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RAPAPORT... Shore Gold Inc. recorded a loss of $3 million for the financial year that ended on December 31, compared with a loss of $5.6 million in 2013. Losses were primarily due to ongoing operating costs and exploration and evaluation expenditures, which exceeded interest and investment income and cash equivalents. The company is the operator of the proposed Star-Orion diamond project in Canada.
The company closed a bought-deal private placement of 21.9 million flow-through common shares on December 30, for aggregate gross proceeds of $5.5 million. Shore Gold continues to seek capital, but ended the year with working capital of $6.4 million.
During 2014, the company's main focus was work related to the environmental assessment process for the project, which is situated in the Fort à la Corne kimberlite field in central Saskatchewan. The project includes the Star diamond project, as well as Star West and the Orion South kimberlite.
Shore Gold intends to begin testing for macro-diamond samples, by drilling up to 12, 24 inch holes on the Orion South kimberlite property in order to estimate grade information to augment the mineral resource estimate. The original evaluation of Orion South was curtailed in late 2008.
This past year, Shore Gold also signed a memorandum of understanding with the James Smith First Nation, Peter Chapman Cree Nation and Chakastaypasin Cree Nation, providing that the parties will engage in discussions concerning potential education and training, job, business and participation opportunities for members of the local community.
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