Contributing to the loss
during the six-month period ended June 30, 2009 was the $6.3 million
write-down of mineral property expenditures incurred by the Company on certain
of its mineral properties as well as the $0.5 million impairment in fair value
of long-term investments held by the Company. For the six-month period ended
June 30, 2009 the Company reported interest and other revenue of $0.1 million
compared to $1.0 million for the six-month period ended June 30, 2008. This
$0.9 million decrease in revenue from the six-month period ended June 30, 2008
was from a reduction in the Company's cash and cash equivalents after
incurring on-going exploration expenditures on the Fort a la Corne and Buffalo
Hills projects and from lower interest earned by the Company as a result of
falling interest rates. The net loss for the comparative period in 2008 was
primarily due to the fair value of stock-based compensation expensed ($2.5
million) as well as the $2.0 million impairment in fair value of ABCP.
<<
Selected financial highlights include:
-------------------------------------------------------------------------
As at As at
June 30, Dec 31,
Consolidated Balance Sheets 2009 2008
-------------------------------------------------------------------------
Current assets $ 19.6 M $ 35.4 M
-------------------------------------------------------------------------
Capital and other assets 227.3 M 231.6 M
-------------------------------------------------------------------------
Current liabilities 0.6 M 11.8 M
-------------------------------------------------------------------------
Long-term liabilities 1.6 M 1.6 M
-------------------------------------------------------------------------
Share capital 769.4 M 772.8 M
-------------------------------------------------------------------------
Contributed surplus 26.4 M 25.9 M
-------------------------------------------------------------------------
Deficit 551.1 M 545.1 M
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three Three
months months Six months Six months
Ended Ended Ended Ended
Consolidated Statements June 30, June 30, June 30, June 30,
of Income 2009 2008 2009 2008
-------------------------------------------------------------------------
Interest and other income $ - M $ 0.3 M $ 0.1 M $ 1.0 M
-------------------------------------------------------------------------
Operating expenses 1.5 M 1.5 M 2.7 M 4.5 M
-------------------------------------------------------------------------
Loss for the period before
other items (1.5) M (1.2) M (2.6) M (3.5) M
-------------------------------------------------------------------------
Write-down of mineral
properties (0.6) M - M (6.3) M - M
-------------------------------------------------------------------------
Change in fair value of
investments (0.1) M (2.0) M (0.5) M (2.0) M
-------------------------------------------------------------------------
Loss from Wescan
Goldfields Inc. (0.1) M (0.1) M (0.1) M (0.1) M
-------------------------------------------------------------------------
Future income taxes 0.1 M 0.5 M 3.4 M 0.6 M
-------------------------------------------------------------------------
Net and comprehensive loss
for the period (2.2) M (2.8) M (6.1) M (5.0) M
-------------------------------------------------------------------------
Loss per share (0.01) (0.02) (0.03) (0.03)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three Three
months months Six months Six months
Ended Ended Ended Ended
Consolidated Statements June 30, June 30, June 30, June 30,
of Cash Flows 2009 2008 2009 2008
-------------------------------------------------------------------------
Cash flows from operating
activities $ (0.2) M $ (0.7) M $ (2.4) M $ (2.1) M
-------------------------------------------------------------------------
Cash flows from investing
activities (7.5) M (1.2) M (17.3) M (9.9) M
-------------------------------------------------------------------------
Cash flows from financing
activities - M 0.5 M - M 0.5 M
-------------------------------------------------------------------------
Net decrease in cash (7.7) M (1.4) M (19.7) M (11.5) M
-------------------------------------------------------------------------
Cash - beginning of period 10.6 M 21.7 M 22.6 M 31.8 M
-------------------------------------------------------------------------
Cash - end of period 2.9 M 20.3 M 2.9 M 20.3 M
-------------------------------------------------------------------------
>>
Outlook
As of August 5, 2009, the Company had approximately $18.3 million in cash
and cash equivalents and short-term investments. These funds will be used to
complete the Star Diamond Project pre-feasibility study, to fund the planned
FALC-JV and the Buffalo Hills Joint Venture exploration programs and for
general corporate matters. Cash and cash equivalents and short-term
investments may also be used to fund various other exploration activities as
well as acquisition and exploration of additional properties as opportunities
warrant.
