Post by diamondjewels on Sept 25, 2006 6:52:39 GMT -6
Attention Business Editors:
Shore acquiring Cameco's and UEM's interests in the FALC JV and selling a 40% interest to Newmont
Stock Symbol SGF: TSX
SASKATOON, SK, Sept. 25 /CNW/ - Kenneth E. MacNeill, President and CEO of
Shore Gold Inc. ("Shore") is pleased to announce that Shore has entered into
agreements with Cameco Corporation ("Cameco") and UEM Inc. ("UEM") whereby
Kensington Resources Ltd. ("Kensington"), a wholly-owned subsidiary of Shore,
will acquire Cameco's 5.51% participating interest and UEM's 10% participating
interest in the Fort a la Corne Joint Venture ("FALC JV") for a cash price of
$23.5 million to Cameco and $42.6 million to UEM, for a total of $66.1
million.
Shore has also entered into an agreement with Newmont Mining Corporation
of Canada Limited ("Newmont") whereby Kensington will sell a 40% Participating
Interest in the FALC JV to Newmont for a cash price of $170.4 million.
The Cameco, UEM and Newmont transactions have been closed in escrow and
will be automatically released when the previously-announced acquisition from
De Beers is released from escrow and completed.
On completion of these transactions (including the purchase from De
Beers), Kensington will have acquired a net additional 17.755% participating
interest in the FALC JV for a net price of $75.7 million, bringing its total
Participating Interest to 60%. In addition, upon completion of these
transactions, Kensington will become the new operator for the FALC JV.
Mr. MacNeill stated "I am very pleased to welcome Mr. Pierre Lassonde and
Newmont as our new Joint Venture partner in the FALC JV. The benefits to be
gained from our assuming the operatorship of FALC; the mining expertise
available from Newmont and the fact that we have well established operations
and people in place with our existing Star Diamond project all combine to
provide a much more efficient and focused opportunity for the FALC region as a
whole. We remain confident in the potential for this region and will continue
to focus on maximizing its potential."
Shore is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of Shore trade on
the TSX Exchange under the trading symbol "SGF".
For further information: Kenneth E. MacNeill, President and CEO or
Harvey J. Bay, COO & CFO at (306) 664-2202
www.newswire.ca/en/releases/archive/September2006/25/c9427.html
Shore acquiring Cameco's and UEM's interests in the FALC JV and selling a 40% interest to Newmont
Stock Symbol SGF: TSX
SASKATOON, SK, Sept. 25 /CNW/ - Kenneth E. MacNeill, President and CEO of
Shore Gold Inc. ("Shore") is pleased to announce that Shore has entered into
agreements with Cameco Corporation ("Cameco") and UEM Inc. ("UEM") whereby
Kensington Resources Ltd. ("Kensington"), a wholly-owned subsidiary of Shore,
will acquire Cameco's 5.51% participating interest and UEM's 10% participating
interest in the Fort a la Corne Joint Venture ("FALC JV") for a cash price of
$23.5 million to Cameco and $42.6 million to UEM, for a total of $66.1
million.
Shore has also entered into an agreement with Newmont Mining Corporation
of Canada Limited ("Newmont") whereby Kensington will sell a 40% Participating
Interest in the FALC JV to Newmont for a cash price of $170.4 million.
The Cameco, UEM and Newmont transactions have been closed in escrow and
will be automatically released when the previously-announced acquisition from
De Beers is released from escrow and completed.
On completion of these transactions (including the purchase from De
Beers), Kensington will have acquired a net additional 17.755% participating
interest in the FALC JV for a net price of $75.7 million, bringing its total
Participating Interest to 60%. In addition, upon completion of these
transactions, Kensington will become the new operator for the FALC JV.
Mr. MacNeill stated "I am very pleased to welcome Mr. Pierre Lassonde and
Newmont as our new Joint Venture partner in the FALC JV. The benefits to be
gained from our assuming the operatorship of FALC; the mining expertise
available from Newmont and the fact that we have well established operations
and people in place with our existing Star Diamond project all combine to
provide a much more efficient and focused opportunity for the FALC region as a
whole. We remain confident in the potential for this region and will continue
to focus on maximizing its potential."
Shore is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of Shore trade on
the TSX Exchange under the trading symbol "SGF".
For further information: Kenneth E. MacNeill, President and CEO or
Harvey J. Bay, COO & CFO at (306) 664-2202
www.newswire.ca/en/releases/archive/September2006/25/c9427.html
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