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Shore Gold Narrows 3Q Loss to $3M

Explorer Holds $17M in Cash

Nov 11, 2011 3:56 PM   By Jeff Miller
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RAPAPORT... Shore Gold Inc. closed its third quarter on September 30, with working capital of $18.4 million and a comprehensive loss of $3.1 million, which was an improvement from the  loss of $6.7 million one year earlier. Regular quarterly losses have been due to ongoing operating costs associated with diamond exploration and evaluation expenditures. Now Shore Gold is focusing on completing its feasibility study for the Star – Orion South Diamond Project.

The Star – Orion South Diamond Project includes Star Diamond Project, as well as Star West and the Orion South Kimberlite, which fall within the adjacent Fort à la Corne joint venture that Shore Gold shares with Newmont Mining Corporation of Canada Limited.

For the nine months through September 30, Shore Gold recorded a comprehensive loss of $8.7 million or 4-cents per share, down from a loss of $19.7 million or 9-cents per share one year ago.

As of November 10, Shore Gold held approximately $16.9 million in cash and cash equivalents and short-term investments, excluding the $2.6 million in restricted cash. A portion of the company’s cash and cash equivalents and short-term investments will be used to advance diamond  projects.

Tags: diamonds, gold, Jeff Miller, resources, shore
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