The Company continues with the Star Diamond Project pre-feasibility
study. This primarily entails desk-top engineering studies and data analysis
to convert the Mineral Resource to a Mineral Reserve conforming to NI 43-101
and CIM standards. The Company's intent is to have a NI 43-101 compliant
Reserve estimate for the Star Diamond Project completed during the third
quarter of 2009. Shore anticipates the delivery of a final feasibility study
for the Star Diamond Project by the end of the first quarter of 2010. In
addition, the Company anticipates an initial Mineral Resource estimate for
Orion South to be available in the near term. It is the present focus to
continue to evaluate the Star and Orion South Kimberlites to the point where a
production decision can be made.
Technical Information
All technical information in this press release has been prepared under
the supervision of George Read, Senior Vice-President of Exploration and
Development, Professional Geoscientist in the Provinces of Saskatchewan and
British Columbia, and Shawn Harvey, Geology Manager, Professional Geoscientist
in the Province of Saskatchewan, who are the Company's "Qualified Persons"
under the definition of NI 43-101.
Caution Regarding Forward-looking Statements
This news release may contain forward-looking statements as defined by
certain securities laws, including the "safe harbour" provisions of the
Ontario Securities Act and the United States Private Securities Litigation
Reform Act of 1995. 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, and, in particular, statements regarding Shore's
future operations, future exploration and development activities or other
development plans contain forward-looking statements.
These forward-looking statements are based on Shore's current beliefs as
well as assumptions made by and information currently available to it and
involve inherent risks and uncertainties, both general and specific. Risks
exist that forward-looking statements will not be achieved due to a number of
factors including, but 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. Shore's anticipation of and success
in managing the foregoing risks could cause actual results to differ
materially from what is anticipated in such forward-looking statements.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information currently
available to it, those assumptions may prove to be incorrect. When making
decisions with respect to Shore, investors and others should not place undue
reliance on these statements and should carefully consider the foregoing
factors and other uncertainties and potential events. Unless required by
applicable securities law, Shore does not undertake to update any
forward-looking statement that may be made.
For further information: Mr. Kenneth E. MacNeill, Chief Executive
Officer and President Or Mr. Harvey J. Bay, Chief Financial Officer and Chief
Operating Officer, 300 - 224 4th Avenue South, Saskatoon, SK, S7K 5M5, PH:
(306) 664-2202, FAX: (306) 664-7181, Website: www.shoregold.com
Yep and recently we go up considerable each day
TT
1st Quarter Report 2009
http://www.shoregold.com/pdfs/Quarterly_reports/2009/Shore_Q1_2009_Report.pdf
Tamtam
Stock Symbol: SGF: TSX
SASKATOON, July 13 /CNW/ - George H. Read, P. Geo., Senior Vice President
Exploration and Development, is pleased to announce that the Environmental
Assessment Branch of the Saskatchewan Ministry of Environment, in anticipation
of environmental assessment of the Star - Orion South Diamond Project, has
made draft project-specific guidelines available for public review and
comment. The notices published in local Saskatchewan newspapers include the
following:
<<
Shore is proposing to develop and operate a diamond mine approximately 65
kilometres east of Prince Albert, Saskatchewan. The proposed project
includes the excavation of an open pit at the Star Kimberlite and a
potential second pit at Orion South and constructing a common processing
plant and associated infrastructure. The Project footprint in the Fort a
la Corne Provincial Forest will be 3,000 to 4,000 hectares (2.3 to 3.0%
of the forest) in close proximity to the Saskatchewan River.
Shore is seeking approval under the Environmental Assessment Act before
proceeding with the Project. The Company must conduct an Environmental
Impact Assessment (EIA) and prepare an Environmental Impact Statement,
which the public and Ministry of Environment will use to evaluate the
environmental implications of the proposed development.
To assist Shore with the EIA, draft project-specific guidelines
identifying key issues have been prepared. The public is invited to
comment on the draft guidelines. The document can be viewed at the
offices of the City of Prince Albert, City of Melfort, Town of Nipawin,
Village of Smeaton and the Rural Municipality of Torch River in White
Fox. The document can also be obtained from the Ministry of Environment
website at: www.environment.gov.sk.ca (Programs and
Services/Environmental Assessment/Notices/Section 10/2008-089).
