Shore Gold Signs MOU with James Smith Cree Nation

(IDEX Online News) – Canadian exploration company Shore Gold has signed a Memorandum of Understanding (MOU) with the James Smith First Nation, Peter Chapman Cree Nation, and Chakastaypasin Cree Nation, collectively the James Smith Cree Nation (JSCN), concerning education, training and employment.

The MOU is designed to establish mutually agreeable terms for JSCN participation agreement in anticipation of the proposed Star-Orion South Diamond Project. Star-Orion is situated in the Fort à la Corne forest, which is used by JSCN for traditional activities. JSCN reserve lands are located immediately to the south of the project area.

Meanwhile, in its first quarter results, Shore announced a net loss of $1 million, compared to a net loss of $1.5 million for the same period in 2013. The losses were due to operating costs and exploration and evaluation expenditures incurred by the company exceeding interest revenue earned on cash and cash equivalents and short-term investments.

Losses during the three months ended March 31 were lower than the same period in the previous year primarily due to lower exploration and evaluation expenditures incurred. A portion of this decrease was the result of efforts to reduce ongoing site care and maintenance costs.

As of May 7, the company had approximately $3.2 million in cash and cash equivalents and short-term investments (excluding $1.1 million in restricted cash).

Shore said it was proceeding with the completion of the environmental permitting process and is continuing to seek opportunities for development capital through participation by a third party or a syndicate of investors.