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RAPAPORT... Shore Gold Inc., operator of the Star-Orion diamond project in Canada, reported working capital of $7.2 million at the close of its first quarter that ended on March 31. The company recorded a loss of $1.5 million or 1 cent per share, compared with a loss of $3.8 million one year earlier.
During the first quarter, the company prepared and submitted responses for comments and information requests made in relation to Star-Orion in its revised environmental impact statement and it continued to seek opportunities for development capital. Additionally, ongoing work continued for the feasibility study and mineral reserve documentation of Star-Orion South. As of May 7, Shore Gold had approximately $6.7 million in cash and cash equivalents and short-term investments, excluding $1.8 million in restricted cash. Measures taken in early 2012 will enable the company to conserve its cash position and provide an extended operating window in which Shore Gold can complete the environmental permitting process and continue to seek capital.
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