>>
Senior Vice President Exploration and Development, George Read, states:
"The publication of draft project-specific guidelines is an important step in
the regulatory process toward the development of the first diamond mine in
Saskatchewan. The draft project-specific guidelines are also available on the
Shore website at www.shoregold.com."
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".
Thanks jcanada for the update
have a great weekend
TT
Already made a contact in PA for shore gold...I am at Candle lake and a buddy ui have not seen for sometime was at my camper today...anyway, everyone was laid off Jan 21st and they shut off the pumps that keep the water out of the mine...mine is totaly flooded, and capped???? He does not hink there will ever be a mine there becasue the natives will not let them clear that much land....He also said that they have enough diamonds already to pay most of the cost already experienced? That is what i heard to day....will try to find out more..so as of right now there are only security at the site to keep people out..
Tamtam ,, away from erhe board ,tell me honestly what do you think of addax sale and what do you think it will do for erhe.
sidewinder
SPP119, is there another board for shore gold I should know about , or is this for another stock ,thanks in advance .
SIdewinder
TT Hi,
Always time for you......
Yes I am very keen on it and I believe prospects are second to none. The political/financial problems it has are IMHO, childish in relation to what we have seen on the GoG.
For more come to that board....and you will see some real quality stuff.And we can take it from there....
regards,
spp119
Thannks from this side too jcanada
TT
Thanks Jcanada ,it will be apriciated ..
HAve a great week end .
Sodewinder
of course i will...i will try and make some contacts when i get back...im sure someone i know will be working there..
Later
Jcanada ,,Ok I was wrong and I apoligize. but since your going to be closer to the action can we elect you as our watch person for shore gold ,, god we are going to need to do something aftre we make our fortune in ERHE.
HAve a good one
Sidewinder
Side..no one in there right mind would move back top PA..lol..ok its not that bad..but i will actualy be moving to the 40 acres i bought on the north SK river just north of Saskatoon..by Waldheim..but still only about 75 km from PA..
Tamtam , no I didn't get a reply yet but will let you know when I do, JCanada is moving back to Prince Albert this year he could be our contact there, as it's only 25,30klm away .
Sidewinder
hey guys..here is another one i bought into..long term again..as you can probably tell i have been investing heavily in oil lately...only makes sense to me as soon it will be 200$ a barrell...then it will crash again!! lol just like it has for the last 100 years..GCX energy, alos have been buying alot of oilsands quest..BQI
http://investorshub.advfn.com/boards/board.aspx?board_id=15173
Side,
When I worked in Mexico a friend of mine that I worked with told me about them. He was told by someone he worked with in the GOM. I initially bought in in 2003 and have been in and out a few times ...but now have the boat loaded and at 3$ will start making my exit...and hopefully have a few left at 7-10$...thats the plan anyway..
Jcanada , how did you find out about erhc ? I'm just curious
Hi jcanada , the results looks promising indeed. A friend will try to find out more.
Not a diamond guy!! maybe you'll become one soon when this thing blows through the roof
TT
hey guys..i am really excited about this stock..I am from the PA (prince Albert) and will be moving back soon to the saskatoon area. The area could really use this as the pupl mill shut down a few years ago!! Anyway i am buying a little all the time looks like it should be a mine in the next few years as the results look promising..I am an oil guy not a diamond guy. Anyway hope this works well for us..this could also be a big profit stock for us in the next couple years!! Later..and go ERHE!! lol
AGM presentation May 20 2009
http://www.shoregold.com/_resources/SGF-AGM-20May2009_sm.pdf
Tamtam ,Thats great you were able to cut and past . maybe we can develop some interest in this stock .
