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RAPAPORT... Shore Gold Inc. recorded a loss of $1.2 million in the first quarter that ended on March 31, compared with a loss of $1 million one year earlier. Losses have been primarily due to operating costs and exploration and evaluation expenditures, all of which exceed interest income earned on cash, cash equivalents and short-term investments. As of May 6, 2015, the company had approximately $5.5 million in cash and cash equivalents and short-term investments (excluding $1.1 million in restricted cash).
Shore Gold continues to focus on the 2015 drilling program at the Star-Orion south diamond project and the environmental assessment process. The project is situated in the Fort a la Corne kimberlite field in central Saskatchewan, Canada.
Shore Gold told shareholders that current rough diamond prices are running about 3 percent higher than one year ago, remaining "somewhat above the price used in the 2011 feasibility study" for Star-Orion.
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