Court of Appeal dismisses De Beers appeal
SASKATOON, May 18 /CNW/ - Kenneth E. MacNeill, President and CEO of Shore
Gold Inc. ("Shore") announced that the Court of Appeal for Saskatchewan has
reached a decision in favor of Shore, Kensington Resources Ltd., Cameco
Corporation and UEM Inc., in the previously-announced appeal commenced by De
Beers Canada Inc. ("De Beers"). De Beers had sought a declaration that the
Voting Agreement relating to the Fort a la Corne Joint Venture ("FALC JV") was
void as well as an injunction to restrain the defendants from holding a
Management Committee meeting of the FALC JV at which a vote is to be taken, or
to restrain the defendants from using the Voting Agreement in connection with
a Management Committee vote. The Court of Queen's Bench for Saskatchewan had
originally dismissed all claims made by De Beers, with costs to the
defendants, in a written decision released on March 30, 2006.
Mr. MacNeill stated; "This decision confirms Shore's previous belief that
the Voting Agreement is a valid and binding agreement and we now look forward
to putting this matter behind us and moving the FALC JV Project forward. This
was an unfortunate incident but we remain committed to working with our new
joint venture partners to maximize the potential of the FALC JV Project and
the Fort a la Corne region as a whole."
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 system "SGF".