Sidewinder
Fort a la Corne Joint Venture: Orion North K120 Kimberlite large diameter drilling diamond grade results
13:20 EDT Tuesday, May 19, 2009
Stock Symbol: SGF: TSX
SASKATOON, May 19 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development, is pleased to announce the diamond grade results for the large diameter drilling ("LDD") mini-bulk sampling of the K120 portion of the Orion North Kimberlite ("ON-K120") within the Fort a la Corne Joint Venture ("FALC-JV": 60 percent Shore Gold Inc. ("Shore") and 40 percent Newmont Mining Corporation of Canada Limited ("Newmont")). ON-K120 is the northwest portion of the cluster of kimberlites that make up Orion North. The results for each principal kimberlite unit sampled by the LDD mini-bulk sampling are shown in Table 1.
<<
Table 1. Diamond Results from LDD Mini-bulk Samples
-------------------------------------------------------------------------
Largest
Kimberlite Number Kimberlite Processed Total Total Grade Stone
Unit of Holes Metres Dry Tonnes Carats Stones (cpht) (Carats)
-------------------------------------------------------------------------
Cantuar 1 5 6 0.3 3 5 0.24
-------------------------------------------------------------------------
EJF Inner 10 1,293 1,730 255 2,632 15 7.53
-------------------------------------------------------------------------
EJF Outer 6 619 768 41 746 5 0.97
-------------------------------------------------------------------------
LJF 3 108 164 1 29 0.04 0.08
-------------------------------------------------------------------------
Total - 2,025 2,668 297 3,410 11
-------------------------------------------------------------------------
Table Notes
- Kimberlite Units: EJF: Early Joli Fou and LJF: Late Joli Fou
- EJF Inner and Outer based on geology and discussed below
>>
The ON-K120 Kimberlite is one of the largest diamond bearing kimberlites in the world, with a surface area totaling some 102 hectares situated within claims of the FALC-JV. The largest operating diamond mine is Orapa in Botswana and the mined AK1 kimberlite has an area 103 hectares. A resource estimate has not yet been determined for the ON-K120 Kimberlite but kimberlite tonnage estimates, which are conceptual in nature, were published in the SGF News Release of November 21, 2006. No underground bulk sampling has been undertaken to date in Orion North. It is Shore's assertion that diamond loss and diamond breakage occur (particularly of the large stones) in the case of the LDD mini-bulk samples. In addition, on-site testing has shown that diamond breakage increases as kimberlite competency (hardness) increases. Therefore, Shore believes both the diamond grade ("cpht") and average price ($/carat) are underestimated for the LDD mini-bulk samples.
Shore contends that the simplest method of diamond grade determination for the LDD mini-bulk samples, which accounts for diamond breakage and loss, is the use of the processed tonnes, as opposed to the theoretical tonnes (calculated from callipered hole volumes and density measurements). This has been confirmed to Shore's satisfaction by the LDD diamond grade reconciliation with UG grade for the Star Kimberlite that was recently presented in SGF News Release of April 21, 2009. A more detailed discussion of these methods is available in the technical presentation "Large Diameter Drilling Grade Adjustment Factors for Resource Estimation in FALC Kimberlites", which is available on the Company website at: www.shoregold.com.
The EJF Inner and Outer Kimberlite Units have been identified by Shore based on detailed kimberlite geology recorded from core logging of the pattern drill program and diamond size data derived from LDD. Core logging information is combined with whole rock geochemistry data, geophysical and density measurements to identify the constituent kimberlite lithologies within ON-K120 and their volcanological features that form the ON-K120 Kimberlite crater. The EJF Inner Kimberlite Unit represents coarser grained EJF kimberlite and the EJF Outer Kimberlite Unit includes finer grained EJF kimberlite. LDD mini-bulk samples have shown that higher grades and larger diamonds are found within the EJF Inner Kimberlite Unit. A map is available on the Shore website (www.shoregold.com) that indicates the EJF Inner Kimberlite Unit and the drill hole (core and LDD) positions in ON-K120. The EJF grade in the EJF Inner area in ON-K120 compares favourably with the grade of the EJF Inner areas in the Star Kimberlite and Orion South.
