SASKATCHEWAN – SHORE GOLD of Saskatoon has bought out its partners in the Fort a la Corne diamond project for a total of $66.1 million. Shore subsidiary KENSINGTON RESOURCES has paid $23.5 million to CAMECO for its 5.5% interest and an additional $42.6 million to UEM for its 10.0% interest. Shore also offered $180.0 million for DE BEERS CANADA’s 42.2% interest in the joint venture.
Shore then announced plans that 40% of the project would be sold to NEWMONT MINING OF CANADA for $170.4 million. Shore president and CEO Kenneth MacNeill said that Newmont’s participation is a chance to create a “much more efficient and focused opportunity”.
The Fort a la Corne joint venture includes the Star diamond project 60 km east of Prince Albert. A $60-million pre-feasibility study and NI 43-101 resource estimate are to be completed by the end of 2007. Additional information is available at www.ShoreGold.com.