SHORE GOLD $3.80 (Toronto symbol SGF; SI Rating: Start-up) (306-664-2202; www.shoregold.com; Shares outstanding: 182.7 million; Market cap: $694.3 million) owns 100% of the Star diamond project in the Fort a la Corne area of Saskatchewan, which hosts one of the most extensive kimberlite fields in the world.
Shore Gold has completed underground bulk sampling at the Star project, which returned high caratgrades of diamonds. By the end of this year, it hopes to complete a bankable feasibility study supporting a diamond mine. The company aims to complete construction of a mine by 2012.
Shore Gold also holds 60% of the nearby Fort a la Corne Joint Venture. Newmont Mining holds the other 40%, as well as 9.9% of Shore Gold’s common shares.
The Fort a la Corne Joint Venture includes the Orion kimberlite cluster, where exploration is less advanced than at the Star Diamond project. However, the Orion cluster is considerably larger. The partners aim to commence production at Orion by 2015, if a feasibility study proves positive. The Orion mine would use the Star plant to process its ore.
The combined operation could be the secondhighest value producing diamond mine in the world after De Beers’ Jwaneng mine in Botswana. It may also be able to expand reserves at the Taurus cluster, next to Orion.
Shore Gold is a buy for highly aggressive investors.
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