Senior Vice President Exploration and Development, George Read, states: "These results show that the best grade (15 cpht) and the four largest diamonds (7.53 carat - white, 3.84 carat - grey, 3.28 carat grey and 2.80 carat - white) have been recovered from the EJF Inner Kimberlite Unit, which is the dominant unit within ON-K120. Early core drilling strongly suggested that the EJF Inner of ON-K120 was prospective for diamonds due to the abundance of eclogite xenoliths and coarse kimberlite texture. The ON-K120 EJF Inner is an extensive, relatively homogenous kimberlite unit that extends from the kimberlite-till interface to depths of more than 350 metres below surface. The extent and vertical continuity of the EJF Inner will facilitate potential future mining."
Newmont did not participate in the preparation, supervision or review of the work associated with this exercise and takes no responsibility for the content or information included in this press release.
Senior Vice President Exploration and Development, George Read, Professional Geoscientist in the Provinces of Saskatchewan and British Columbia, is Shore's 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".
Tamtam ,try this link reportonbusiness.com:stockquote
Put in symbol SGF.t and scroll down to news
I'm impress it's going to move
Sidewinder
Shore Gold Inc. announces first quarter results
18:13 EDT Wednesday, May 13, 2009
Stock Symbol: SGF: TSX
SASKATOON, May 13 /CNW/ - Shore Gold Inc. ("Shore" or the "Company") reports that the unaudited results of Shore's operations for the quarter ended March 31, 2009 will be filed today on SEDAR and may be viewed at www.sedar.com once posted. A summary of key financial and operating results for the quarter is as follows:
<<
Highlights
- Announced the eighth and final set of diamond results from the
underground bulk sampling program on Orion South, with total diamond
recoveries of 1,414.00 carats from 8,040.90 processed tonnes of Early
Joli Fou kimberlite
- Announced the reconciliation of diamond grade results from large
diameter ("LD") mini-bulk sampling with underground bulk sampling
- Received $4.4 million from an initial payment of principal relating
to the Company's restructured asset-backed commercial paper
- Working capital of $16.9 million at March 31, 2009
- Issued and outstanding shares of 199,904,242 at March 31, 2009
>>
Overview
Star Diamond Project
The Company continues with the Star Diamond Project pre-feasibility study. This primarily involves desk-top engineering studies and data analysis required to convert the Mineral Resource to a Mineral Reserve conforming to National Instrument ("NI") 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") standards. During the first quarter of 2009, the Company announced an updated NI 43-101 compliant Mineral Resource estimate for the explored portion of the Star Kimberlite (See SGF News Release February 27, 2009), which supersedes the previously published Resource estimate (See SGF News Release June 9, 2008). The updated Mineral Resource estimate increases the indicated tonnage and contained carats for the Star Kimberlite by 23 percent when compared to the initial Mineral Resource estimate published in June 2008. Shore anticipates the delivery of a final feasibility study on the Star Diamond Project by the end of the first quarter of 2010.
The Company also recently announced the reconciliation of diamond grade results from LD mini-bulk sampling with underground bulk sampling for the Star Kimberlite (See SGF News Release April 21, 2009). The reconciliation of LD mini-bulk sampling to underground bulk sampling results is necessary since diamond breakage and diamond loss occurs when sampling kimberlite by LD drilling. As a result of this breakage and loss, this method of sampling underestimates the sample grade (carats per hundred tonnes, or "cpht"). The LD grade reconciliation factors have been calculated both internally and by independent qualified persons and were used in the determination of the updated Mineral Resource estimate for the Star Kimberlite. The grade reconciliation of LD mini-bulk sampling diamond results to underground bulk sampling diamond results assists in the understanding and evaluation of the large kimberlites of the FALC area where only LD mini-bulk samples are available.
FALC-JV Programs
During the first quarter of 2009, the Company concentrated on the completion of the capital intensive data gathering exploration programs on Orion South. As a result of these efforts, the Company announced the eighth and final set of diamond results from the Orion South underground bulk sampling program (See SGF News Release April 28, 2009). Included in these results were 480.56 carats from 2,561.11 tonnes of processed Early Joli Fou ("EJF") kimberlite. The EJF is the most important kimberlite lithology in terms of tonnes and grade in Orion South as estimated by the current geological model. Overall, a total of 1,414.00 carats were recovered from 8,040.90 tonnes of EJF processed from the Orion South underground bulk sampling program. This grade of approximately 18 cpht compares favourably with the bulk sample grade of the EJF in the Star Kimberlite of approximately 18 cpht.
In total, 2,346.27 carats were recovered from the processing of 23,467.98 tonnes of kimberlite from the Orion South underground bulk sampling program. Of this tonnage, approximately 34 percent of the kimberlite processed was from the EJF kimberlite lithology.
The diamond parcel recovered from the underground and LD sampling of Orion South will provide grade and price estimates for use in an NI 43-101 Mineral Resource estimate of the Orion South Kimberlite. Shore aims to calculate a Mineral Resource estimate for Orion South during 2009.
Year to Date Results
For the quarter ended March 31, 2009, the Company recorded a net loss of $3.9 million or $0.02 per share compared to a net loss of $2.2 million or $0.01 per share for the same period in 2008. The loss during the quarter ended March 31, 2009 was primarily due to the $5.7 million write-down of mineral property expenditures incurred during the first quarter on the FALC-JV and other mineral properties. This was offset by a reduction in future income tax liabilities related to the renunciation of the November 2008 flow-through financing. The net loss for the comparative period in 2008 was primarily due to the fair value of stock-based compensation expensed ($1.9 million).
<<
Selected financial highlights include:
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As at As at
March 31, Dec 31,
Consolidated Balance Sheets 2009 2008
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Current assets $ 20.6 M $ 35.4 M
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Capital and other assets 231.0 M 231.6 M
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Current liabilities 3.7 M 11.8 M
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Long-term liabilities 1.5 M 1.6 M
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Share capital 769.5 M 772.8 M
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Contributed surplus 25.9 M 25.9 M
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Deficit 549.0 M 545.1 M
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For the For the
Quarter Quarter
Ended Ended
Consolidated Statements of Loss March 31, March 31,
and Comprehensive Loss 2009 2008
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Interest and other income $ 0.1 M $ 0.7 M
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Operating expenses 1.3 M 3.0 M
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Loss for the period before other items (1.2)M (2.3)M
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Write-down of mineral properties (5.7) M - M
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Change in fair value of investments (0.3) M - M
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Future income taxes 3.3 M 0.1 M
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Net loss for the period (3.9)M (2.2)M
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Loss per share (basic and diluted) (0.02) (0.01)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For the For the
Quarter Quarter
Ended Ended
March 31, March 31,
Consolidated Statements of Cash Flows 2009 2008
-------------------------------------------------------------------------
Cash flows from operating activities $ (2.2)M $ (1.4)M
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Cash flows from investing activities (9.8)M (8.7)M
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Net decrease in cash (12.0)M (10.1)M
-------------------------------------------------------------------------
Cash - beginning of period 22.6M 31.8M
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Cash - end of period 10.6M 21.7 M
tamtam I sent it to your private email
Can't find it, do you have a link?
TT
Tamtam ,, on globe investors .com (Shore Gold )THere is a report on the orion kimberlite pipe , I tried to cut and past but the file is to big ........
Shore gold up 8.96% to 0.73, volume over 600K could this be a bounce?
Tamtam ,,,, we need more people close to the action like from
Prince Albert, Melfort ,Tisdale ,Nipawin,Shipman ,Smeaton,
Choiceland, Garrick . Any one from any of these places can be of source. I will try and contact some of my old buddies out there . hace a great day
Sidewinder
Nice uptick after 15.30 +11,67 %, people probably read your post
TT
Thanks Sidewinder, I'm a bit more assured now, can live with $10.00 2010 is only 7 months away
Have a great day
M
Tamtam9042 ,, I beleive Shore gold is pushing forward , I lived about 40km from the site so I know it's real I bought back in At 3.10 ,it had been short of 8.00 canadian. In from what I can understand they have the largest kimberlight pipe in the world and very good grade of diamonds. Years ago when I live near there the lumber loggers use to talk about gold dust on the tracks of the cats (true or not but I tend to beleive them)as some were my clients . I presently own a good chunk and for some reason it started to move, now I hear diffrent guy 's talking $10.00 by 2010. Fingers crossed ,If erehe starts to move in a big way I would buy more .
HAve a good evening Marc
Sidewinder
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